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Throughout the past few years, eWallets have become a go-to transaction method among many consumers. In 1998, PayPal hit the market, and the service has led by example in the world of digital transactions ever since. However, while the 22-year-old American company's operations have long been at the forefront, the recent rise of digitalization has sparked the emergence of a whole host of different eWallets.
Following the growth of various digital wallets, numerous industries have altered their approaches to ensure compatibility with newly-developed payment methods. In particular, online casinos have sought to modernize their platforms to become more user-friendly from a transaction standpoint. So, let's take a look at how eWallets have changed online casinos.
According to figures from Statista.com, the online gambling market is forecast to become a $92.9-billion industry by 2023. One of the reasons behind this expected growth relates to the influence of eWallets on consumer habits. Given their digital nature, it's now less troublesome than ever before to safely manage funds. Because of this, web-based payment methods have significantly enhanced transaction security within the online casino industry. Crucially, eWallets provide something of a barrier between finances and personal information, and platforms that offer this sought-after payment compatibility guarantee peace of mind to their gamers.
Source: Pixabay
In addition to enhancing the convenience and security of the iGaming sector, the influence of eWallets has resulted in a more competitive gambling industry regarding operator variation. According to a report at Scams.info, Neteller, PayPal, and Skrill dominate the market from an eWallet standpoint. Currently, there are hundreds of Skrill-oriented casinos, many of which provide new users with an array of sign-up bonuses. Fundamentally, one undeniable benefit of Skrill operators concerns their withdrawal policies. Through the popular eWallet, users can enjoy stress-free withdrawals that typically take less than five days to process.
While few can argue that digital wallets haven't drastically impacted the outlook of the online casino sector, it's worth considering why they've become all the rage in recent years. Although there is no single reason behind the growth of eWallets, their popularity among consumers is undoubtedly on the rise. As per figures from ThePaypers.com, it was forecast that approximately 2.1 billion people would use an eWallet by the end of 2019. Not only that, but W7News.com states that mobile wallet users are growing by 140 million each year.
Regarding business profits, online casinos are somewhat ahead of the curve by embracing numerous eWallets such as PayPal, which have long detailed the importance of data science in safeguarding transactions. Through catering to consumer demands, operators ensure that their transaction options are as flexible as possible. Because of this, platforms that focus on purchasing convenience and security are likely to retain and expand their audience base. In turn, this will maximize profits as variation is now pivotal to modern-day success, particularly for online businesses.
Few technological developments have the capabilities to alter the online casino sector, but eWallets have undoubtedly done so. Compared to prior years, the market is now arguably more user-friendly than it ever has been, which can only aid long-term growth. Following its embrace of leading eWallets, the online casino industry looks set to reap the rewards and enjoy record-breaking profits over the coming years as eWallet technology continues to develop.
