iGaming industry has gained a massive growth in recent years in terms of technological advancement, payment gateway, fantasy sports operators and many more such areas. According to the statistics there will be a drastic increase in the revenue and value of iGaming sports in 2019-20 due to increase in public participation and higher sponsorship processing. It has generated nearly $108.9 billion in 2018 alone and by 2021, that figure will hit nearby $ 140 billion. The payment gateway always plays a vital role in the iGaming Industry and always remains in a transformational state and this is the reason why the leading companies are providing products and services like e-Wallets, Private exchange platforms and Online casino wallet exchange etc.
Today’s rate of innovation in the payment industry is unprecedented and time to time vital changes have been taking place in it. The constant threats of cyber crime and online fraud are the depressing factors for the users and iGaming vendors, that’s why many alternative payment methods such as e-Wallets, Contactless cards, Prepaid cards and Mobile payment apps gained so much popularity in recent years.
Also Read: How to Start an Online Betting Business in 7 Key Steps
Below are the key future payment trends in the fantasy sports industry that are going to flourish, make secure and more transparent relationship between the user and i-gaming merchants:
1. Usage of Cryptocurrency
Cryptocurrency and gaming industry are a perfect couple. A cryptocurrency like bitcoin, litecoin, and ethereum based on the blockchain technology offers you several benefits like Identifying Theft, Access to Everyone, Decentralized, Transparent, Secure, Cost-effective and Recognition at the universal level. They typically provide a quick cashout and simple withdrawals. In spite of the fact that online gaming is implementing strong safety efforts, many gamers feel more uncomfortable with the exchange of personal information like credit and debit card number.
2. Wearable Payment Technology
Wearable devices are the next big and one of the most innovative things in the payment industry. Wearable refer to a piece of technology you can wear on your body, such as smart watches, wireless earbuds. These devices can do many things from monitoring your heart rate, providing you phone notifications, and allow contactless payments. These devices are convenient, easy to use and are very much secure. In the gaming industry wearable is the real game changer for the user as well as for the iGaming merchants.
3. Simplifying the Payment through Tokenization Technology
Tokenization is the process of replacing sensitive data with unique identification numbers. The primary concern of many businesses especially in the gaming industry is about the secure and reliable payment process. Tokenization payments have a high level of security and more secure when it comes to the gaming industry. For user, this technology adds security and convenience too. It eliminates the need to enter and re-enter the account number of the user. The Tokenization could be a significant sweeping change for the gaming industry, even in case of a data breach.
4. Artificial Intelligence in Payment Processing
Artificial Intelligence is one of the most promising trends in online payments. This technology successfully being used in the gaming industry for issues like fraud analysis, customer payment risk, data protection & privacy, Instant cross-platform payments and many more. With the help of AI, iGaming vendors are able to understand the issues of users, how gamers interact in different environments and able to track the gaming behavior of users by which it brings more incomes for gaming operators.
The growth, development, and innovations in the payment process in gaming industry continuously gaining high speed as high as the bullet train. The future looks very bright and more innovative. Keep an eye on these payment trends and see how they will continue to shape the gaming industry.