The size of the global gaming market was estimated to be 249.55 billion in 2022 and is expected to grow to just over 600 billion dollars come 2030, with a compound annual growth rate of 13.1%. The sheer amount of money being exchanged by invested parties has yielded a myriad of payment methods to handle that bulk, each with its unique advantages over the other; they are as follows:
Crypto Payments
We have one of the newcomers on the scene with cryptocurrencies. What started out as speculative and a “bad idea” to many is now giving traditional financial institutions a run for their money. Cryptocurrency, powered by the blockchain, is lauded by many for its speed, with transactions completed in mere minutes, sometimes seconds and hours, in the worst-case scenario. This speed is particularly handy for online casino gaming where split-second decision-making can decide the victor.
It also has drawbacks, chief of which is that it takes some getting used to. People have to learn how to buy and sell crypto, choose wallets, and safeguard their wallets, which can detract from the gaming experience, especially for casual users.
Digital Wallets
Nothing says a convenient payment method like digital wallets or e-wallets, and with 3.4 billion users worldwide, 42.6% of the population agree. There is no learning curve; you don’t need to learn how to buy crypto. It is pretty much like your wallet, the same one you have always had; the only difference is that it is saved on your mobile phone or can be accessed from the internet. You can link your debit and credit cards to these wallets, so you can have as many wallets with you on the go without worrying about misplacing them. Some of these e-wallets have encryption features that do not require you to share your information when making online payments. All these, coupled with the speed on offer more than justifies their popularity.
There are also a number of them to choose from; you can go with Apple Pay, a leader in the e-wallet market; PayPal, which pretty much wrote the playbook; and Cash App, another popular option. There’s also Tiger Pay, which has taken the Asian market by storm. The ease with which accounts can be created and the security provided by its encryption protocols are the chief reasons it found use with several Tigerpay casino options. Casinos that use this payment method are popular because they can guarantee that users’ personal and financial data stay private, allowing their patrons to use their services, switch between games, and enjoy bonuses and other rewards without fear of falling victim to cybercrime. Also, the registration procedure is simple and the payouts are usually faster than credit and debit cards.
Debit and Credit Cards
90% of Americans have a debit card, and 82% of them have credit cards. Credit and debit cards have been the preferred payment methods for most things since they were introduced in 1958 and 1966, respectively. The adoption rate of credit and debit cards means most gaming providers will have these options on their websites, unlike cryptocurrency, which is still not generally accepted and is even losing support with popular providers like Steam. Credit and debit cards are so loved because of the convenience they can afford; there is no need to move with cash. Just swipe or enter your card information, and you will be on your way.
However, they have recently become less favored due to the risk of identity theft and credit/debit card hacks. These days, they often require users to share more information than they are comfortable with, so people are looking for less intrusive and safer options to facilitate their online gaming payments.
Direct Debit
The easiest way to think of direct debits is as a subscription model. Instead of entering your account or card information weekly or monthly, depending on how frequently you need the gaming service, you can give your gaming provider access to take amounts at determined intervals out of your account without needing your approval each time.
There are a number of reasons why people might be skeptical about using the direct debit method. The first and perhaps most trivial is forgetting to cancel the payment. In such situations, your provider might continue to debit you, and there might be no recourse to get this money back. Another is that you might have overdraft fees to contend with. In situations where you do not have enough money in your account, you might have to pay overdraft fees on the payments deducted.
Bank Transfers
Last but certainly not least is the oldest option in the game, no pun intended. Bank transfers simply require you to manually transfer money out of your bank account every time you need your gaming account funded. It is considered one of the safest payment methods because of the safeguards in place by traditional institutions to ensure consumer protection but at the expense of speed. Because of the checks that need to be run, your payments can be delayed for a number of reasons, and if you need to pay foreign contractors, that’s more fees that eat into your gaming budget. However, if you are in no rush and are a high roller and like to move sizable amounts into your betting wallet or your online gambling purse, this option might be tailor-perfect for you.
There are several payment methods, each offering a different blend of speed and convenience. They cater to different players. Players with larger deposits might prefer bank transfers. Players who need their deposits immediately will love digital wallets and cryptocurrency. Users who want the most convenience will not have it better than direct debit payments.
