How Digital Payments and Fintech Have Changed the World Of iGaming

In the past ten or so years, the online casino industry has changed a lot – mainly because of technology, which has led to the widespread adoption of online and digital payment methods. Practically any casino you look at accepts deposits via Trustly, PayPal, Klarna, Apple Pay, Google Pay and even phone bill deposits, enabling users to play the best pay by mobile slots along with various other digital methods.

To get more of an insight into this evolution, we spoke with Jamie Rosen, the CEO and Co-Founder of FruitySlots.com, to see what effect he thinks it will have on the industry and where it will go in the future.

Interviewer: Thanks for joining us, Jamie. Let’s get down to it – how do you think digital payment methods have influenced the online casino industry?

Jamie Rosen: It’s pretty obvious that digital payment solutions have completely revolutionised the online casino industry. They’ve made it all a lot more convenient and efficient – in a way that simply wasn’t available with traditional payment methods like debit cards and bank transfers. Digital payment options mean that players can enjoy even quicker, more secure, and easier transactions, and players don’t want to go back to the old ways anymore. 

Interviewer: Could you elaborate a bit on the advantages that these digital payments bring to players?

Jamie Rosen: Of course. Obviously, one of the main benefits is the speed of the transactions. Older banking methods take a lot longer – especially with withdrawals, and you’d generally have to wait for days for the withdrawal to be completed. Digital wallets and other modern payment solutions, on the other hand, offer practically instant transactions, which means that players can get to their winnings a lot quicker.

As well as this, digital methods are usually even more secure – and come with things like encryption and two-factor authentication, so players have more confidence that their money is safe.

Interviewer: Security is obviously always a big concern for online players. How do digital payment methods try to address these concerns?

Jamie Rosen: Digital payments make sure that user security is always a top priority. They use features such as SSL encryption technology and 2FA – which add more layers of protection and make it a lot more difficult for any unauthorised persons to access your money and account. As well as this, by using digital wallets, you can make transactions without putting your bank details directly online.

Interviewer: Have you noticed any changes in player behaviour with the availability of more payment methods?

Jamie Rosen: Definitely. A lot of players tend to go for casinos that offer a decent variety of different payment options – including digital. People ultimately want flexibility and speed when depositing and withdrawing – and this is often a deciding factor for many when they’re deciding what online casino to sign up with. Additionally, the integration of mobile payment solutions has led to an increase in gaming on mobile devices, as players appreciate the convenience of managing both gameplay and payments on the go.

Interviewer: Looking ahead, in what ways do you see digital payment methods changing and evolving within the online casino industry?

Jamie Rosen: The future is definitely promising. It’s likely that we’ll start to see the possible integration of cryptocurrencies if the regulatory landscape allows for it. And, if this is the case, players will get to enjoy even more options and potentially a lot lower transaction fees. 

Interviewer: Are there any digital payment methods in particular that you think will become more mainstream in the near future?

Jamie Rosen: As we touched on above, I don’t think it will be too long before cryptocurrencies start to gain traction. If they ever become regulated by the UKGC, there will be lots of advantages for players – like lower transaction fees and even better privacy. As well as this, mobile payment options like Apple Pay and Google Wallet, are getting more and more popular because they are secure and convenient. We expect this trend to continue.

Interviewer: Finally, what advice would you give to players who are trying to navigate their way around the ever-evolving landscape of digital payments?
Jamie Rosen: Really, they just need to be flexible and take advantage of all the options that are now readily available. Make sure they know about the different payment options available to them and pick the one that they’re most comfortable with – even if that’s one of the old-fashioned ways. Also, they need to make sure they check for any fees associated with the various payment methods and make sure they’re fully confident of the safety and security of the payment option and the casino they choose. As always, knowledge is power.