Paysafe Payment Trends: How It Will Affect Online Gambling?

Founded by four Austrians in 2000, Paysafe based in Vienna is an established prepaid services company limited keeping its finger on the pulse of new and innovative payment method trends. This means the relatively young company understands the ever-changing nature of online gaming which offers both opportunity and challenges.

The younger generation wants payment choices and personalization matching the convenience enjoyed in all other aspects of their lives. This includes being able to connect when and where they want. Most of all the new generation not only want great online casinos or sports betting experiences but also more information regarding odds, gaming operators, brands, and casino games.

Millennials are extremely loyal to big brands and big businesses, while they do their research via reviews and select new apps in a matter of seconds.

Payment methods continue to evolve as they did throughout history. It progressed from cash to checks, plastic credit cards followed by electronic money or digital wallets and now the most popular, one thing is for sure there are no signs of payment technology slowing down.

In terms of betting on the latest trends, the millennials are at the center of the youth boom that showed 7.6 billion of the world’s population was under 30 years old in 2017. Add prevalence to mobile devices and the number of apps available, just about everyone now has access to placing bets from the palm of their hand. It is this freedom that both sports bettors and players at online casinos want.

The Pandemic Has Increased the Need for Online Payments

The latest payment trends according to a breakdown of global payment methods reveal complexity overflowing with diversity. A survey featuring results from 16 different countries shows that the latest trend is hyper-focused on seamless convenience. The results show that e-wallets are leading the market by 47%, credit cards by 20%, bank transfers by 11%, and debit cards by 11%.

The coronavirus pandemic caused a huge surge in the demand for online payments and contactless payments, which massively accelerated the move from cash to digital options. One of the main reasons for the decline in the usage of cash is the risk of contamination.

Contactless payment methods continue to enjoy outstanding performances for companies such as Square, Apple, Paysafecard and PayPal. CEO of PayPal, Dan Shulman sees it as a shift in digital payments from nice-to-have to must-have everyday essentials.

Technology completely transformed the way we behave and live, in payment methods, it changed the way we shop and the pandemic highlights how quickly payment trends can change. It also shows the ability of merchants able to rapidly transfer physical volumes into digital channels. That said, it is unlikely that physical shopping will ever be replaced by e-commerce completely.

New Payment Technologies Developed

New payment methods in the next decade according to Paysafecard will focus on speed, security and safety. iGaming operators success will depend on guaranteeing seamless payment processes which require them to find ways to make payment frictionless, convenient, secure, easy and even enjoyable.

Paysafecard already predicted in 2020 that the sports betting industry might be all about 5G in future, according to research around 37% of players prefer mobile payments for sports betting. Around 51% of sports bettors that places weekly bets do not use mobile wagers while attending sports events due to connectivity. At the same time, 52% said that their experience would be more enjoyable if they could place bets while attending sports events.

Paysafe Prepaid Services Company Limited

Paysafe card is an online prepaid payment solution based on purchasing a voucher with a pin code of 16 digits, it is independent of your credit card, bank account or personal information. It is an easy to use, safe and secure alternative payments option enabling consumers to buy vouchers and online payment transactions only requires the pin number.

Paysafecard is distributed and issued cross-border, country-wise and cross-currency, most countries offer a personal my paysafe account. Skrill acquired Paysafe in 2013 and in 2015 it was required as part of the Skrill Group by Optimal Payments Group, regulated by the UKGC. Optimal Payments was then rebranded as the Paysafe Group.

Paysafe is a single source of iGaming payments integrating digital wallets, cash, cryptocurrencies and cards. This includes both money and payment instruments such as PayPal, Neteller, Skrill, Interact, Paysafecash, Paysafe card, ACH, SEPA, EFT, and BACS.

Paysafe Financial Services Limited, Prepaid Services Company Limited, and Skrill Limited, are authorized under the Electronic Money Regulations 2011 by the Financial Conduct Authority for issuing of electronic money and payment instruments. Paysafecard Mastercard Cards and Paysafecard Financial Services by Prepaid Services Company Limited while Mastercard is a registered trademark of MasterCard International.

5G Sports Betting

Sports betting and online gambling operators could offer more compelling and powerful objects to players and sports bettors in more locations via reduced latency and increased bandwidth. In-play sports bets are on the rise due to 5G and even the prospect of it showed an increase in play betting of 42%.

Mobile apps are the most popular sports betting channel in the US and UK and most preferred by 32% of US sports bettors and 43% of sports betting fans in the UK.

Connectivity issues have a huge impact on consumers and sports bettors, with 41% of sports betting fans believing they would soon be able to attend a major sports event and be able to place mobile bets.

It will be nothing short of fascination to witness the advantages operators would use to improve sports betting experiences once 5G data networks arrive.

Online Payments Used to Track Spending

The advantage of using Paysafe is that you pay cash online and don’t need to share any sensitive data. Paysafecard is accepted at online shops and at over 650.000 outlets across the globe.

Paysafe Payments Don’t Show on Bank Statements

No sharing of bank information or credit card details are needed and thanks to the practicality of the prepaid card it is easier to stay within your planned budget, which means you always have an overview of your expenses and payments.

Real Time Online Payments Become Available Globally

In the UK, real-time payment methods have been offered for almost 15 years and are anticipated to continue growing in popularity. No legal framework is available, beyond Europe to support open banking, although the benefits would include tailored services, an increase in control, a more streamlined experience and faster transactions.

Right now an international real-time platform or progress towards it relies on API standardizing on a global level and the building of partnerships to offer access to banks.

Ultimately, real-time online payments will ensure hassle-free integration of systems between the players, payment providers and banks.

Paysafecard Payments are More Convenient in the UK

Paysafe is one of the leaders in the UK as an alternative online payment method, providing consumers with a way to pay without providing any personal details.

Even though many like the convenience offered by credit and debit cards, more and more are turning towards Paysafecard prepaid vouchers to ensure personal and financial safety.

Biometric Authentication Makes it Easier to Use Paysafecard

Once the (SCA) Strong Customer Authentication legislation is in full force biometric authentication will be used by Paysafe card for verification. The legislation is a new requirement by the European regulatory gaming to increase security and reduce fraud in online payments.

Paysafecard Multichannel Payments

Paysafe is an award-winning omni-channel payment solution provider leading in the field of combining multiple payment solutions.

Paysafe is used by over a million people worldwide and the prepaid card enables users to pay cash for online transactions, which is great news for over 30 million who don’t have bank accounts in Europe.

Where to find the Best Paysafecard Sites

The main reasons why thousands of online and mobile players join the best paysafecard online casinos is security and safety. At PaysafeCard casinos it is possible to remain 100% anonymous while funding your online casino account.

The only necessary information mobile or online players need to provide is the 16 digit codes. Now accepted at all leading online casinos, the user-friendly mobile app and the no fees payable benefits combine to ensure a great experience at online casinos and sports betting sites.

Check out our pages here at TheSlotBuzz to discover the best Paysafe casinos and to find out more about the benefits available to new and existing members. Detailed reviews offer all the most important decision making facts including licensing, security, safety, fair gaming, customer support, bonus offers and gaming variety.

Paysafecard Slot Sites & Casinos