Of course, as the digital era advances, players’ expectations also change. In fact, if an operator fails to offer quick and secure payment methods, they risk losing a significant number of players. So, if you’re wondering how operators like Betway are taking advantage of digital payments to stay ahead, you have just arrived in the right place. Read on to learn more.
The growing need for instant payments
The need for immediacy is not just apparent in the casino sector—the broader e-commerce industry is actually experiencing it. A study by PYMNTs claims that up to 78% of customers rate instant payments as a critical part of their customer experience. This is a great figure to ignore if you desire long-lasting influence as an operator.
Gone are the days when we had to wait for ages before transactions were processed. Nowadays, methods like PayPal have made it easy for players to receive funds almost quickly, which can encourage them to remain loyal to your platform. Actually, a recent study noted that such experiences almost doubled the likelihood of customers returning and increased their satisfaction by 11%.
And do you know what? Offering these experiences can have ripple effects, especially when it comes to word-of-mouth recommendations. Remember, the casino industry has become very competitive, with some studies claiming that there are over 4,800 operators. So, you can imagine how much a platform like Betway might spend to stand out from this huge number. But thankfully, offering experiences like instant payments can be a great way to get started.
Adapting to mobile usage
Do you actually know that in some regions, gamblers who use their mobile phones account for up to 80% of the gambling population? Any operator that ignores such statistics only does a disservice to their platforms. Just recently, MoneyTransfers noted that about a quarter of the world’s population used mobile payments, a figure that could grow significantly in the coming days.
That’s why you shouldn’t be surprised at all when you see operators like Betway integrating mobile-friendly payment methods into their platforms. This ensures that players can have consistent experiences regardless of their gaming device. After all, you wouldn’t want an inconsistent experience with any payment method just because you’re using your mobile device.
Never forget that payment experiences play a significant role in the overall customer experience, whether on mobile or desktop. In fact, some studies claim that payment failure could be the reason why 20% to 40% of customers abandon purchases. That explains why, in addition to offering mobile payments, operators like Betway often work to ensure that the payments are seamless and easy to use.
Mobile payments are also highly accessible – you’re good to go with just a simple touch of a button. That way, you won’t need to wait until you’re at a physical location like a bank before you can complete your transaction. And given that instant gratification is one of the appeals of the gambling industry, offering mobile payments that cater to such needs can benefit operators.
Paying more attention to security
Well, as much as the digital age has brought many changes in the casino sector, it has also brought several challenges, like security. More people are joining, which makes the sector a prime target for cybercriminals. Just in 2023, worldmetrics.com reported that about 70% of online casinos were targeted by cybercriminals. When we narrow down to payment-related scams, Wifi Talents approximates that about 20% of players have experienced such.
With the gambling industry believed to lose about $45 billion annually, you definitely don’t want to be part of these numbers. Plus, players are not just seeking better experiences; they also prioritize their security. And to appeal to such audiences, you must secure your payment methods.
In an industry where acquiring new players can cost you at least five times more than retaining existing ones, offering secure payment methods can really be a great way of distinguishing yourself. And that’s what many operators like Betway are doing. For instance, you may have noticed most of them adopt secure frameworks like 2FA to enhance online safety. And as simple as this framework may sound, it can reduce exposure to targeted attacks by 99.9%.
When a cyberattack occurs, a lot is lost—not just finances. And losing something like customer trust is not any operator’s dream. That’s why, as many cybercriminals target users’ accounts, operators like Betway are implementing robust measures to improve security.
What is our last word?
Well, you can actually agree that the digital age has really changed how we consume entertainment. However, besides entertainment access changing, aspects like payments have also changed. As a result, you don’t have to worry about handling huge chunks of cash or coins at gambling locations, all thanks to digital payments.
But as more people turn to them, the need to ensure safety also increases. That’s why platforms like Betway have been adopting tough measures to strengthen the security of users’ accounts. And among the many methods, you must have encountered 2FA.
