One primary industry that is fast developing in the world today is the iGaming industry. Its growth can be attributed over the years to a lot of things. It is still growing and expanding, which further demonstrates the consistency it has. It has been regarded as one of the largest industries in the world, and rightly so. The world of fantasy sports is known to be quite competitive, and it has experienced some evolutions overtime ranging from the rules and regulations to the technological innovations, and the methods of payment and even other aspects.
This article would be focusing basically on payment methods the means through which payments can be made remains ever dynamic, and as such, there is a need for safe and secure systems for payments in such industry like the gambling industry. The iGaming industry has been predicted to have a worth of €45.5 billion as of 2020. This is the result of research conducted by Statista, which is an online statistics portal.
There would continue to be more changes since new methods are in the offing. Payment methods in fantasy sports that are fast rising now are now seen as the future payment trends that the iGaming industry can build on. It is known that these payment options would be more productive and cause a rapid flourishing of the industry. All these factors would, in turn, provide for a safer and better relationship between the users and iGaming merchants.
Use of Artificial Intelligence for Processing of Payments
It is widespread knowledge that artificial intelligence is fast developing and thus, the payment trends that are developing with it. Artificial intelligence is currently branded in the iGaming industry for Data protection and privacy, Analysis of fraud, and some others. Artificial intelligence aids the vendors of iGaming to be able to understand the plight of its users, the gamers’ reaction in various environments and be able to track the user’s gaming behavior. This brings about an increase in the income of gaming operators.
The iGaming industry and cryptocurrency make a perfect combination! Cryptocurrencies like ethereum, bitcoin, litecoin are based on the technology of blockchain. Blockchain offers you some good stuff like decentralization, transparency, identification of theft, easy accessibility to people, recognition at the universal level. They provide simple and easy withdrawals, as well as fast cashout. Despite several efforts that online gaming has put in place, lots of gamers still have this uncomfortable feeling when it comes to revealing some private info such as their debit and credit card number.
Payment Technology that can be worn
One of the best innovations in existence as a payment method is the technology of wearable devices. It is a sort of technology which is worn on the parts of the body like wireless earbuds, smartwatches, et.c. These devices have been designed to perform various procedures like monitor heart rates, allowing contactless payments, and revealing phone notifications. Wearable devices are for assurance of security, easiness of use, and convenience. Wearable devices are quite innovative and a sort of game-changer for iGaming merchants and the users as well.
The Role of Token
Tokenization refers to the act of user identification numbers to represent data that is very sensitive. What concerns different businesses in the gaming sector is basically how to arrive at very reliable and secure options of payment and process. Tokenization has now become a safe and secure method of payment. It comes with a very high level of security for prospective users. This technology has also been quoted to improve on convenience and safety. Using the method payment does not need the process of entering the user’s account number.
With all the listed features and benefits of the fast-emerging technologies used in iGaming, I hope this article has been very enlightening and clear enough. The innovations, development, and growth that can be derived and enjoyed from this sector cannot be undermined in any way.