Payment software providers are becoming a key pillar within the iGaming industry. These payment providers exist as a third-party company, offering their services to assist for example online casinos transactions within the iGaming industry. This is attractive to many merchants as the payment software providers take control and fully manage the technical connections as well as often offering risk management services for transactions.
It seems there are more and more of these third-party companies popping up each week, so in this article we will cover the basics of e-Wallets and cryptocurrency, the benefits to both, and cover some of the top providers for the iGaming industry.
The Pros of e-Wallets and Cryptocurrency
In the last five years, the use of e-Wallets and cryptocurrency has exploded on the market. Their presence is welcomed as they can answer one of the biggest questions regarding payments in the iGaming industry ‘how can I be sure my money is safe?’.
Both e-Wallets and cryptocurrencies offer huge benefits to users such as a very high level of security with every transaction, a more convenient way to pay, and a level of anonymity not found with traditional banking payment methods.
A couple benefits specifically for e-Wallets is that they allow users to combine multiple payment methods when betting online or using an online casino. In addition, it’s possible for users to store other important documents within a wallet such as their driver’s license.
Cryptocurrency is now becoming a very popular option within the iGaming industry, where more and more online casinos are beginning to offer this option, or even have it as the only option available for depositing and withdrawing on their site. For cryptocurrency, there is the added benefit of having very fast, or even instantaneous, processing fees.
There are few payment service providers that offer their services in every country. However, as the market expands, it’s possible to find more companies branching out into new countries. Such as in recent years, the market has expanded to Latin America where you can find some of top payment service providers available.
Top Payment Service Providers
Traditional payments like VISA and MasterCard (News - Alert) are standard options within the iGaming industry. However, they are beginning to fall to the wayside for different digital payment service providers on the market, especially in favour of the newer digital payments that do not limit users to a certain currency.
Below are a few of the biggest payment service providers targeting different countries available in the iGaming industry.
PayPal (News - Alert) has an active user base of over 300 million and is often regarded as a global leader as a payment software provider since launching in 1998. Since 2021, users are now able to use cryptocurrencies on their platform to use at over 25 million merchants in their network.
Trustly is a Swedish company that was founded in 2008 available in many European countries. Supporting over 6000 banks, it has a reach of just over 500 million users and is deemed a leader in digital payments from account to account. Trustly can also be used to fund PayPal accounts.
Paytm is the most popular platform for digital payments in India with over 350 million active users creating around two million transactions every day. With the name standing for ‘Pay through mobile’, this focuses on allowing users to use their service through smartphones for the ultimate convenience.
Often hailed as the future of online gaming, cryptocurrencies are proving to be a great payment solution for online casino. Bitcoin and Ethereum, the number one and number two cryptocurrencies respectfully, are the most common options to find within iGaming.
