Fintech or Financial Technology is improving our lives daily. Fintech represents an improvement of a traditional transaction system with the main goal of making it faster and better for consumers. A lot of things can be considered a part of financial technologies, and you probably use some of them without even knowing it.
Every time you use your smartphone to make a money transfer or payment or bypass a physical bank branch to apply for credit or use any of their services, you are profiting from the advancement of Fintech. Cryptocurrency is the latest trend, but there is so much more out there that falls under the definition of Fintech.
And it’s making the use of debit and credit cards for online payments practically obsolete.
Fintech’s Impact on Online Gambling
Fintech industry growth is making an impact on others as well. Some of them welcomed it with open arms, like the online casino industry. A shorter time for money transactions is one of many reasons it is crucial to dynamic businesses like online casinos.
Financial technologies have made a big impact on Filipino online casinos and made it more convenient for them to acquire more users. Those impacts significantly improved online gambling in the Philippines. In this article, we will name and explain the 7 most important ways Fintech empowers the real money online casinos industry.
Security of Players’ Data
The safety of funds and personal information is something that concerns every consumer of legit online casinos. Financial technologies are constantly improving in this field to keep their customers safe. By upgrading security measures, they are staying in business and the main weapon to do so is – data encryption technology.
Data encryption creates a code that replaces your data and that new form can be broken only with a decryption key.
Faster Money Transfers
As we said before, the importance of money transfers is huge. When you play online, there are deadlines for deposits on tournaments, and failing to comply can leave you without a seat at the table. There are also other situations in which players need to add some funds to their accounts to be competitive.
In the case of winnings, every player wants to be able to withdraw the money from the account when he wants, and not to wait for procedures. The advancement of financial technologies significantly reduced the wait for these transactions.
Multiple Payment Methods
The abundance of methods that players can use to make money transactions is one of the best things Fintech enabled. If casinos offer a variety of methods, they are not restricting anyone and allow more players to join their sites.
No matter if they want to deposit via credit cards, crypto, or e-wallets, all are welcome, and every player has control over his funds. To help players, online casino payment methods are kept anonymous. In that way, casinos protect their customers from thefts and fraud and satisfy them.
No Extra Fees
To motivate customers to deposit money, most transactions are without charge on online gambling sites. The gambling industry is looking for ways to make the most of the expansion of financial technology. One of the ways to reduce extra costs for depositing or withdrawing money from online casinos is to eliminate the extra fees that were previously imposed on them.
The development of blockchain and cryptocurrencies has impacted the cost of transactions in unexpected ways boosting their efficiency. The result is transactions are now more appealing and accessible to players.
With the improvement of technology in general, people are fonder of smartphones and tablets for everyday use. People tend to be on their phones a lot, using different applications that make their life easier. Online casinos are among them, making their software mobile compatible.
Players can now gamble not only from their homes, but they can do it also from a train, a park, a coffee shop, or anywhere else where they can establish an internet connection. This improvement increases the amount of time players can spend playing.
Traditional Payments are Obsolete
It’s not that the old ways are bad, it’s just that the new ways are easier. And in a way better. As things tend to move forward, technological advancement targets the needs of the modern consumer. Easier and safer, new payment methods are replacing that annoying data entry, long strings of numbers.
Risking your information in that way, without modern-day anonymity. Of course, casinos won’t deny any player to deposit money with debit and credit cards.
Personalization and Simplification
To be better than their competitors, online casinos are trying to be the best concierge for their players. Making the player’s experience more enjoyable and entertaining is their goal. Through this, they will keep the player happy and loyal.
Players on the other hand like to have that personalized experience, with offers suited to their needs, reminders of important tournaments, events, etc. Also, account sections can provide tracking of your deposits and withdrawals, in that way players can see all transactions they have made.
Regulations on Fintech
With the advancement of financial technologies and the benefits they offered to consumers and businesses as well, risks emerged and needed to be dealt with. The biggest risks that emerged are data privacy, money laundering, and cyberattacks. These risks are covered by different regulations, like anti-money laundering (AML) regulations.
Fintech companies are required to comply with them. To prevent cyberattacks, companies need to invest in appropriate security software which includes data encryption, intrusion detection, and firewalls. It is important to review the need for fintech regulations to keep it safe and secure its progress.
By adhering to these regulations users will have safe payments. One of the good examples is Pagcor online casino, which is 100 percent government-owned and controlled.
With the improvements in financial technology, it seems that businesses and customers also have a lot to be happy about. Thriving to meet consumers’ needs brings new levels of security and safety, while also expanding the offer of payment methods. It will create a trusting and more open relationship between them.
Since online casinos are getting more and more popular, the fan base is continuously growing. Fintech companies are a big part of that relationship, providing improvements in services in the ways we explained in this article. They will bring a bright future to everyone involved.