Digital Wallets 1st Choice For Online Players
Digital are the future of online payments, and especially so in the online gaming sector. This is according to a report compiled by global leaders in financial technology, FIS. What this means is that digital wallets, also known as eWallets or web wallets, are primed to become the number one method of making payments in the online gambling industry too. FIS estimates that the process will have come full circle by 2022, with digital wallets being used increasingly more often as further significant changes to regulations emerge.
FIS confirms in the 2019 edition of its Global Gaming Payments Report, that last year at least 35% of all online gaming payments were made via digital wallets. The firm says that it expects this particular trend to soar over the course of the next 3 years, as the gaming industry continues to expand and along with it, the necessity for secure and authenticated real-time payment solutions.
We Have The Tech So Why Not?
The payments revolution is being driven by the fact that smartphone and hand-held device technology has boomed and is now equipped with the necessary applications and software in order to handle digital wallets and payment systems. With the technology more affordable and more readily available than ever before, there’s no reason to make use of traditional online banking methods any longer.
Europe, said FIS, has embraced digital wallets full-on. So much so that it is now estimated that by 2022 there will have been at least a 10% decline in card-based deposits, and especially in countries like Italy, Denmark, Germany and France. European countries are welcoming the use of safe and instant alternative payment methods.
Online safety without a doubt plays a major role in the global migration towards alternative online payment methods. But, says Steffan Jones, Vice President of Commercial Development, Gaming and Trading at FIS, it has a great deal to do with instant access to winnings in order to ensure an uninterrupted gaming experience too.
Quick payouts are no longer merely a notion of how things would work in the perfect world, but thanks to the efforts by fintech giants like Visa Direct, have become the new standard. FastAccess is expected to be rolled out across Europe this year still and will in all likelihood be adopted as the payment method of choice by the global gaming community.