Over the years technology has revolutionised the online gaming industry, there have been strides made in all areas of the market, and ways in using technology that we never thought were possible. With the rise of online gaming and the technology used over time, things have evolved and the introduction of fintech has appeared in more recent times.
Online gaming generally requires payment, and most paid games will ask for payment via card or platforms such as PayPal. There are different types of online gaming sites, ranging from video games to online casino games that are incredibly popular now, and all of them have the option to be involved with fintech and all of the opportunities that bring. Not all online games require payments in this way however, but is there an opportunity for all online games to catch up and take advantage of this technology? And is it something that the public will find a preference for?
What is Fintech?
In short, Fintech is a relatively new technology that has been designed with automation and the improvement of user experience, to help businesses and consumers with their financial transactions. There is a reason fintech is becoming so popular and that is because we don’t want to hang around when it comes to paying for anything, including online gaming.
The word itself is the combination of financial and technology, and even though it started out as a backend system, for large businesses that deal with main finances, it has evolved to help many different industries and businesses, and even includes cryptocurrency. Fintech really does have ease-of-use and security at the forefront at all times by using a blockchain that records and distributes digital information. There are also businesses thriving on providing services purely for the security of financial technology.
It is, of course, essential that Fintech is secure, but as long as businesses are careful and considerate, it certainly helps any business including online gaming-based services.
Fintech And Gaming
Let’s face it when we are relaxing and playing our online games, we don’t really want to have to dig around for our cards, or login and mess around too much with services such as PayPal. The introduction of Fintech has really improved this scenario, and because of that it is, of course, helpful and changes the way in which people use the services.
The online gambling sector is a fraction of the gaming market that has adapted and began to offer fintech services in their payment process. Sites ranging from casino sites through to bingo sites have used technological advancements to be able to offer this to their customers. For example, when users play games on Wink Slots, deposits are made for online slot machines, this site offer a variety of different payment methods, ranging from the traditional bank card method to some of the new ‘fintech’ provider methods.
Fintech, of course, increases the number of users accessing the gaming sites because it is so much easier, it also reduces the barriers that can be placed in the way for many people due to the older methods of payment not working for them. This ultimately means that both the consumer and the business providing the services can work together harmoniously. Not only is this a positive for the user in the user experience, but it means that the businesses have far fewer financial hiccups, and can easily use technology for monitoring, reporting, and transparency throughout.
The wonderful thing about fintech means that it doesn’t have to be thought about too deeply, especially by the user, it is a quick easy process, and will only serve for a more positive interaction overall. The online gaming world has embraced Fintech on a large scale, and it’s becoming far easier for people to use the services efficiently.
Fintech is making waves within the gaming industry, and it has even the playing field for what is now considered a competitive sport, it means that competitions and rewards can have a more universal currency, and gamers can earn faster using Esports and sports betting systems.
Of course, gamers are much more aware of technology and the way in which it can benefit people, so it is being embraced through gaming communities, and sports events, which means Fintech is being accessed on a larger scale. Not only this but gamers want to move at speed and waiting for rewards or the ability to place bets is an inconvenience that is unnecessary especially now that Fintech is taking off.
So, it is expected that changes that have been made by many companies and organisations will have a ripple effect through the industry. Anybody not wanting to be left behind will likely look into investing in fintech if they haven’t done so already.
As with any and all new technology, there is going to be some resistance to change, and people and businesses may resist this for a certain amount of time. However, there are a few reasons for this that are potentially able to be put to one side, or overcome with some careful thought.
Fintech can remove the element of privacy, since the method of payment is going to use a certain amount of data, it is also been known to show spending patterns and this information being accessed by organisations that they may otherwise not have been linked to. It can also, as with any technology, contribute to inequality around the world. This is because new technology can be costly, however, Fintech tends to cost the businesses providing it rather than the consumer. But as with anything the prices eventually settle for the services and is more accessible. There is also a technological leapfrogging that tends to happen in some countries as well, so not all is lost when new technology is released. Fintech may even help to bring more opportunity to those who may not have been able to access other financial services. When is things for sure, is that with plenty of businesses now running Fintech services, and experience in the benefits, it will only go from strength to strength, with investment and research being carried out on a regular basis.