There are currently over 140 different online payment methods that help facilitate online casinos, sportsbooks and other iGaming operators worldwide. It is imperative that iGaming operators offer a wide variety of payment methods for players to complete the initial deposit process efficiently.
A report from WorldPay reflects on the ecommerce market which is due to be worth a staggering $4.6 trillion US dollars globally by 2022 and with the majority made up of digital currencies, with transaction volumes expected to reach 2 billion by 2024 and it as expected, that growth looks set to continue in all sectors.
Juniper Research found both online and mobile payment channels gained the most growth, they predict mobile channels to account for 68 percent of transaction volume in 2024 a massive increase of 63 percent from reports in 2019. iGaming operators and xo slot developers will have to support such growth, especially for the mobile channels as more and more players become accustomed to gambling online.
Traditional Payment and Alternative Payment Methods
There are several traditional payment methods (for deposit and withdrawals) that are widely supported online casinos and sportsbook including;
- Bank Transfers
- Debit Card and Credit Card, Visa and Mastercard (and other credit card options)
- E Wallets such as Skrill, Neteller, EcoPayz, Qiwi, Yandex money and many more
The E wallet options have been around for some time and considered as traditional given the new alternative payment systems on offer such as cryptocurrencies.
Alternative payment methods
Alternative payment methods have entered the payment gateway industry. With consumers having access to more convenient ways to deposit money online, a study showed in 2021 alternative payment methods could account for nearly 55% of global e-commerce transactions. However, since these payment methods are “gambling friendly” on some websites, restrictions might apply on whether they can deposit funds.
Alternative online payments include;
- Apple Pay
The method that is revolutionising the current industry, considered as an alternative method, cryptocurrencies have become more popular because of the rise of BitCoin adoption. Operators consider the use of different cryptocurrencies as a legitimate payment method and are recognisable and accepted by the UK Gambling Commission and Malta Gaming Authority.
Recognised and localised payment methods
Payment methods recognised by players worldwide instantly because of their brand will attract new players to an iGaming or online casino website. Operators also need to look into a population’s betting habits when offering their service in a certain geographical market. An example of this would be in Brazil, where people use Boleto for frequent and common transactions.
Technology helps with efficiency
Research shows 25% of players have abandoned the account opening process because of a complicated deposit process. With alternative payment methods using biometric technology, this helps to store, recall and efficiently enter the required details in order to speed up the deposit process. Operators can also achieve a higher conversion rate using alternative payment methods that are more successful than debit or credit cards, which on average fail up to 15% compared to just 3.5% for alternative payment methods.
Digitain the single wallet solution
Digitain is a single wallet solution that continues to grow globally, offering over 130 payment methods for their iGaming partners in order to accept deposits, transfers and withdrawals. There is an extensive range of both traditional, new and alternative payment providers listed on their platform. Payment methods adjust and appear accordingly depending on the operator used and help support players signing up for the first time. Digitain uses biometrics to store and remember details for efficient card, e-wallet, bank transfer and cryptocurrency transactions.