At first, we had the system of barter where we would exchange goods with one another in order to make purchases. Then, we circulated coins made of precious forms of metal like gold, silver and copper as a medium of exchange. After that, different countries started coming up with their own currencies. Since the formation of currencies, we have been trying our level best to innovate our ways of using money. Today, in almost every industry, cash is practically on the verge of becoming obsolete.
Money has gone electronic. In fact, electronic transactions are taking things to the next level, especially in the industry of e-gambling. These are all nothing but attempts to make things easier and faster for consumers. In this article, we will talk about how electronic payment systems are taking the online casino industry by storm.
Briefly about Digital Payment Methods
Any transaction where there is no paper, no contact and no cash involved essentially qualifies as an electronic transaction. Contactless payments are on the rise. Almost every form of business is becoming digitized. So, banks are no exception to this. Every bank now has its own official website as well as its own official app in order to enable credit and debit of funds electronically. It has been observed that over the course of the previous year, the number of people making use of electronic channels has grown by more than 5%. In 2021, it will increase more. Credit cards and debit cards can also be used to transfer funds digitally these days. All you need is the CVV of the credit card and a connection to the internet.
Besides cards, there are also bank transfers, digital wallets like Google Pay and Apple Pay, electronic cheques, Paysafecard, Neosurf, PayPal, Skrill, cryptocurrencies and much more. As per the reviews of the Neosurf Casinos, they offer the best set of options. Electronic transfer of funds can guarantee speed. So, their popularity is increasing rapidly across the world of casinos. Every online casino is taking credit.
Biometric Authentication in Casino
This ensures convenient payment processing. Passwords indeed offer safety but they are not enough anymore. In this era of advanced technology, miscreants are also coming up with innovative ways to trick you into revealing your financial information. Frauds and hackers are always in pursuit. Identity theft is no joke. That is why companies are using advanced methods to protect your funds.
Biometric authentication guarantees a level of safety like no other. Companies are making use of facial recognition, fingerprint analysis, retina scanning, etc. As a result of these measures, your transfer of funds is immune to hacking. So, gambling online in privacy is now easy. This guarantee of safety is a big contributor in increasing the global popularity of electronic payments. 2021 will witness 18 million electronic payments via biometric authentication. Very soon, all casinos will be using it. Many consider the biometric payment card to be the safest among all the payment methods. Safety is key to digital payment services. Someday, we will see a billion biometric transactions happening daily by phone.
Mobile Point of Sales
mPOS is a newly developing form of technology that enhances the element of flexibility associated with electronic transactions in casinos. Here, you can use any device, be it a desktop, a laptop, a tablet or even mobile phones, to settle dues almost as if it is a kind of cash register. It enables seamless transfer of funds from one bank account to another. The mobile application and the card-reading software are the 2 components in mPOS. Close to 28 million devices with mPOS are expected to be operational across the world by the end of 2021. Casinos are using this as a commercial opportunity. It is one of the most sought-after payment methods in the market because it eliminates the need for a central checkout area. It is a convenient payment method.
Smart Speakers for payment
Smart speakers have been gaining a massive amount of fame. Google, Apple, Amazon – all the tech giants are coming up with their own smart speakers. Approximately 35% of the people who make purchases on the internet do so with the help of smart speakers. By next year, the number of users of smart speakers is set to become almost 88 million. However, there is one concern here. Some critics are starting to point out that the security is not sufficient. That is why manufacturers are trying to make improvements.
Artificial intelligence and machine learning are the technologies that they are trying to use. This will increase the growth rate of their popularity. Operators of electronic casinos are eager to use smart speakers as an accessory to their payment methods. An online casino that works on voice command is bound to be a hit.
Social Media Payment Options
It has been found in numerous statistical studies that more than 75% of the millennials making purchases on the internet do so by being influenced by the social networking presence of the brands. The profile that a brand maintains on social media inadvertently becomes a valuable aspect of their image in the eyes of the consumer. Companies are putting up their profiles on social networking websites like Facebook, Twitter and YouTube. They are using it as a medium of advertising. Naturally, casinos are also following this trend. On certain websites like Facebook, you can create your own page and also add a button as a shortcut for visitors to make purchases. More and more casinos are also resorting to this for making the payment methods more accessible. It is a top priority for every online casino.
From Cards to Codes
At first, cash got replaced by plastic money. Today, plastic money is being replaced by electronic payments. As the popular saying goes, change is indeed the only constant. Every card, be it credit cards or even a debit card, has a CVV. You can make electronic payments with your card if you enter the CVV into the payment portal of the casinos. Once you do so, the payment merchant sends an OTP at your registered mobile number. Just put in the OTP. The merchant will charge a small fee. This is among the easiest payment solutions. You can save your card at electronic casinos by using the number and the expiration date. It is one of the most convenient payment methods for an online casino.
Electronic payments are here to stay. Further developments will occur in this field in the near future. If you have never used an electronic payment option to conduct a transaction at any of the casinos yet, we would suggest that you try it immediately. You are missing out on one of the most efficient payment methods out there.