Peter Smith
Given that most of our financial experiences revolve around the idea of moving money digitally, the development of this industry’s technological solutions impacts most, if not all of us. Since security and other quality markers regarding this service are particularly important for us all, it’s also important to stratify this discussion according to certain environments.
In this sense, the online gambling industry is one such environment – a popular one, at that. With a global market valued at hundreds of billions of dollars, it’s no wonder that the financial sector is having a very important partnership with digital gambling.
Since the premise of the iGaming sector (an alternative name for this industry) is all about paying for this kind of entertainment, transactions are also digital. With these two industries converging for your express sake, it’s more than essential for us to look at various metrics of discussion that have a lot of bearing on your experience going forward!
What is FinTech, and how does it fit with online gambling
FinTech is a portmanteau that represents the ideas of financial technology. Given that the financial industry is an extremely broad, somewhat imposing sector of our daily lives, the solutions that we can identify as financial technology are of an amazing variety.
However, for the sake of a focused article that speaks to the needs and requirements of online casino users, we will talk directly about what applies to the digital gambling industry.
Requirements for a good partnership
Financial technology can be all about the payment services that you can use. These services, which make sure that your money is handled in a fair and safe manner, are generally privately owned solutions.
First of all, we are looking at the impeccable safety that you should expect from any financial system. We are talking about them having the right encryption protocols, multi-factor authentication, and all kinds of security methods that make sure that nobody can attack and compromise any server. Since these databases are full of personal and financial information about users, they must be under strict protection that guarantees pristine safety.
Secondly, we are looking at ease of handling. There are many financial services on the market, but the ease of usage part is where things can get quite interesting. Whether we’re talking about response timing, an optimized and easily navigable interface, or just the overall design, any fintech solution must make sure that anyone can use it very easily and successfully.
Thirdly, we’re looking at currency options. In most cases, there are automatic conversions at fluid rates that can make transactions across currencies very easy. However, it can be so that your currency is not that mainstream or easily adopted by a service. We are looking into a financial system whose technology allows it to deal in most, if not all, currencies without any kind of hassle.
Given that these requirements are the type of standardized details that you can find in most of the modern solutions of the financial industry, we’re simply looking at the improvement of these major criteria.
High-powered APIs
Application Programming Interfaces are the type of glue that makes certain apps work in a very harmonious connection. Given that an online casino operates on a platform that rarely has its own integrated solution for financial movement, APIs are what we’re looking at when it comes to how your payments work.
An API is what takes your request in stride and handles it. Given the fact that there are numerous requests at online casinos with a high volume of withdrawals, the API has a certain set of conditions that it handles automatically: KYC, minimum sum clearance, and other details that, in general, a human supervisor would inspect.
Since these APIs are automatic solutions that require pitch-perfect usage, we need to remember that they are still in development. Thankfully (in a way), many API solutions are also starting to integrate artificial intelligence, quickening the process of finance handling and eliminating any possible errors.
In this case, high-powered APIs are mass-usable connective tissues that can appear at online casinos of any size.
A collection of ‘mainstream alternatives’
We’ll be curt with this section because it doesn’t require much explanation. It’s a collection of names and brands that are services that you might’ve heard of. Moreover, they have been around long enough to be poster children of innovation, especially when you think about upside and elementary details.
We can think about long-revered (or despised) names like PayPal, but we can also look at relatively newer options like Paysafecard and its ‘underlings’: Neteller and Skrill.
These are e-wallets, functioning as 3rd-party platforms that allow you to keep the money in such an account (by transferring it from a bank account) and using their brevity to move money faster. By having access to them, you’re looking at very fast and efficient handling times, top-of-the-line encryption, and ease of use. Mass acceptance from most online casinos also helps.
Naturally, there will also be local options that you can use according to your home jurisdiction. They may or may not be as qualitative as the mainstream ones, but you should know if the service is popular in your country.
Moreover, the innovation part is interesting enough because these services tend to upgrade their platforms quite consistently since they have the finances to do so.
Is crypto here to stay?
Cryptocurrencies are the hottest rage in the world of finance, using the digital world and creating the blockchain as a completely off-the-grid alternative to modern yet traditional finances. They are a spawn of a decentralized philosophy of financial liberty.
In the online gambling context, their profile is somewhat controversial since not many of the respected gambling authorities accept them.
However, crypto gambling’s global market boom already has a tremendous flow that makes it even harder to ignore, with many global brands charted and promotiong themselves with 30 free spins no deposit required keep what you win offers that are in line with the traditional sectors of the industry. They are creating a tide of change that may stick around and become more accepted by gambling regulators.
Conclusion
Now that we’ve completed this article, there are quite a lot of interesting things to look forward to. From the development and crystallization of the crypto market to the new, AI-driven innovations that we see day by day, the future is interesting to say the least.
However, if you’re a gambler, it remains positively mandatory to continue to play responsibly!
Peter Smith
