The rise of fintech innovations in the gaming industry

Different forms of gaming exist, but they all embraced Fintech solutions in the 21st century. For instance, digital payments became very popular in the last decade, and nowadays, more than 80% of gamers choose e-wallets and mobile payments for fast and secure transactions.

The global gaming market relies on fintech to handle everything from microtransactions, subscriptions and in-game purchases to customer verification. The best online casinos in Malta reviewed at iGaming.com are a great example because, let’s face it, every modern gambling site accepts e-wallet payments.

The advantages of fintech for the gaming industry are numerous. They are mostly related to facilitating online payments and transactions, as fintech is something like an abbreviation of “financial technology”. However, its advantages can even extend to customer support features.

They can also vary for every different type of gaming, be it online gambling, PlayStation and Xbox games, playing with a VR set in the Metaverse, or a real land-based casino. Here is an overview of the top benefits of the Fintech tools and solutions in the gaming industry:

• Digital payment services like PayPal, Skrill, and Neteller allow players to make fast, secure deposits and withdrawals without traditional banking details.
• Cryptocurrencies like Bitcoin and Ethereum offer the utmost anonymity. As highlighted by iGamingCapital.mt, around a fifth of all bets at operators licensed by the MGA accept crypto payments.
• Payment gateway solutions ensure more secure payments by encrypting financial details during transactions.
• Possibility for direct bank transfers that give users real-time access to their funds.</li>
• Services like Apple Pay and Google Pay make it possible to fund your account via smartphone and tablet.
• Quick and effortless purchases of in-game items, such as skins, tokens, and loot boxes.
• Fintech-powered subscription models allow players to access a large library of games or special perks through recurring payments.
• Faster user identification and reality checks upon online casino transactions.
• Ease of access to global markets, so gamers from different countries can play without traditional banking limitations.

As the gaming industry expands, fintech will also keep growing by driving innovation and enhancing the user experience. Of all the different game categories, iGaming is probably the industry most affected by the rise of fintech solutions.

For instance, online casinos and game developers rely on almost all the above mentioned advantages. Loyalty programs and in-play purchases have contributed to the enhancement of game developers’ income and monetization strategies. Official licensing organisations, such as the MGA, constantly update the auditing and reviewing processes to improve the legal framework designed for their licensees. On the other hand, various fintech solutions have allowed casino websites to attract a wider audience by offering mobile and crypto payment options.

In conclusion, it is safe to say that security is paramount when it comes to online gaming, and various Fintech solutions are here to help improve every corner of this industry. Encryption, money laundering and fraud detection, are only a couple of examples. The rise of Fintech solutions also eliminated transaction delays, thus offering players the opportunity to focus on their gaming experience instead of the successful completion of their regular deposits.

The efficiency of handling multiple currency transactions is one of the main reasons internationally licensed offshore casinos accept players from almost every corner of the world. That’s what makes fintech an indispensable component of the modern online gaming industry.