In its latest report, Slotegrator has taken a deep dive into consumer habits across the globe, revealing that in India, a region where online gaming is thriving, the most popular method of payment is PhonePe.
The popularity of the app, which enables players to deposit using BHIM UPI, credit cards, debit cards, or e-wallets, underlines just how significant the usage of digital transactions are in the region.
In publishing the report, the group also emphasised the importance of online casinos and sportsbooks needing to develop an understanding of the most popular payment methods within a market.
It added that in the UK, the use of credit cards for gambling transactions is prohibited. Instead, players use PayPal, debit cards, and open banking, which uses APIs and open-source technology to increase security and transparency. Sofort, a payment service that promises smooth and secure transactions, is popular in Germany, Austria, Belgium, and the Netherlands.
The growth of open banking tech has marked a significant evolution in the gaming industry, with it evolving the payment journey and overall user experience for players.
When it comes to Latin America, financial inclusion plays a vital role, as access to traditional financial products is rare in Latin America, where it’s estimated that only half of the adult population has a bank account and less than 20% have a credit card.
Aside from players’ lack of access, another barrier is that financial institutions often refuse to cooperate with gambling enterprises due to fears of criminal connections. As a result, players expect to use other payment methods.