Top Payment Methods for Online Gaming

Since the very first video games hit the stores in the 1970s, the industry has grown exponentially. From those first, crude representations of sport and others, the element of realism has been the main factor behind gaming’s success.

The digital revolution has also been an obvious driver of the sector. The ability to go online makes games far more accessible, and developers can continue to grow and innovate their schedule of titles.

Pay and Play

Along with a great gaming experience, the game producers must back up their package with a solid infrastructure. In many cases, there are options for in-game purchases, where players can opt to buy add-ons to improve their gameplay.

In other areas of online gaming such as online casino play, ongoing funding is essential. The producer must, therefore, list a range of funding providers with strong security levels to ensure the ongoing safety and enjoyment of their players. The payment methods must be quick to process as online casinos with new online slots on offer will expect their customers to be regularly trying out each and every new game they provide on their site so players will be depositing on a regular basis. For the casinos to be a success, they can’t afford to wait days for the money to arrive in the account.

The Obvious Choices

The majority of consumers prefer to make online purchases using bank cards. They offer the most convenient way of paying for goods and services online, and all online game producers will list debit and credit cards for their customers to use.

Most will also add an option for online bank transfers. Speed and convenience are key here, and there is a strong element of safety too. We all have access to these methods, so it’s essential that online game providers list these bank methods.

The Biggest in its Field

A big beneficiary of the digital revolution are eWallets. These are financial institutions that securely hold funds on behalf of customers so that they can pay for goods and services online. Alternatively, customers can link these eWallets to their bank accounts so that money can be taken via the merchant as and when required.

The biggest eWallet on a global scale is PayPal who were founded in 1998. Anyone who pays online using an eWallet will likely have an account here.

Online gaming providers like to list PayPal as it is a trusted brand, but there’s also an added security benefit. When making the transaction, no financial details are shared with the merchant. Money changes hands digitally, but the beneficiary will not be made aware of any card or bank details. For all those reasons, game operators like to list PayPal as one of their funding options.

The eWallet Competition

PayPal may be the market leader, but there are many other eWallets that work in the same way. Other notable eWallet providers include Skrill, Neteller, PaySafeCard, and Ukash, amongst others.

Each varies in terms of potential charges for transactions, but they all work in a similar way. Money is stored in the account and used for future purposes, while funds can also be taken directly from a bank account. Many eWallet providers also issue a prepaid card which can be used in the same way as a debit card.

No financial details are shared with the merchant, so that added layer of security is also in place.

The New Boys

The biggest change to online funding in recent years involves cryptocurrency. Bitcoin, Litecoin, and many others remain a mystery to the average consumer, but many members of the gaming community like to make purchases using crypto.

Not every online games provider has embraced crypto just yet, but many are getting behind the concept and are adding this to their list of funding methods. For those who have mastered the whole process, it’s useful to have this included.

Mobile Payments

Providers such as Apple Pay, Google Pay, and Samsung Pay all come under the umbrella of mobile payment providers. They are usually put to work in the physical world where the user taps on a card reader to make the transaction, but they can be employed online too.

The software merely stores your preferred payment cards, which are then used to pay for goods and services. They are convenient for consumers as it allows them to carry less baggage around. Many online gaming providers are now accepting mobile payments as part of their package, and Apple Pay is the most popular of these.

In all of these cases, payments should be fast, and the funds should hit your gaming account instantly. Bank payment methods are likely to be fee-free, but remember to check other funding providers to see if any charges are made.

Choice is important to any online industry and, by having a wider selection of payment methods in place, games producers can expand their customer base. It also proves to the consumer that this is a flexible operator and one that looks to accommodate the needs of their account holders.

Other funding providers are in place, but these are the tried and trusted methods that online gaming producers prefer to use.