Who would have thought that offering payment methods would be one of the many ways to stand out in the casino industry? Especially now that you can access almost similar experiences on an online platform as you would in a physical location, you wouldn’t mind a seamless experience while transacting. You can imagine how important this is, with over 63% of shoppers preferring to shop with businesses that offer their favored payment options.
Such statistics explain why you have not stopped seeing online casinos integrate seamless and secure payment methods to increase their appeal. In this casino industry, one of the critical aspects of the overall gameplay is instant gratification. You don’t want a scenario where you have to wait for ages before your transactions can be processed. So, in this discourse, you will discover more insights about how these game providers use payment methods to stay ahead of the competition curve.
Diversifying payment methods
Players have never been as discerning as they are in our today’s marketplace. That also means that the preferences of one will not be the same as those of another. For example, just recently, in 2023, Acquired.com found that 68% of shoppers preferred using either Apple Pay or Google Pay, while 29% favored debit and credit cards.
Imagine a business that only offers debit and credit cards – that enterprise will actually be missing out on a great market opportunity as over 60% of potential buyers are likely to have friction while interacting with the business. It’s no wonder why even affiliate sites for Norske bettingsider will consider whether or not they have diversified their payment methods to rank the top casinos. So, this is not something you can turn a blind eye to.
As a casino operator, you definitely want to ensure that your customers have an experience that keeps them always wanting to return to your business. And providing multiple payment options is one of the ways to get you started. Just recently, Novatti reported that about 72% of shoppers were more likely to shop online because of its convenience. However, if they experienced lengthy and cumbersome processes, about 32% of them would jump ship. That’s why you should diversify, as it offers players various options to choose from, keeping them engaged.
Multiple payment options just have a way of adding to your brand trust. This is particularly important because more operators are launching into this space as the existing ones scramble for more players. By the way, did you know that the cost of finding a new customer compared to that of retaining an existing one can be quite expensive and can get up to five times more? If your checkout procedures are less complicated, it can boost brand trust, leading to high loyalty rates. And, this can only be a plus for you especially now that over 57% of customers are willing to spend more on businesses to which they are loyal.
Integrating cryptocurrency
Since the launch of the first crypto, Bitcoin, in 2009, we have continued seeing many sectors adopting it. The casino industry is just one of the many. If you have been paying close attention to emerging trends within this industry, this trend actually quadrupled between 2019 and 2021. As of now, the crypto gambling volume is at about $250 million and is expected to grow even further in the years to come. Undoubtedly, there must be reasons as to why more online casinos are integrating this technology into their platforms.
For instance, if you want to make an international transaction, the quickest way will be crypto. The remittance settlement times involved in blockchain are actually 388 times faster than traditional payment channels. Besides faster remittances, you also get to save a lot of transactions. Imagine a scenario where you have to pay about 6.25% of every transaction amount – it can get expensive cumulatively.
Another appealing benefit of crypto is the privacy and anonymity it offers. You don’t have to share sensitive personal financial information like it is with traditional payment methods. Online casinos are integrating this technology to allow you to transact freely without revealing your identity. If someone has to access your funds, they must have your crypto key, which is almost impossible. As the security of online transactions has become a matter of concern globally, game providers are leveraging blockchain to ensure you can gamble with peace of mind.
Implementation of advanced security measures
There’s a lot of information that can leak as we communicate online. Encryption comes in to ensure that this information is in an unreadable format that is only understandable by those with the correct keys. You need to ensure that details like credit card numbers and login credentials of players are well maintained, as not everyone on the internet has good intentions. Just in 2021, the number of cyberattacks in the gaming industry increased by 340%, as revealed by Akamai Technologies.
EncryptedFence estimated the number of web pages hacked every year to be 50,000, and you don’t want to be part of them. The research also showed that about 85.5% of online users will avoid sites that are not encrypted. To stay relevant amid all these, online casinos are incorporating features like SSL encryption and MFA into their payment methods to boost security.
By now, you can agree that payment methods present enormous opportunities for online casinos to stay ahead. Starting from the possibility of diversifying to enhancing security by using encryption and blockchain, the opportunities are unlimited.
