The Most Common Payment Providers used for Online Gaming
Online gaming has seen an explosion in the past 20 years, which has much to do with new technology. In fact, in the media sector, gaming has the largest share of revenue, at around 21 billion dollars annually.
Humans have liked playing games since the dawn of time. Now, with the development of the internet and smartphones, people can literally play anywhere, whether a bus, boat or just sat at home.
Of course, there are free games out there, but like board games, upgrades and new features cost money. This has led to an increase in online payments, and of course, different ways to pay.
The Rise of Online Gaming
Online gaming actually began in the 1970s, but it was not widely available. It wasn’t until we got home internet in the 1990s that it became a possibility.
In 1997, Nokia introduced snake on their mobile handsets, in effect one of the early mobile games. The first huge multiplayer online game, World of Warcraft, launched in 2004 and since then many developers have appeared.
With the launch of the iPhone in 2007 and the app store, a variety of mobile games were introduced. Today’s smartphones have excellent gaming capabilities, and it has become a main factor for handset makers when producing new models.
Now, if you want to play mobile slots on Fortnite on the way to work, you can. There is ample choice available from puzzle and word games, to multiplayer battles played with people across the globe.
Graphics are superb, functionality is smooth and the gaming experience is constantly being improved for users. There is nothing to stop this juggernaut of fun as new users dip their toe into online gaming daily.
It’s hard to get away from paying while playing games online. While most games are free to download, for special features, levels or quicker upgrades, there is usually a small fee.
If you’re using an online casino, then you’ll need to deposit money to play. Luckily many sites offer free bonuses, and first time offers for new players to enjoy their gaming experience.
Most people don’t think twice about entering their debit or credit card details now. That’s because most online gaming sites use trusted payment providers and have tight regulations around fraud and security.
In today’s world, things need to be quick and easy, therefore the online gaming companies need to ensure that payment is. If not, people will lose interest and find another company with a convenient set-up.
There are a variety of payment service providers on the market now that make things easy. This means that payments are processed quickly and securely, so people can enjoy their gaming experience.
From e-wallets to platforms that process your payment, and now crypto-currencies, customers are offered a variety of ways to pay.
How Online Casinos Deal with Payments
Online casinos have been pioneers in payment processing, as they have to deal with millions of players each day. It became obvious that it wasn’t feasible for players to deposit a cheque and wait to play.
Certain things are paramount for customers:
2) Availability in different currencies, as people in different countries play.
3) The ability to make purchases from phone, laptop, or PC.
4) Good customer support, in case anything goes wrong, such as payments being blocked or failing.
Banks have traditionally been loath to deal with casinos and have imposed large transaction fees. This has meant that online casinos have looked to other companies to entrust their payment processing.
One of the most common payment methods for online casino games is PayPal, a trusted providers who is known across the world for their protected payments. Many other e-wallets are also trying to follow in the footsteps of PayPal and become the next best thing. These virtual wallets are steadily gaining popularity over major credit and debit cards, and cryptocurrency is now accepted on many sites too.
Top Payment Providers used by Gaming Platforms
There is a dizzying amount of payment processors used by online gaming companies, but here are the most popular.
- Mobile Wallets
These include Google Pay and Apple Pay. Since users already have their details saved to their device, it’s become easy to do transactions.
Players can deposit and play in just moments.
- Virtual Wallets
These paved the way for mobile wallets and offer security. You keep your money in the virtual wallet and never have to provide your card details to the game operators.
Some of these include:
Although the most popular virtual wallet is PayPal.
- Prepaid Game Cards
Many game producers and console manufacturers have started offering prepaid cards as a method of payment. Some players like this, especially for children, as you purchase a fixed number of credits in advance.
It also means that you don’t have to share bank details or other private information. Along with Riot Games and EA, Paysafecard offer prepaid cards for gaming.
New Payment Options
As the gaming industry grows, it provides opportunity for more payment processors to enter the market. For instance, mobile payment has grown substantially in the past five years, and providers such as Boku offer this method.
Cryptocurrency is now accepted by many online casinos, either for betting or for pay outs. Bitcoin, Ethereum and Litecoin are the most common cryptocurrencies in use for online gaming.
Plenty of Choice
No matter what kind of games you like playing, or how you prefer to pay, you’ll find a suitable option. The great thing is that the size of the industry means that it is constantly evolving to be more consumer friendly.
So, whether you prefer to rely on credit cards, or newer payment processors, there’s a range of providers out there.