Crypto, digital wallets: how fintech products are changing the casino industry
The digital world is growing day by day, which means that there are constantly new innovations that can change the way we manage our money online. There have been many innovations that have changed the way we look at things here. FinTech is definitely on the rise and is being implemented in the casino industry and beyond.
What is FinTech?
Fintech is a portmanteau of the term “financial technology”. It is generally used to refer to technology, both in use and to come, that is part of the products and services of the financial industry. It is very important that many industries understand fintech and its applications because they will have to work with the financial industry to some extent.
Rather than crafting and managing every transaction they might encounter individually, it’s not uncommon for companies to use fintech to streamline and automate their processes. This technology is really being used everywhere, from mobile banking to investing, and is even used in the management and trading of cryptocurrency.
FinTech is not a new concept. However, it gets more and more sophisticated as we demand more of it. If you’ve ever used an ATM, you’ve already come across fintech! Likewise, if you have already made a payment online, it will be the fintech that will have processed it.
Like us move more and more online, both in terms of spending habits and more general activities, it’s important that fintech is able to keep pace. It is essential that we are able to maintain security and provide a safe and secure set of tools that Internet users can use with confidence.
How does the casino industry use it?
The casino industry obviously handles a lot of payments. Whether it is paying an epic win or accepting a deposit from a player, the casino must be able to do so with the knowledge that all funds are kept safe and player information is encrypted and confidential.
Digital wallets are a type of fintech that many players are using. These wallets allow players to hold funds online and use them as they see fit without having to give their card or banking information to anyone except the e-wallet of their choice. For example, if you deposit at a Trustly popular casino, Trustly will hold the funds in your bank account. The casino will then withdraw your deposit from your Trustly account and will therefore never have access to your financial information.
Another way fintech is implemented in the casino industry is through the use of cryptocurrencies and blockchain. Because cryptocurrency transactions are somewhat anonymous, some casinos are reluctant to use them. However, there are advantages to doing so. Transactions recorded on the blockchain cannot be modified. Whether it’s a deposit or even the result of a free spins bonus, blockchain registration will put the power back in the hands of players.
What advantages will the use of Fintech bring?
Many casinos are studying how they can use financial technology because it adds that extra layer of security. Whatever by encryption as we see through cryptocurrencies or through the use of third party wallets, casinos need to ensure that they are doing everything in their power to protect player funds.
Many casino enthusiasts may hesitate to gamble online because they are concerned that their personal and financial information could be stolen by hackers or even sold by the casino itself. When you play on a good, responsible site, that should never happen. A casino should aim to at least allow e-wallets, even if it doesn’t want to use some of the technologies surrounding cryptocurrencies. As fintech tools continue to evolve online, it is essential that the casino industry stays abreast of the innovations that are taking place so that it can continue to provide this safe gaming environment to its customers.
A casino that does not have the trust of its customers will never see deposits and will have a hard time finding players willing to try their games. FinTech is just one of the many things they can do to improve their customer experience, but it’s hugely important. From crypto to electronic wallets and other innovations, there are many aspects of financial technology that could prove to be incredibly beneficial for the casino industry in the years to come!