Today’s online users are discerning when it comes to what they prefer in their online experiences. In order to stay ahead, industries would do well to take advantage of already existing methods to improve the customer experience.
For instance, with most online customers preferring fast and convenient payment methods, PayPal offers a way to improve the online gambling experience by making payment transactions fast and secure for players worldwide.
Preferred by about 1 in 4 online players, PayPal allows gamers to access their funds quicker as opposed to traditional payment methods.
Operational in more than 200 countries, PayPal has extensive market reach. The platform accounts for 45% of the global payments market size, making it the number one payment processor internationally. In fact, a recent Chargeflow report revealed that PayPal has more than 426 million active users.
Players can count on PayPal for secure and convenient gaming, and offers a number of other benefits for gambling platforms:
Easy transactions
With PayPal, it is possible for gamers to access their funds quickly as opposed to traditional methods. Preferred by about 1 in 4 online players, PayPal allows gamers to access their funds quicker as opposed to traditional payment methods. Even more, PayPal also supports numerous currencies and can be convenient for reaching players from around the world.
It is also convenient to use repeatedly, especially for consistent gameplay. Players do not want to keep keying in their personal details for every subsequent visit on a platform. Especially for online casinos that use subscription models, it is very important to ensure players can easily make payments.
Given that 30% of all churn is related to failing payments, preferred payment methods should be able to handle automatic renewals and varying subscription rates which are features that PayPal offers.
Improved security
According to Statista, the online casino industry currently peaks at US$97.15 billion and is expected to reach US$132.90 billion by 2029. Such market potential makes the industry an attractive target for threat actors, thus raising alert for the need to exercise caution against a potential cyberattack.
In fact, more than 75% of all global cyberattacks target the broader online gaming industry. This industry was the most attacked about four years ago, with card testing and friendly fraud ranking among the biggest fraud challenges.
PayPal offers hope for operators. For instance, its 2FA feature ensures that even if a user’s password was compromised, no threat actor could access the account without a second verification. In fact, some studies have shown that such measures can reduce exposure to threats by about 99.9%.
PayPal also allows for helpful features such as vaulting and tokenization. Besides this, the payment service adopts innovative solutions like AI to enhance fraud detection. Recently, they introduced a new feature, Fastlane, which will help facilitate faster and more secure checkouts by reducing the time consumers spend using guest checkout.
Looking ahead
Over the years, tech advancements have completely changed almost everything—from entertainment to payments—in the casino experience. Solutions like PayPal allow players to complete transactions not just quickly but also securely.
And as tech continues to offer more possibilities for enhancing entertainment, we are just scratching the surface.
DISCLAIMER: The information presented on this page/site is intended for entertainment purposes only. Please be aware that gambling entails inherent risks, and it's crucial to acknowledge this when utilizing online gambling platforms.
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