The opportunity to send money within several seconds turned thousands of users to new-era payment methods. Whether used for work or shopping, such technologies make transfers fast and secure.
According to McKinsey research, the digital payment methods market has risen by 17% in the last 5 years. See what technologies stand behind those innovations.
What one should understand is that old payment methods didn’t disappear. For example, even the newest casino websites offer you to pay using bank transfers. And a lot of users still do it, despite the procedure may last several days! However, to facilitate the process and make gaming more enjoyable, new technologies were introduced.
Emerging Trends in Fast Payout Casino Payment Methods
Not only deposits but cashing out also became faster. Users opt for fast payout online casinos outlined at CasinoDeps NZ because they want to receive their winnings as quickly as possible. It is not only about speed but about reliability. Casinos that pay out quickly seem safer and more reliable. To catch this requirement, modern platforms use the following methods:
- Blockchain opportunities
- Digital wallets
- Mobile payment methods
Nowadays, users are offered various new payment methods to protect and confirm their transactions. Let’s take a look at the technological developments standing behind them.
Blockchain Technology and Instant Transactions
Blockchain is a technology on which crypto is working. It is a decentralized system with no official regulation. But here is the trick – when talking about blockchain, users often treat it as a generally-quick system. The stats show the opposite. The average speed of different cryptos and blockchain networks differ significantly:
- Bitcoin – around 40 minutes
- Ethereum – 6 minutes
- Ripple – 4 seconds
With such a huge difference, implementing blockchains is not enough. The current goal of online casinos is to find and imply blockchain networks that offer instant transactions. Sometimes it means higher fees, but the game deserves the candle.
Also, crypto is faster because of the regulations’ absence. Some casino users are still afraid of this aspect and consider crypto unreliable. The casinos’ goal for now is to explain the crypto mechanism and how it protects players’ money.
Real-Time Payment Systems
A range of top payment methods providing instant withdrawals have been introduced in recent decades. They serve as an analogue of banking services – they usually require several days for processing. For casino users, such terms are unacceptable.
Real-time services cannot accept instant transfers, but nearly instant procedures have been already introduced. It works thanks to servers available 24/7. Most commonly, these are digital systems:
- E-wallets ─ PayPal, Neteller, Skrill (now considered one of the fastest tools), and EcoPayz
- Prepaid cards ─ PaySafeCard
- Cryptocurrencies ─ while the Bitcoin network is slow, TRX, Tether, and Ethereum offer near-instant processing
Moreover, instant payment services work on the weekends as well, while banks are closed.
AI and Machine Learning in Payment Processing
AI serves as a way to make payments more secure. Several protective measures were introduced thanks to machine learning. Fraud detection is one of the leading protective measures since AI recognizes atypical behaviour way better than people and other automatization services.
They allow you to quickly block or check payments made from unusual regions or new devices. Regarding customer service – AI chatbots are developing rapidly. While some users are still afraid of them, others actively use chatbots for support. For a payment system, it is a way to support more clients at the same time.
In terms of personalization – AI can analyse user’s financial behaviour and offer better services. It also includes promotions. While instant payment services are almost absent, machine learning can offer us some soon.
Biometric Authentication for Secure and Swift Transactions
When talking about security, safety is the second priority for all casino users. People are afraid of systems that are too easy to use, paradoxically. Even the research shows that users prefer payment systems and banks that use face recognition or fingerprints to classical passwords.
Modern systems like Apple Pay or Google Wallet work with biometric authentication, using fingerprints to confirm the payment. Such a function is also available on some digital wallets.
Convenience of Mobile Payments
Mobile casinos were a trend in the 2010s, and mobile payments came together with it. Currently, almost all systems allow paying via smartphones:
- Debit and credit cards ─ The technology is possible with mobile banking.
- Crypto ─ All crypto wallets work perfectly on smartphones.
- E-wallets ─ The best products like PayPal or Mifinity introduced mobile apps long ago.
Casinos use such methods since a huge percentage of players visit casinos via mobile devices.
Final Thoughts
Unfortunately, the casino market is still far from instant payments. While most deposits are indeed processed immediately, withdrawals usually take from several hours to a week. Why so? Most probably, the platforms cannot manage the inner tools and mechanisms to fasten the process.
Maybe, no modern tools allow users to send money this quickly. However, the industry gradually moves from traditional systems to digital payment, and together with it – to almost instant transactions.
