Throughout history, there have been many changes in how people pay for goods and services. What started as simple bartering has evolved into a complex digital system—most people can now make payments directly from their smartphones. The rise of eWallets has impacted nearly all sectors, including the mobile gaming and casino app industry.
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What is an eWallet?
Put simply, an eWallet is a digital version of the wallet people carry in their pockets. Users store their bank account and debit/credit card information in a secure digital tool or software and then use it to complete transactions (usually online, but in some cases offline as well). Many eWallets also feature additional services such as peer-to-peer transfers and bill payments. Payments or purchases can be made with just a few easy, convenient, and secure taps or clicks.
What are some of the most popular eWallets?
eWallet providers such as Skrill and Neteller have taken the lead in the age of digital transactions. They have made significant strides in creating smoother and more user-friendly online transactions. For mobile games and casino apps, this means players can deposit or withdraw funds quite quickly. Skrill has 40 million active users, while 2% of digital payments in the UK are made via Neteller. Both platforms are quite some way off PayPal’s popularity, though, with almost 430 million users worldwide.
Practically every mobile casino for real money offers them, and it’s easy to see why. They’re easy to use, widespread, and have some of the fastest processing speeds out there; however, some mobile casinos exclude eWallet payments from some bonuses (source: www.basketballinsiders.com/online-casinos/apps/).
The Precursor to eWallets: Credit Cards
Credit cards were first introduced by American Express in 1958. They redefined the way consumers shop and businesses operate, bringing about stricter security protocols. With the advent of the internet, credit cards became an essential part of eCommerce. For online casinos, cards allow players to place bets more confidently, knowing their transactions are safer. However, it hasn’t come without challenges, such as the risk of overspending and the potential online fraud.
PayPal and Digital Payments
With the rise of online shopping and services, the need for more streamlined payment methods grew. This led to the creation of online payment platforms, with PayPal being one of the most notable. PayPal emerged as a popular payment method due to its simplification of online transactions. Online casinos were quick to see the benefits—with fast transactions, user-friendly interfaces and a layer of separation between bank accounts and casino accounts, PayPal offers players an added sense of security.
PayPal was one of the big players at the forefront of the digital payment revolution, but today there are many options to choose from. The industry constantly innovates, expanding available currencies, lowering transaction costs, and adding services to the already robust software. For mobile gaming and casino apps, this means a wider variety of integrations available to users.
Unique Benefits of eWallets
eWallets eliminate the need to carry physical cash or cards, but—more importantly—they provide a quick and secure way to complete financial transactions. International transactions, which were once time-consuming and expensive, are almost instant. Multi-currency support allows global access to many services and types of entertainment that were once only available to regional users. eWallets represents a versatile and forward-looking payment solution ready to adapt to the needs of multiple sectors, from shopping to online casino apps.
What’s Next for Mobile Casino Apps?
Bitcoin’s introduction in 2009 marked the beginning of the cryptocurrency era. With its decentralized nature and blockchain technology, the promise of transparency and security became appealing to many users. While still developing in the world of mobile casinos, the integration of cryptocurrencies in mobile casino apps is becoming increasingly popular and more widely available and around 30,000 gamblers now use crypto to place their bets every week.
Predicting the future is a difficult endeavor. With advancements in AI, one might witness predictive payment methods where systems anticipate your spending habits and facilitate transactions even before you initiate them. The rise of biometrics is also an interesting trend to keep an eye on.
