Industries That Have Turned Towards Alternative Payment Methods

Industries That Have Turned Towards Alternative Payment Methods

Alternative payment methods have become commonplace within many industries, the online casino industry is one of the biggest to have seen the benefits they offer. Other industries have taken strongly to alternative payment methods, often these are the industries that have identified their customers after the highest security and best anonymity available. These industries that have listened to their customer’s needs are benefiting from the increased trade and broader appeal brought by the acceptance of alternative payment methods. The biggest provider within the industry is PayPal, but there are many others with benefits to offer their customers. Possibly the biggest industries to use the technology are the iGaming and Financial industries, but others are also experimenting with the technology.

iGaming And The Casino Industry

The iGaming and casino industry has benefitted hugely from alternative payment methods, giving customers an opportunity to put money in their accounts quickly and efficiently. This Trustly casinos list highlights how ingrained alternative payment methods are in the iGaming space. This adoption of alternative payment methods has been in part driven by the shift from PC-based online casino use to mobile devices. With over 80% of customers now accessing their favourite online casinos through mobile devices mobile customers are now used to being able to transfer funds quickly and safely using their devices, industries that fail to notice this increasing trend may find themselves out of touch with the new generation of consumers.

Alternative Payments And Cryptocurrency

Although seen as an alternative payment method itself, the cryptocurrency industry is one that has been quick to adopt alternative payment methods. At Crypto’s core is the belief transactions should be anonymous and this fits very well with the ethos of alternative payment providers. 

The demand for alternative investments and Cryptocurrencies exploded during Covid-19 and many investment groups and wealth managers that took alternative payment methods seriously have thrived since.

Again, the financial industry itself is one that has customers who demand the highest levels of security and anonymity but also require fast payments and low costs. The alternative payment industry has picked up on this and offers a perfect solution.

The Retail Industry

Many online retailers now accept alternative online payment methods. This acceptance has shaped a new generation of shoppers who now expect flexibility and security when they pay. This shift has been realised by the High Street and many physical shops and retail outlets have trialled or implemented acceptance for various alternative payment methods. The biggest of these are Google Pay and Apple Pay. Obviously, the mainstay of the High Street is still traditional payment methods like cash and debit cards, but we can expect to see the industry integrate alternative payments further in the future. This may be the key to their success as the new generation of shoppers has rapidly taken to these methods as their preferred way to pay for goods and services.

Why The Shift?

Alternative payment methods have gained a significant increase in use, the industry is forward-thinking and constantly keeping both anonymity and security as tight as the latest methods permit.

Many customers and consumers prefer the anonymity alternative online payment methods bring, this can be as simple as wishing a present brought for your partner not appear on your bank statement. Many online casino customers welcome anonymity in exactly the same way, others use the non-geographical nature of payments to enable online play in jurisdictions where gambling is not permitted.

Security is something online casino operators take very seriously, always striving to have the tightest security currently available, this ethos within the industry has enabled the benefits alternative payment methods bring to be felt by the industry themselves, as well as their valued customers.

Alternative payment methods often come with lower costs or no costs at all. This economy given by their use over conventional methods can be significant and is another reason many customers prefer to pay by an alternative payment method.

  • Maestro: Maestro enables simple payments to your casino directly from your bank account. This method is widely accepted at online casinos.
  • Skrill: Formerly known as Moneybookers, they are a 3rd party payment provider that enables you to make simple fast payments to your casino from your Skrill account.  
  • Neteller: Neteller is an electronic wallet that enables you to transfer funds in the account directly to your casino. This maintains a customer’s anonymity, a feature many customers value.
  • PayPal: Probably the best-known 3rd party payment provider, unsurpassed by user numbers which top over 200 million worldwide. Excellent security and easy access make PayPal a very popular choice.
  • Entropay: Entropay is a pre-paid card which offers a safe and easy e-wallet which is accepted widely at casinos welcoming Visa payments.
  • Apple Pay: For those with an iPhone, Apple Pay gives you the ability to make payments from your Apple Pay account. A directly linked debit card can make the withdrawal automatically from your bank.
  • Ecopayz: Formerly known as EcoCard, Ecopayz provides a secure electronic wallet with an associated account which enables you to transfer funds directly to your chosen casino instantly.
  • Trustly: Previously known as Instabank, Trustly is an extremely popular method of online payments to Casinos. Trustly enables you to fund your online casino directly from your bank account. With no fees and instant payments, Trustly deserves its place as a top 3rd party payment provider.

The Future Outlook

As can be seen from our brief list of but a few of the many alternative payment methods and platforms available, there are a lot of choices for the consumer. Each method has its individual merits, and you may find some more suitable for your purposes than others, but the choice available means almost all customers who currently use traditional payment methods would find an alternative method with benefits they would appreciate. We can expect to see an overall increase in the use of such payment methods in the future as both industries and their customers flock towards the obvious benefits on offer.

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Miller Willson

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