On this page, I will be discussing how the latest technological developments, tools, services, and applications in the fintech (financial technology) industry have played a significant role in completely revolutionising the online gaming industry.
Fintech is a term I constantly see being used to describe the different technologies used to improve and automate digital financial services.
Although some of the key areas of fintech are AI (artificial intelligence), blockchain/cryptocurrency, big data, and cloud computing (also known as the ABC of fintech), other fintech solutions and innovations that you will also be familiar with by now are online trading platforms, online payment processing companies, and various other online banking and financial institutions or the tech that’s used to facilitate payments and deliver financial solutions.
Let’s now dive straight in to discover more about how fintech has helped shape the face of this digital entertainment industry in more ways than one.
How has fintech most notably improved the gaming industry?
Fintech solutions have dramatically improved many areas of the digital entertainment industry, and I would say that the most notable improvements and technologies that are fuelling growth in this sector include the following:
- Faster and more secure online payments – the two most important things for me and most other people who go online regularly to play their favourite titles is how fast and secure payments are. For example, I like to know that any deposits and withdrawals I make on my favourite iGaming sites are securely protected each time. I’ve found that my deposits are usually processed instantly and that my withdrawals never usually take any longer than two or three hours to be processed these days
- Blockchain technology – highly encrypted blockchain networks that facilitate crypto payments between people like me and the websites they play on help provide higher levels of protection and transparency and help foster a sense of trust in the industry as a whole
- Online refunds – modern fintech solutions typically allow publishers to offer consumers like me refunds, which was usually never possible when only traditional online payment methods, such as direct/instant bank transfers, were accepted
- Embedded finance – new revenue streams for companies have been created, thanks to embedded in-game fintech solutions that allow people to purchase products/make deposits while playing
- Data-driven insights – fintech solutions gather huge amounts of real-time and historical data and then analyse that data to provide players and operators with comprehensive reviews of spending patterns and behaviours, transaction history, revenue streams, and more
- Artificial intelligence – AI-powered tools now non-intrusively monitor how people like me interact with the websites and the games we play on those sites to provide more relevant suggestions of things to play, making the experience more personalised, immersive, and engaging
Many of these fintech solutions and other similar technological innovations have made playing hit titles online safer and more secure. The industry is now more efficient and productive and continues to generate billions of dollars in revenue each year.
Which online payment companies have helped improve both the gaming and iGaming sectors?
The iGaming industry is vast. Being able find platforms that cater to our specific needs and demands is key. Any time of the year, one online platform could be better than the other – and while payment companies could’ve had a big say over a long period of time in the industry, it might just be that an alternative option is emerging, pushing certain platforms to the top. And that’s what makes sites like JohnSlots UK which curate lists of the best online casinos per month so useful. From it, you can see that big hitters like Betway boast great banking options and will be able to cater to a players demands.
But what payment options preferences might they have?
For example, I prefer using my Mastercard debit card or Apple Pay mobile wallet. However, I also have a couple of backup methods ready to use in case neither of these online payment methods are accepted.
I’ve found that most sites also accept either the Neteller, Skrill or PayPal eWallets, so if Apple Pay or Mastercard isn’t accepted or working for whatever reason, then I can still deposit and withdraw using one of these other reliable, secure, user-friendly, quick, and convenient online payment methods.
Some of the other popular payment gateways that are also commonly accepted on today’s safest sites are Trustly, Visa, AstroPay, ecoPayz, Jeton, MuchBetter, bank transfers, and Paysafecard, to name a few. Some sites also now accept cryptocurrencies like Bitcoin, Tether, Ripple, Ethereum, DogeCoin, and Litecoin.
I play on UK-licensed sites, which don’t currently accept cryptocurrencies or credit cards.
However, cryptocurrency is a payment method that I’m not too familiar with, so that doesn’t bother me. Plus, I would never use a credit card unless it was an emergency.
I suggest you always head to the cashier/banking section before joining a website to play your favourite content and see if your preferred payment method(s) are accepted.
Final thoughts
Over the coming years, fintech will no doubt continue to play a huge role in shaping this sector as forward-thinking operators, payment processing companies, and other fintech solutions continue to improve the global gaming industry and take it to extraordinary new heights.
These technologies have helped to reduce costs, improve existing systems, speed up transaction processing times, and so much more, which leads to a smoother and more memorable experience each time I go online to play my favourite titles. I can’t wait to see what the future holds.
