The iGaming industry has been growing at a remarkable rate in recent years. It’s not just the industry’s size that’s been expanding, but the transformation has been incredible too. With consumer behaviour patterns and preferences constantly changing, it has become critical for iGaming companies to evolve with them. For companies in this sector, being ahead of the curve, particularly in the area of payment processing, is crucial.
As we enter 2024, iGaming companies must keep an eye on emerging trends in payment processing to ensure continued success. We’ve put together this article to discuss the essential payment trends in 2024.
Wide Range of Payment Methods
Providing a variety of payment options is crucial for iGaming businesses to maintain a competitive edge. If customers can’t pay with their preferred payment method, they may opt for a competing site that can cater to their needs. With digital payment options and mobile wallets on the rise, customers expect access to a range of payment methods. By offering multiple payment options, iGaming companies can appeal to a wider customer base and increase their chances of completing transactions.
However, it’s not just about meeting customer demands. Diverse payment options can help iGaming businesses target new markets and expand their customer base. By providing payment options that are popular in specific regions, iGaming companies can attract new customers and grow their business.
Embracing Crypto Payments
In recent years, digital currency has taken the finance sphere by storm. The use of cryptocurrencies as a payment method within iGaming platforms is proving to be increasingly beneficial, with faster transactions, increased security, and lower transaction costs. Apart from that, crypto presents a new environment of transparency and accessibility that other traditional payment methods have struggled to provide. By integrating cryptocurrency payment gateways into their platform, iGaming companies can engage with tech-friendly players that use crypto, and tap into new markets.
Biometric Authentication
Data security has become a top priority for many industries, including iGaming. With the ever-increasing threat of cyber-attacks, iGaming companies must ensure that their payment processing systems are secure and reliable. Biometric authentication has emerged as a promising solution to this challenge, offering a more secure and convenient way of verifying user identity. By incorporating cutting-edge biometric authentication methods such as fingerprint scanning or facial recognition, iGaming companies can provide a strong layer of security to their payment systems and protect their customers’ sensitive financial information. Not only does this help prevent fraudulent activities, but it also enhances customer trust and loyalty.
The MiFinity eWallet provides customers with biometric enrolment on app sign-up for both Apple and Android users. This technology not only ensures that only authorised individuals can access their eWallet but also enhances the overall security of transactions and account management within the app.
Multiple Device Compatibility
Mobile compatibility is key for online casino success. With the rise of mobile gaming, players expect to be able to access their favourite games and transact from their smartphones or tablets. Online casinos ought to work with payment providers that offer payment gateways that are compatible with all devices. By catering to this demand, companies will be able to provide a seamless and convenient experience for their customers.
eWallet Integration
eWallets have revolutionised the the iGaming industry in terms of acting as a secure and reliable intermediary between bank and casino. The extensive functionalities of digital wallets enable them to replace traditional bank accounts. However, most frequently they are used for online shopping and as a payment method in online casinos.
Trusted by 650+ iGaming sites, MiFinity is a leading payments provider working with some of the biggest names in the iGaming industry. Our extensive range of payment solutions empowers merchants to grow their business operations rapidly.
What are the benefits of MiFinity eWallet for Online Casino Players?
- High Acceptance Rates: One of the standout benefits of using eWallets, such as MiFinity, is their higher acceptance rates compared to other payment methods. In some markets, certain payment methods may be restricted for online casino transactions, while others might prove unreliable. eWallets, on the other hand, are widely accepted on casino sites and are a reliable payment method, ensuring you can fund your gaming account without any hassle.
- Convenience: When it comes to online gaming, you don’t want to spend days waiting for funds to clear. That’s where eWallets shine, with transactions processed in real-time. You can top up your gaming account and dive into your favourite games without unnecessary delays.
- Flexibility: eWallet providers like MiFinity allow you to fund your eWallet account using a variety of traditional and alternative payment methods, as well as different currencies, including cryptocurrencies. This flexibility ensures you have the freedom to choose the most convenient way to manage your gaming funds.
- Bonuses and Rewards: Many online casinos offer exclusive bonuses and rewards to players using eWallets like MiFinity.
- Low Transaction Fees: Compared to many other payment methods, eWallets offer highly competitive transaction fees, saving you money so you have more to spend on your favourite casino games.
- Manage Your Money: Using an eWallet provides players with a convenient platform to manage their iGaming funds, set budgets, and maintain control over their gambling activities.
