Popular Payment Methods in iGaming for 2024
Gaming and gambling companies are increasingly collaborating with payment solution providers to offer a diverse range of options, including cryptocurrencies and alternative methods such as prepaid cards and mobile wallets. Sloterra consistently monitors emerging payment methods within the industry and conducts annual research to identify the most popular options on its platform. This approach enables users to circumvent common issues associated with traditional payment methods, such as delays and additional transaction fees. Based on extensive research, here are the payment methods shaping the gaming landscape in 2024 as favored by Sloterra users:
Bank Transfers
Bank transfers continue to be a reliable payment option for merchants, facilitating secure transactions both domestically and internationally. Users provide their banking details to enable fund transfers to and from their accounts. These methods are favored by businesses due to their rapid transaction times, low costs, and multiple layers of security, including encryption, two-factor authentication, and fraud detection systems. Leading solution providers such as Paysecure, Razorpay, and Stripe offer gateways that facilitate bank transfers seamlessly.
Biometric Payments
The adoption of biometric payment methods is on the rise, with online businesses increasingly leveraging unique physical features such as facial recognition, fingerprints, and iris scans to authenticate transactions. Once a payment is initiated, the individual’s biometric data is scanned and matched with stored information, ensuring that only authorized users can proceed. As biometrics are nearly impossible to replicate, these payment options significantly mitigate the risk of fraud. Moreover, transactions are streamlined, eliminating the need for passwords or multiple cards. Biometric-enabled payment solutions like Apple Pay, Google Pay, and PayPal are rapidly gaining traction in the gaming and gambling sectors.
E-Wallets
E-wallets have transformed the industry by providing reliable methods for swift deposits and withdrawals. Merchants often offer options such as Skrill or Interac due to their user-friendliness and enhanced security features. All these methods are available on Sloterra. Our users can check its. A recent online gaming survey conducted in India in 2023 revealed that 62% of respondents preferred e-wallet payments, particularly UPI. These methods safeguard users’ financial information from hackers and fraudulent sites through two-factor authentication and advanced encryption, allowing businesses in high-risk sectors to adhere to stringent safety standards.
Local Payment Methods
Merchants are increasingly supporting local payment solutions tailored to various regions around the globe. Examples include Pix in Brazil, Interac in Canada, Trustly in Sweden, Bancontact in Belgium, GiroPay in Germany, and Multibanco in Portugal. Research by the Baymard Institute indicates that online businesses with limited payment options face an average cart abandonment rate of 70%, resulting in significant lost sales. These payment solutions are also available here – Sloterra. Merchants in high-risk industries such as gambling, sports, should offer local payment options to foster trust and loyalty among customers.
Cryptocurrencies
The integration of cryptocurrencies in the gaming industry has steadily risen, as evidenced by increasing transaction volumes among gambling platforms. With the global iGaming market projected to reach $100.9 billion in 2024, the crypto gaming market share stands at an impressive $250 million. The growing acceptance of digital currencies is driven by their numerous advantages, including complete anonymity, enhanced security through blockchain technology, and instantaneous transactions. The proportion of platforms supporting digital currencies like Bitcoin and Ethereum surged from 30% to 60% between 2023 and 2024, positioning them as highly sought-after payment options.
Prepaid Cards
Prepaid cards, distinct from traditional card methods, have gained prominence in 2024 across various sectors, including gaming. These payment options facilitate encrypted transactions through unique codes that allow users to load funds from a card or voucher. They enable users to deposit preloaded amounts, promoting effective budget management while minimizing the risk of unauthorized transactions.
Debit and Credit Cards
Despite being one of the oldest payment methods, credit and debit cards continue to be relevant in 2024 due to their convenience and flexibility. Widely accepted options like Visa and MasterCard facilitate quick transactions for online businesses. These methods provide fraud protection and efficient budget tracking, making them a reliable choice for users.
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