According to a global report from the processing company Worldpay, payments in cash dropped by 13% in 2020, compared to the 27% of in-store transactions for which cash payments accounted in 2019.
The report predicts that over the next three years the use of cash will continue to decrease. Even now, in Sweden, Canada and Australia, less than one in ten payments is made in cash. Sweden is predicted to be “almost cashless” by 2024.
Accepting cashless payment methods
This type of payment method has become a huge source of convenience for customers in many different types of establishments and service or goods providers in a wide variety of industries. Retail and hospitality are two big industries in which cashless payment methods have gained a major foothold, with customers able to merely scan a card or even a mobile phone rather than struggle to remember their PIN number.
In the world of online gaming especially, digital payment options have become popular. In an effort to make players feel safe and to modernise gaming platforms, operators offer a range of e-wallet options for players.
But how did online casinos come about in the first place?
There is some dispute regarding certain aspects of the history of online casinos, including the first online casino to go live. Although it is generally accepted that the first one opened up in the mid-1990s, some consider InterCasino to be the first online platform for gambling, whereas others feel that software provider Microgaming beat them to it.
Online casino gambling all started in the Caribbean nation of Antigua and Barbuda. Sites started operating from there because of laws on the island that gave it the right to grant businesses licences to open online casinos. Essentially, Antigua and Barbuda gave birth to a whole new industry.
How did online casinos become so popular?
The purpose of internet casinos was to open up casino gaming to a whole new audience. Operators, then as now, wanted to create an experience that was as close to gaming in a brick-and-mortar establishment as possible. The internet helped them to achieve it.
Although clever marketing and branding have made a strong contribution to the success of online casinos, the marketing boffins at these companies can only take part of the credit. Convenience has been a huge factor in the popularity of online casino gaming, especially with the emergence of mobile gaming. Players can join a game when they want and from wherever they want. The days of only being able to access them from a desktop computer or at a land-based casino are over.
Convenience has contributed to the success of online casinos as players can play anywhere and at anytime.
The world of online slots
People do not only sign up to play blackjack, roulette, poker or other table games. Players looking for strategically easier entertainment may visit sites such as Wink Slots and get their gaming kicks from the slots.
These engaging games provide much leisure and, just like the casino games, the same level of convenience: available to play around the clock and from wherever you wish, so long as you have access to the internet.
Paying to play on the slots has never been easier. Again, it is a question of using digital payment services such as PayPal, Skrill, Zimpler and Netelller, using either an app or web browser as the payment system permits.
But what is a digital wallet, actually?
Basically, digital wallets are software-based systems that store the user’s payment information for a range of different payment methods and websites. Using a digital wallet allows the wallet owner to make quick, easy purchases. They can link their wallets to Apple Pay, Google Pay or other mobile payment systems, too, and use their phones to make purchases.
Digital wallets create massive convenience. The owners do not have to worry as much about having to carry a physical wallet. Not only that, but they enable the wallet holders to receive payments, not just to make them.
People have digital wallets stored on their phones so they can make purchases quickly.
Digital wallets, online casinos and the need for security
Online casinos have realised that more and more people are using cashless payment methods.
They understand that some customers will still want to go old-school and make payments using debit cards or credit cards, but now they also cater for tech-savvy players who prefer to pay using a digital wallet.
This is a win-win for both parties.
The player feels they can play more securely online because they do not have to supply any financial details; they can just provide an email address linked to their digital wallet and make payments by using that. Note that online casinos take major steps to protect the data they handle, by employing sophisticated encryption technology to keep transactions between them and players private and secure.
Meanwhile, not only does the casino enjoy the satisfaction of giving their players good customer service by making the digital wallet option available to them, but they can also collect data. The transactions serve up insight into a player’s habits, which the operator can then use to market promotions or services of interest to the player.
Cashless payment methods, including the use of e-wallets, have become immensely popular, offering customers major convenience. Service or goods providers who accept payments through contactless payment or digital wallets make life easier for their customers and the fact they do so may even help them to steal an edge over any competitors who do not.