The Future of Pay by Phone in Online Casinos & Betting SitesJune 29th, 2018
How you could soon be funding your slot account via some fashionable wearable
Time moves fast and with technology developing with more velocity than ever before, the way we pay for goods and services is seeing a revolution. This includes in online casinos and betting sites, where pay by mobile is already starting to catch on. Here's why the future of payment is mobile – and how you could soon be funding your slot account via some fashionable wearable such as a bracelet linked to the DNA of your heartbeat.
Mobile Numbers Crush Bank Accounts
Across the globe, there are estimated to be approximately five billion people with a mobile phone compared to a mere 1.2 billion bank accounts. This staggering statistic is a big reason why pay by phone is such a big deal. Indeed, many major banks and financial institutions are themselves seeing the potential and switching their focus to the mobile payment niche. Experts believe that by 2020 mobile paying will be the 'new normal', whether it's funding online gaming or buying a new car.
All over the planet, the world is awakening to new payment methods and the future looks increasingly 'Crypto'. Interestingly, it's the likes of China who are at the forefront of paying by phone, with Africa another serious market. In China, it's estimated that mobile transactions totalled 29.49 trillion yuan during the third quarter of 2017 (around $3.4 trillion pounds), with a year-on-year growth of over 300 percent. As for Africa, the continent is believed to have the second most mobile payment users in the world. Owning a mobile phone with internet access is cheap and opens up a world of instant banking on an revolutionary scale. It's a similar story across Asia, with emerging economies being built on pay by phone technology.
Cryptocurrency's Rise Predicted to Fuel Pay by Phone Revolution in the West
Western countries are also starting to embrace paying by phone for everything, from rail tickets to dining out to slots. The trend coincides with the rise of cryptocurrency as a legitimate banking option for the future. Both AndroidPay and ApplePay use are growing in Europe and America, while mobile payment firm, iZettle, raised $150 million in funding in 2017. In America, mobile payments are rising by around 40 percent a year currently and are expected to total over $125 billion by 2021.
The world is waking up to cryptocurrency and realising that if it becomes truly mainstream, new methods of storing funds and spending currency will become reality. Correspondingly, the increase in awareness and willingness to ditch credit cards in favour of more convenient mobile banking is gathering pace. Cryprocurrency companies are increasing their drive for legitimacy. Take TelCoin, a blockchain mobile payment firm, which is forging partnerships with telecommunication giants in order to enable pay by phone services for individuals without a traditional bank account. As cryptocurrency rises, so do pay by phone methods.
Online Gamers & Casino Players Adopting Pay by Mobile Convenience
In recent years, online casino and sports bettors have increasingly started banking by using their mobiles – thanks to online services such as BOKU. The benefits are speed, simplicity and convenience – along with encryption and anti-fraud levels that rival more traditional options. The current downside to pay by phone at gambling sites, is the fact that deposit limits are low – typically around 10.00 per transaction.
For high-spend gamers, this doesn't offer much scope, but it's something that's very likely to increase in the near future, as the mobile payment world develops. Nevertheless, for millions of recreational casino players who have a low leisure budget, paying on-the-go via a phone (or linked Smart TV) is already their number one choice; who wants the hassle of credit cards when you're on the bus or in a café? Some online gambling sites are also starting to accept cryptocurrencies or even create them, themselves. As pay by phone demand rises, online gamers can look forward to the options increasing, along with the deposit and withdrawal levels.
Trendy Wearables to Make Credit Cards History?
Pay by phone technology is still at an embryonic stage, but we can expect to see some fast changes over the next few years. Trade shows are already full of wearable tech such as bracelets and rings which consumers will soon be able to swipe to pay, taking the concept of paying by phone to 'paying by tech'. When it comes to transaction safety, experts predict that shoppers will be authenticated by methods such as syncing one's unique heart rate with wearable tech – straight out of Back to the Future!
For now, pay by phone is a fast, easy and safe way to fund shopping and entertainment such as online betting and casino gaming. In the future, paying by tech is expected to become the new 'norm'.