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Crypto, Digital Wallets: How Fintech Products are Changing the Casino Industry

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  • Digital Team 

The digital world is growing by the day, and this means that there are constantly new innovations arising that can change the way that we handle our money online. There have been many innovations that have changed the way that we view things here. Fintech is definitely on the rise, and is being implemented across the casino industry and beyond.

What is Fintech?

Fintech is a portmanteau of the term “financial technology”. It is generally used to refer to the technology, both in use and upcoming, that is a part of the products and services in the financial industry. It is very important that many sectors understand fintech and its applications since they will have to work with the financial industry in some capacity.

Rather than work out and manage each transaction that they might encounter individually, it is not uncommon for companies to make use of fintech to streamline and automate their processes. This tech is really in use everywhere, from mobile banking to investing, and is even used in the management and trade of cryptocurrency.

Fintech is not a new concept. However, it is getting ever more sophisticated as we demand more from it. If you have ever used an ATM then you have already had an encounter with fintech! Likewise, if you have ever made a payment online, it will have been fintech that has processed it.

As we move more and more online, both in terms of spending habits and more general activities, it is important that fintech is able to keep up. It is vital that we are able to maintain security and deliver a safe and secure set of tools that netizens are confident in using.

How is the Casino Industry Using It?

The casino industry obviously processes a lot of payments. Whether they are paying out an epic win, or accepting a deposit from a player, the casino needs to be able to do so in the knowledge that all funds are kept safe, and player information is kept encrypted and confidential.

One type of fintech that many players are making use of is digital wallets. These wallets enable players to hold funds online and use them as they see fit without having to give their card or banking information to any party save for their chosen e-wallet. For example, if you deposit at a popular Trustly casino, it will be Trustly that holds the funds from your bank account. The casino will then draw your deposit from your Trustly account and will therefore never have access to your financial information.

Another way in which fintech is being implemented through the casino industry is through the use of cryptocurrencies and blockchain. Since cryptocurrency transactions are somewhat anonymous, some casinos are reluctant to use them. However, there are benefits to doing so. Transactions recorded on the blockchain cannot be altered. Whether it is a deposit or even the result of a free spins bonus, recording the blockchain will put the power back in the hands of the players.

What Benefits Will the Use of Fintech Bring?

Many casinos are looking into how they can make use of fintech since it adds that extra layer of security. Whether it is through encryption as we see through cryptocurrencies or through the use of third-party wallets, casinos need to make sure that they are doing everything in their power to protect players’ funds.

Many casino goers can be hesitant to play online as they are scared that their personal and financial information will be stolen by hackers or even sold by the casino themselves. When playing at a good and responsible site, this should never be able to happen. A casino should aim to at least allow e-wallets, even if they do not wish to use some of the tech surrounding cryptocurrencies. As fintech tools continue to evolve online, it is vital that the casino industry keeps up with the innovations being made so that they can continue to deliver this safe playing environment to their customers.

A casino that does not have the trust of its customers is never going to see any deposits, and will struggle to find players willing to try their games. Fintech is just one of many things that they can implement to improve their customer experience, but it is incredibly important. From crypto through to e-wallets and other innovations, there are many aspects of fintech that could prove incredibly beneficial to the casino industry in the years to come!

Categories: Gambling