On this page, I will discuss how several significant developments in the fintech sector have helped fuel the growth of the online casino industry, also commonly referred to as the iGaming industry. However, it helps to know exactly what the term ‘fintech’ refers to.
The term fintech is a combination of the two words, financial technology. It’s used to describe how cutting-edge technological innovations are helping to improve and automate the use and delivery of financial services.
Still confused, don’t be.
There are several different types of fintech solutions, applications, and a range of integrated technologies in the financial industry used by consumers to manage their finances or, for example, by businesses to allow consumers to pay for goods, services, or content at their virtual checkout.
Examples of these technologies include artificial intelligence (AI), big data and analysis, blockchain, and cloud computing. Other fintech examples I’ve come across include mobile/online banking, investment apps, open banking APIs, the Internet of Things, payment gateways, cryptocurrency, insurance, online trading platforms, money transfers, and other financial services.
Let’s now take a closer look at how these fintech developments have helped shape the global online gambling industry and push the boundaries of what is possible on legally permitted real money gambling sites.
Which Fintech Developments Have Had The Most Significant Impact On The Growth Of This Industry?
Some of the most significant impacts that I have noticed are quicker and more secure payments. For example, whenever I top up my account on any of the top-rated sites suggested by the experts on the official John Slots UK website to claim any free spins bonuses I am offered, my deposits are processed in the blink of an eye.
Payments are protected by secure end-to-end 128-bit SSL (Secure Socket Layer) cryptographic encryption, meaning cybercriminals can’t hijack my transactions or steal my money. In other words, fintech developments have enabled more secure and quicker payment processing times.
The experience is now more convenient than ever, and even the average withdrawal times have significantly been reduced thanks to the latest fintech developments.
How Else Has Fintech Revolutionised This Thriving Industry?
On most of the sites I have joined, I have recently discovered how operators use advanced AI-powered systems, big data gathering and analysis, and machine learning technology to improve the experience for people like me who play on these sites, making the overall experience far more personalized.
For example, AI-powered tools non-intrusively monitor our accounts to see how we interact with the website, which fruits we like to play the most, and which bonuses and promotions we claim to make more relevant game suggestions in the future and tailor special offers on an individual level.
AI also helps enhance security on these websites, and it can even analyze spending patterns and behavior to detect and prevent problem gambling. It can prevent underage gambling and other fraudulent activities, such as bonus misuse/multiple accounts being opened by the same person, money laundering, and so on.
What Are The Most Notable Fintech Companies That Have Helped Take The Industry To The Next Level?
Licensed and regulated websites like these are now more popular than ever because most sites accept a broad range of deposit and withdrawal methods catering to as many people as possible.
Whenever I head to the cashier section, I often find that at least two or three of my favorite online payment methods are usually accepted.
Some of the most reliable fintech solutions, which are also referred to as payment gateways, that are commonly accepted on today’s safest sites are the following globally renowned brands:
- PayPal, Skrill, Neteller – eWallet/digital wallet/web wallet
- Apple Pay – eWallet/digital wallet/web wallet
- Visa and Mastercard – credit and debit cards
- Paysafecard, AstroPay – prepaid voucher/gift card
- AstroPay – prepaid voucher/gift card
- Interac, POLi, and Trustly – direct/instant bank transfer
One of the other popular fintech companies that many UK sites accept today for deposits and/or withdrawals is Payz (formerly ecoPayz).
The important thing to remember about UK-licensed sites (websites that are fully licensed and regulated by the UK Gambling Commission) is that they are not legally permitted to accept credit cards.
Also, no UK-licensed sites currently accept cryptocurrency payments facilitated by blockchain technology.
In other countries, people can use many of these same online payment methods that UK citizens can use, plus various others, such as MuchBetter, Revolut, America Express, iDebit, MiFinity, Flexepin, Neosurf, Boku, Pay by Phone, and cryptocurrencies, such as Ripple, Ethereum, Tether, Litecoin, Bitcoin, DogeCoin, and Cardano.
Final Thoughts
Thanks to these market-leading payment gateways and other cutting-edge fintech solutions, depositing and withdrawing on sites like this is a much smoother, easier, safer, and more reliable process. They have helped revolutionise the industry in more ways than one.
I’ve noticed that there are now more ways to pay than ever, which makes life easier for people like me who join these sites, and the fees are also much lower.
Before choosing which online payment method to use, I would suggest doing some basic research to find the cheapest method. For example, a tiny fee may be applied to some transactions, and some companies’ fees are much lower than others.
If you notice that a fee has been applied to your deposit or withdrawal, it won’t be the online casino operator who added it. It will always be the payment provider, so always check before using any online payment method to ensure you use the cheapest payment gateway.
Some people prefer using debit cards at the checkout, and others prefer APMs (alternative payment methods), like PayPal or Apple Pay eWallets/mobile wallets/digital wallets. Choose a method that you feel most comfortable using.
I would also suggest setting deposit limits, session time reminders, spending caps, or win/loss limits when joining sites like this, which can manually be set when logged into your account by heading to the safer gambling tools section. Doing so will help you remain within your budget.
