According to the New Zealand Game Developers Association, the industry’s revenues have increased by 43% in 2018 and are expected to reach $1 billion by 2024. Games are no longer just a way to kill time: they are a self-sufficient ecosystem with interesting plots, artificial intelligence, communication, and a chance to purchase items along the way.

That is why the appearance of cashless payments is so common. Players have access to numerous banking options that don’t require cash and are able to choose among e-wallets, debit/credit cards, cryptocurrency, and much more.

But how to choose the best option? Where to find enough information? You can read about special aspects of using Paysafe described in detail by Casino HEX or use other trustworthy online sources. And below we’ll tell you more about cashless payments and the available options.

Cashless payments and the gaming industry

With the evolvement of the gaming industry comes the appearance and improvement of the payments market. Cashless payments are becoming extremely popular because players can enjoy the games without any interruptions or a need to go anywhere to make a payment.

They create a positive user experience. Digital wallets, voucher-based systems, instant transfers are all representatives of cashless payments and each of them has a particular niche and market.

From the players’ perspective, cashless payment options mean convenience. A chance to use a computer, tablet, or smartphone to make purchases without any delays and difficulties. Video games and online casino players can simply log in to their accounts, request a transaction, wait a few minutes, and start enjoying the feature they have purchased.

Advantages of cashless transactions include:

• Technologies become simpler and are available to more users;
•  No need to worry that your wallet with cash will be stolen;
• Absence of fake cash;
• It’s more secure to carry mobile wallets and digital cards;
• You can monitor expenditures because all payment options have a transaction history;
• Often online payments have discounts, promotions, reward points, and cashback;
•  You can transact exact amounts without a need to wait for small change;
•  If the card is lost, it’s blocked in a matter of seconds. 

Types of cashless payments available on the market

All the platforms support and accept e-Commerce online payments. Hence, it’s important that you learn about all of them, so in case one doesn’t work, you have the option of using the other. Not to mention, they’re all safe; therefore, there’s nothing to worry about.

There are numerous ways how you can make payments to play online: from quite common credit/debit cards to PoS terminals. Below we’ll tell you more about the most recent and promising cashless payments.

Mobile payments

Mobile payments are numerous applications that turn your smartphone into a digital wallet to pay for goods, services or play your favorite games. During the past few years, Apple Pay and Google Pay became rather popular and allow making in-app purchases within several clicks. Other representatives include WhatsApp and Alipay, most of which have QR-based payment options, top-notch security, and convenient apps.

Contactless credit cards

For quite a while, physical debit and credit cards occupied leading positions and easily replaced cash. Users needed to swipe a card in a reader but now the transaction can be completed by scanning a card without touching any surfaces.

Contactless credit cards are extremely simple to use and transactions are instant. The positive aspect is that there are no intermediaries when using virtual credit cards, so the charges are lower.

QR Codes

This cashless payment method can be considered a mobile wallet extension. You scan the code of service, good, or in-game features via a devoted app and make a purchase. The only requirement is a camera and a scanning app. This method is quick, simple, and convenient.

Cryptocurrency

It is unlikely that you have never heard of cryptocurrency – an alternative to regular money. The system is digital and there is no physical cash involved. Moreover, there are no banks or other regulators which restrict payments, impose fees, or monitor what in-game purchases you make. 

The blend of technologies and payments

In 2021, more than 2.14 billion users across the world are expected to make purchases online (compared to 1.66 billion in 2016). More and more users switch to stores on the Internet instead of malls and offline shops. That is why cashless payment methods will continue to appear and evolve, offering players to make safe and fast transactions and to enjoy their favorite games without any boundaries.