In today’s ever evolving business landscape, we find many industry crossovers. This is something that is increasing as the years go by. Seemingly, one industry likes the way that another does things and tries to emulate what they’re doing or at least adapt it to their own industry. Many of these crossovers are driven by changing consumer demands and advancements in technology.
Today we’re going to look at how the casino industry is taking note from the e-commerce world, by using the transactions within the e-commerce industry as a blueprint for online casino transactions. We will start by taking a look at some of their common goals, so that we can get a better understanding as to why the casino industry chose the e-commerce world to learn from.
From Cart to Cashout: Shared Goals in UX and Speed
Many of us shop online for the speed and convenience it gives it. We can simply visit our favourite online store, type in what we’re looking for and we’re presented with a plethora of options, all at the click of a button. And the best part is we don’t even need to leave our house to do any of this. Even the deliveries are sent to us. The whole process can take minutes to complete. Completing these actions in-person and visiting a department store can take hours out of our lives, hours many of us simply don’t have spare.
For casino players, the equation is often the same. By playing online we save lots of time by not having to visit a physical casino in the first place. We also don’t have to wander around a large casino, switching between slots and table games, as this can be done by the click of a button.
So what’s the common goal? Saving time. Time is one of the most valuable assets we have in today’s society and spare time can often be very precious to us. So much so that the e-commerce industry has gone as far as to simplify their processes to save you even more time. We now have things like one-click purchases, meaning if we see something we like, we can buy it there and then without having to go through a checkout process.
There is also more selection available nowadays, which brings us nicely onto our next section.
Real-time Payment Systems and Why they Matter
As technology evolves, we find ourselves having more and more options available when it comes to purchasing and making payments. Many of these payment methods focus on different areas to try and stand out in a saturated environment. Some options focus on speed, some prioritise security, while others try to make our lives more convenient and focus on usability.
Payment methods available nowadays include the following:
- Card Payments
- Open Banking
- eWallets
- Crypto Wallets
- Wire Transfers
- Paysafecard’s
As previously mentioned they all have different advantages and USP’s, however, there are some added benefits that they all share. They all want to keep you and your personal and financial data safe. And as all of these methods are online, generally, they will have lower overhead costs. This means less fees for you to pay, if at all any.
They also all realise that consumer habits are changing and there is no ‘standard or core hours’ of work anymore. This means they have all had to adapt their processes in order to match. That’s why we now find 24/7 processing is becoming standard practice amongst both industries.
Secure Payment Gateways: The Backbone of Trust
The biggest problem for both industries is trust. Consumers and casino players alike have to feel comfortable about the platform they’re using. They have to trust that the store they’re purchasing from is reliable and that they will receive their goods in a timely manner. Just like casino players have to trust that if they play at a casino, the games are fair and that they will be paid out should they win any money.
One way both industries can help to build that trust is by implementing safe and secure payment methods into their processes. The e-commerce industry was the pioneer in this area, however, the casino industry appears to have taken that example and evolved it even further.
Reputable casinos now employ high-level technology measures such as SSL encryption which protects the data transmitted between your device and the operator’s servers. They use the latest firewalls and intrusion detection systems to stop hackers from gaining access to information and data.
Even the way we access our casino accounts is changing and becoming more secure. Many online casinos now use multi-factor authentication which offers double or in some cases triple the security. Casinos are now designing their apps to include things like biometric security measures which not only offers security, but convenience too.
They are also making use of AI by introducing sophisticated algorithms which can detect and flag unusual player behaviour. An example of this is in geometries. Let’s say a casino receives a deposit or withdrawal request on your account from a country which does not match your registered address. AI algorithms can flag this and pass the information over to the relevant team to investigate.
Mobile-First Interfaces and Embedded Payments
In keeping with the theme of convenience, even the payment methods themselves are changing and becoming much easier. Instead of paying for things with different payment methods you can now combine everything in a wallet on your mobile phone. This is of course made easier by things like Apple & Google Pay.
You can now connect these payment methods to your casino accounts so that when you click on deposit, it automatically takes you to the digital wallet on your phone, and you can confirm the payment by using your fingerprint.
By making life simpler for their users, casinos have realised that things like this can help retain customers. It isn’t necessarily all about bonuses and promotions these days. It’s such a saturated area of the casino industry that operators are looking at other avenues like payment methods to help them stand out from the crowd.
Why Fast Withdrawals Influence Player Behaviour
One such area that can help them stand out is withdrawal times. If we’re lucky enough to win some money at an online casino, we want to be able to receive those funds in a timely manner. The average withdrawal time used to be around three working days. However, thanks to things like eWallets and crypto payments, this has reduced to between one to two days in recent years.
And it’s not just the methods that have upped their game, the casinos themselves have also. They now employ staff members to process and oversee deposit and withdrawal requests 24/7 so that there aren’t any delays for the user. For players prioritising swift access to their winnings, you can find the best online casinos with fast payouts at iGamingNuts.
What’s Next? The Future of Transactional UX in Gaming
Just a few years ago it would have seemed impossible for an online casino to offer instantaneous withdrawals but now we have them. Therefore, the sky really is the limit when it comes to payment transactions. Will we start to see automated payments setup on accounts that are driven by AI? This would work by casinos allowing players to set up markers on their accounts so that when it reaches a certain number, a payment request is automatically processed for them. It would certainly be considered as another safer gambling tool feature too.
Will we continue to see more cross-industry wallets? The likelihood is we will, however, this will be dependent on the merchants themselves accepting more payment methods, which increases their workload and overheads. Weighing up whether those are worth it in an attempt to lure new customers in and retain existing ones is the dilemma.
The Student Becomes the Master
The gambling industry has often copied existing ways of working from various different industries but that is no longer the case. It’s now the driving force with its own entity. There is now enough data within the industry to be able to establish trends and patterns without having to rely on seeing what other industries are doing.
As financial technologies evolve, the boundaries between many industries will continue to blur and the winners will be those who eliminate friction and prioritise user control.
