Instead of pulling out a credit card, customers simply wave their phone in front of an NFC reader to make the payment. This technology can also be used to withdraw money from ATMs and make payments to others.
As mobile Internet access improves, more and more industries are adopting these technologies and encouraging their customers to use them. People are starting to see the benefits of traditional payments, such as security, speed and convenience, especially Generation Z.
Not surprisingly, the market could bring in $500 million this year alone. By 2023, some 1.31 billion transactions could be processed worldwide.
Many online industries use e-wallets
Many industries, like this one, are now using e-wallet payment methods because they are offering their customers more payment options. In fact, there are many types of e-wallets in the world.
Here is a brief overview of the most popular ones.
Multi-purpose payments. They work like physical wallets and can store multiple payment methods, including credit and charge cards, debit cards and gift cards. All types of payments are stored in one place.
Biometric payments. Fraud and identity theft are becoming an increasing problem in the information age. Biometric payment is an attempt to solve these problems. This can include fingerprint scanning, facial recognition, iris recognition, heart rate analysis and vein mapping. It is a safe, efficient and accurate payment method.
Mobile POS (mPOS). Traditionally, merchants are required to accept payments at physical locations. Thanks to mobile terminals this is no longer the case, as payment with an mPOS device can be accepted almost everywhere. With a projected CAGR of 19% by 2026, this is definitely a popular payment method for the future.
Pay per smart speaker. While the overall use of smart speakers continues to grow, many are still hesitant to use them for direct payments or sending money. This is due to security issues, which 74% of people recognize. Yet 28% still use smart speakers for this purpose.
Payment for artificial intelligence and machine learning services. Banks are using machine learning and AI to improve their security. By constantly showing transactions to their software, they can detect suspicious transactions in real time. Suppose you receive messages from your bank asking you to confirm whether a payment is genuine or fraudulent. In this case, that’s what comes out of machine learning.
Contactless payments. In this form of payment, the customer downloads the application on their phone and adds their card details. When the device shakes the reader, the payment has been made. Because of its speed, it is becoming increasingly popular as a means of payment. In fact, it is expected that by 2027, 37% of all payments will be contactless.
Mobile wallets. Just like a real wallet, customers can store, send and receive money in it, receive rewards and pay bills. With an expected growth of 274.4 billion transactions via mobile wallets, it’s no surprise that more and more large companies are moving to this technology.
Why has the number of e-wallet payment methods in the gambling industry increased?
The online gambling industry is constantly evolving and more and more gambling operators are entering the market. Since many of them now operate exclusively online, this means that players also need to pay via digital transactions, which means that gambling sites have tried to offer their players a wider range of digital payment options, such as e-wallets.
E-wallet payment options are also very convenient because all payments are kept in one place. This allows players to easily and quickly pay for their game and continue playing, rather than looking for a traditional bank card.
Particularly in the gambling sector, we have seen that different casino providers now accept different e-wallets as payment methods. Rather than variety, one of the main reasons gambling operators use this option is safety. E-wallet payment methods are known as secure forms of payment. For example, all transactions must be authenticated using selfies or Touch ID to protect players’ personal information and data and reduce the risk of hacking.
Growth of payments in cryptocurrencies
Like the growth of e-wallets, the number of transactions with cryptocurrencies has also increased in recent years. This is mainly because more and more industries are accepting cryptocurrencies, such as bitcoin, as a legitimate payment method.
Many cryptocurrencies are considered secure because they are powered by the blockchain, so there is no third party involved in connecting the payment between the two participants. By using the blockchain, cryptocurrency payments can be discrete and not linked to the identity of the recipient, unlike traditional credit/debit card payment methods, while generally not requiring transaction data to be archived either. The blockchain allows cryptocurrency transactions to be made by the recipient of a payment to anyone in the world without relying on anyone’s approval, such as. B. from a traditional bank, must wait.
Like e-wallets, cryptocurrencies are instantly accessible when the participant is connected to the internet. Thanks to their decentralized nature, cryptocurrencies allow mobile users to make payments quickly and securely, making cryptocurrency payments affordable and convenient for many.
From wallets with cards to individual devices. How the payment system was revolutionised
There was a time when the only way to pay was to take out your wallet. They are usually filled with additional credit, debit and store cards, as well as cash.
Thanks to the invention of electronic wallets, this is no longer necessary. Customers can save all their favourite payment methods on their mobile device and then make payments using technologies such as near field communication.
But it’s not just our smartphones that have revolutionized the way we pay. You can also use devices like smart speakers.
Retailers are no longer tied to physical buildings thanks to the invention of mobile payment terminals that allow them to accept payments almost anywhere. Banks are also using new technologies such as AI to make payments even more secure for customers.
Several industries, including the gambling industry, see the benefits of offering new forms of payment.
. He is one of the early proponents of blockchain and cryptocurrencies in India. After being in the industry for several years, he founded IBC in 2016 to help other early adopters learn about the technology.
Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.
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