The Rise of Mobile Payments in Online Gambling in 2020

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The year 2020 has influenced all of our lives and usually not for good. But it did not only impact our lives. The way so many companies and industries go with their business is affected as well. Casinos, stores, theaters, stadiums, the list can go on. Their approach to communication and generally how they work had to evolve with the pandemic. One of the most significant changes is how all of us have to minimize socializing. That has naturally led to brick and mortar operations getting closed and their online counterparts thriving. Online gambling has seen an increase in profits around the world, and with many people transitioning successfully, there is a question, will they continue with these new practices in the future?

For that to happen, some things would need to improve in the online casino industry. The quickness of access to their profits is something that clients around the globe were not satisfied with. Gambling, after all, is about excitement, and no one wants to wait for five days to get their money. With that said, and the immense popularity of smartphones in this day and age, it is not a wonder that so many people are using their mobile phones to access online casinos. You don’t have to travel to an actual casino, which can be far away from your home. Go with the better alternative, and do what you love from the comfort of your couch.

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Some countries like Finland, for example, have preferred this type of access to casinos even before the pandemic. Some refer to this as a cashless revolution, with mobile payments replacing actual cash payments for a while now. In the rest of Europe, around 79 percent of all payments are with real-life cash. But Finland is different. Above 80 percent of all transactions are with online banking or cards. That trend is, of course, part of the online casino industry too. Something like Siri Mobile is offering the easiest way to pay over a mobile phone. That way, the Finns don’t have any problems getting to some of the many online casinos available, which you can find on NettiCasinoHEX.

The trend we are mentioning will likely only continue to spread. After all, it is much more convenient and safe, to use your phone for finances. It is not difficult to imagine a world where people will no longer need paper money, coins, and credit cards to do their purchases. The use of mobile payments is steadily rising and is not slowing down. Some numbers show a yearly rate of over 30 percent growth, and in five years, it will be an industry worth over 400 billion dollars, which is truly astounding for the industry that is still rather new.

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The birth of PayPal, almost 15 years ago, has signaled a new era in the finance system and our managing of money. A mobile wallet is a real game-changer since it is storing all payment information of your credit card on your phone and letting you decide how to spend your money with a simple application. So what are the newest trends, you might ask? So let us name a few popular models of mobile payment services.

The first one is a Cloud-based payment. As the name implies, you make them with an internet program named Cloud. With it, we do not need a physical device since it supports gateways all over the internet. Therefore, it has a quite broad perspective, allowing banks or any other servicers all the freedom they desire to work autonomously.

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A QR payment, which is an abbreviation for Quick Response, is maybe even the most common method. All you need is a camera on your device, which you will use to scan a QR code, and you are ready to go. It comes with several advantages. Storing a huge amount of data is probably the most significant one, but there are others. You can scan it from a paper or a screen. Many don’t know, but a slight degradation of the code is not a problem since it is still possible to read the code. The information itself is encrypted, so it is more secure as well.

Another safe way of approaching this thematic is Near Field Communication or NFC. It is direct communication between two devices. You are probably familiar with this method as you have probably used it for social networking. You might have shared contacts, links, videos, and other files via this method. But since 2014, Apple has supported NFC-powered transactions as a component of Apple pay. So you know it is a popular way to make transactions for sure.

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Near Sound Data Transfer (NSDT) is something that looks like it belongs in a science fiction movie. However, the technology for it exists since 2005. By using a one-time password sent with an audio channel of your phone, it is producing an electronic signature facilitating safe transactions. You can use this method with any phone since they all have speakers and a microphone, which is all that is needed. The most elementary technique by far is using SMS or phone number. You enter the mobile number of the receiver and the sum you want to give.

Technology is an ever-evolving area. It is sometimes strenuous to keep up with new trends because they can come into existence fast and then leave as quickly. But it is significant to analyze what is here to stay and will continue to expand. Usage of mobile payments in online gaming is not something that is here only temporarily. Firstly, the popularity of online casinos is on the rise, and COVID-19 is not a reason for it, only an accelerator. Secondly, paper cash and credit cards are being used less and less throughout the world. There is an aim with society to put as many utilities into one device. Some may think that mobile phones are already too important in our daily lives, but their significance will only increase in the future.

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