E-Wallets to Take Over the World of Online Gaming in the Next Three Years, According to FIS

FIS, global financial technology supplier, has issued some predictions regarding online gambling and methods used by consumers to deposit their s and place wagers. Their experts claim that it will be digital wallets who will take precedence over all other forms of payment and that this could happen in the next three years.

Trends in global gaming activity point to this, but also the way winds are blowing in of major legislation being brought on international market.

Smartphones and Apps Making it All Possible

FIS’ yearly Global Gaming Payments Report for this year has provided data…

…acquired from their recently clinched Worldpay business. This report states that, within the last year, more than 35% of online gaming payments have been made via digital wallets. Thanks to era of method of payment, and this is what is driving this payment sector in that regard.

2022 is cited as a tipping point by which this trend will begin to soar and make e-wallets the preferred way of funding online gamblers.

It is Important to Adhere

However…

…such trends must be backed by strong legislative and safety measures. As their prediction goes, FIS also underlines the importance of SCA regulatory requirements satisfaction with the increased demand and adoption of digital wallets through services such as Google and Apple.

One of the strongest drives for legislation is a strong customer authentication and, moreover, one of the predictions is that there will be a ten percent decline in deposits based on credit cards in Europe’s key regions by 2022, such as , Italy and . These countries in particular will feel the strong rise of payment methods that are still considered alternative, such as digital wallets.

Quick Payouts Are a Fact Now

VP of commercial development, gaming and trading at FIS, Steffan Jones, says:

“The increasing draw of mobile gaming has made instant access to winnings essential for a complete player experience. Quick payouts have now become a reality via FastAccess funding enabled by Visa Direct. This year is sure to see further roll-out of this service across Europe and adoption across the online gaming community.”

Jones adds that the implementation of SCA could be a key priority for the gaming industry as operators need to be mindful about approving (or declining) the correct payments at all times in a way that doesn’t corrupt players’ experience. Also, he argues that digital wallets, especially those that include an additional layer of biometric authentication such as facial recognition or fingerprint could be an alternative for players.

“We expect to see increased take up of these payment methods within online gaming as a result,” he concluded.

Work in Progress

Countless operators and other gaming related businesses are working hard on coming up with new ways to increase payments speed for players.

For instance, 1xBet has employed Truevo, Malta-based payment processing company, to facilitate the acceptance of Visa, Mastercard and Maestro deposits for their players. They will make use of their Original Credit Transfer solution to process payouts to over a billion eligible bank cards instantly.

Likewise, Paysafe is analyzing ways in which consumers pay for their purchases and services and is considering the pros and cons of biometrics vs authentication. According to their study, 56% of s are concerned that shift to biometrics will make their s more vulnerable to hackers attacks and identity fraud.

Source:

“Digital wallets to become preferred payment method for online gaming”, casinobeats.com, August 19, 2019.