The introduction of advanced technologies has disrupted many industries, helping them evolve into what they are today. One of the sectors that adapted fast to digital changes is online gambling. Artificial Intelligence, Big Data, and Virtual Reality have already been incorporated into the business model of many companies, becoming the new norm. Now, the industry is about to go through some more changes with the emergence of fintech, which has already set itself to transform online gambling further.
The changes brought by fintech
A priority for online casinos is offering customers safety and anonymity when it comes to transactions. Fintech has the potential to improve customer experience in this area, and, for this reason, it has been embraced by many businesses. Customers who play bingo online, for example, can choose from a variety of payment methods to deposit or withdraw funds, from traditional card methods to e-money transfer services.
The need for this technology has been driven by the growing usage of mobile phones. The way people carried out online transactions was in need of an update that matched the overall innovative look of online casinos. For this reason, prepaid cards and online payment services were introduced. Big companies, such as Amazon, Google, and Samsung, offer new payment solutions, known as e-wallets, to make purchases a lot easier.
On top of that, a major advantage of fintech is its anonymity. Players don’t have to share their details with a third party and can keep all their bank details private. The transactions are conducted immediately, with no processing time. A smooth, stress-free operation is what players are seeking, and together with the rest of the disruptive technologies, fintech is achieving that.
A major advantage noticed by the online gaming industry since adopting this technology is the high number of people accessing their platforms. Many people have found the classic methods of payment outdated, especially with technology having advanced so much. Fintech has changed that by implementing digital payments in the form of online banking, digital wallets, and cashless payments. Ultimately this has helped businesses offer better services that led to a complete user experience.
Other industries and its future
Besides gambling, Fintech has also played a role in shaping other areas of gaming, including eSports. Like most industries that exist in the online world, eSports also had to adopt modern payment methods. The worldwide phenomenon known as Fortnite Battle Royale, for example, is a free-to-play game, supported by microtransactions. Microtransactions are an innovative approach to in-game purchases, integrated with the help of fintech. This smart solution has generated high revenues for Epic Games, the company behind Fortnite.
The future correlation between gaming platforms and fintech seems to lay in the hands of cryptocurrency. Both industries are showing an interest in that direction, with many online gambling and gaming websites looking into adopting digital currencies. Blockchain is believed to have the power to transform every industry, particularly those that operate online. For the fintech industry that is great news, since the adoption of cryptocurrencies means businesses will need its services for the smooth integration of the payment processes.