Alternative payment methods have transformed the online gaming industry. In the past, online gaming relied on debit and credit card payments, but the rise of alternative payment methods means that players can now make transactions securely, conveniently and quickly.
Alternative payment methods are options apart from the traditional forms such as cash, credit or debit cards and checks. These methods have gained popularity in recent years, especially with the growth of live casino gambling, e-commerce and online shopping.
Types of alternative payment methods
We found several types of Alternative Methods and here are the common ones:
Digital wallets
PayPal, Google Pay and Apple Pay are common. These allow users to save their payment information and make payments online or in-store without having to use a physical card or enter any information repeatedly.
Cryptocurrencies
Ethereum, Bitcoin and Litecoin are common cryptocurrencies that use encryption techniques to verify and secure transactions.They also offer a decentralised payment system.
Mobile payments
Having a payment method on your mobile is nothing short of true convenience. In this case, a mobile app such as Venmo can be used. This type of app allows you to receive and send money to friends and family and also make a deposit on online gaming platforms.
How alternative payment methods are revolutionising online gaming
Here are some ways in which alternative payment methods are revolutionising online gaming:
More payment options
Players can choose a payment method that is suitable for them with alternative payment methods. Having a variety of options here could easily increase the number of players and revenue for an online gaming company.
Improved security
Here are some of the ways we found in which they attempt to make security features better:
- Encryption: They use encryption to protect sensitive information such as bank account details and personal data. Encryption makes it very hard for anyone to access or read the information without the correct decryption key.
- Tokenization: The method known as Tokenization replaces important information with a unique identifier or token. This can then be used to process payments without exposing the original data. With Tokenization, if the corresponding decryption key is not provided, you can’t access the token.
- Two-factor authentication: This means a user has to provide two types of information before they can access or transact on an account, adding an extra layer of security.
- Fraud detection and prevention: Any fraudulent transactions can be identified fast through algorithms, transaction patterns and analysing user behaviours.
Faster transactions
The faster transaction times could help with player retention rates and satisfaction. Players are less likely to abandon a transaction because of slow processing times.
Localisation
They often allow easy localisation to specific regions. For example, a player in Asia might prefer to use WeChat Pay while a player in Europe prefers PayPal.
Final words
Most gaming companies are adopting alternative payment methods to attract more players and stay competitive. Alternative payment methods are changing the online gaming scene by offering improved security, increased access, faster transactions and so much more.
