The gaming world is experiencing a change in how payments are made as digital wallets and cryptocurrencies take the lead in this evolution. The way players buy games and add funds to their gaming accounts is being reshaped by this trend, which brings greater ease and security for users than ever before.
The Rise of Digital Wallets in iGaming
Online gaming platforms are now widely adopting e-wallet services to offer players convenient payment options. Popular e-wallets such as PayPal and Apple Pay are being seamlessly integrated into different gaming portals. This allows users to securely store funds online and carry out fast transactions without the hassle of entering credit card information repeatedly.
The shift is not just happening in the world of online gaming but also in the iGaming industry which includes a Google Pay casino platform and sports wagering sites where digital wallets are becoming increasingly popular among players and operators alike due to their numerous benefits:
- Improved security
- Quicker processing of transactions
- Enhanced user satisfaction
- Lowered costs for transactions.
With a rising number of gamers looking for secure ways to make payments online, the trend of using digital wallets in the iGaming industry is projected to keep expanding.
Cryptocurrency Payments in Gaming
Some gaming platforms have started to embrace cryptocurrencies such as Bitcoin and Solana for transactions with known platforms participating in this trend including;
Microsoft Store and Xbox
Microsoft has been a pioneer in embracing cryptocurrency payments for goods and services since 2014 when gamers gained the ability to use Bitcoin for buying various digital offerings in Windows and Xbox stores such as:
- Video games for Xbox consoles.
- Subscription services for apps
- Other services provided by Microsoft.
Microsofts continued support for cryptocurrency highlights their dedication to adopting cutting-edge payment methods.
Steam Gift Cards
Even though Steam quit accepting Bitcoin in 2017, gamers can still buy Steam gift cards using cryptocurrencies through third-party vendors. Here’s how it works:
- Check out e-commerce platforms such as Coinsbee or Bitrefill where you can purchase Steam gift cards using crypto.
- Choose the amount you’d like for the gift card.
- Select the cryptocurrency you’d like to use for payment.
- Complete the transaction to get the gift card code sent to you through email.
- Enter the code on Steam to top up your account with funds.
Gamers have the option to use cryptocurrencies indirectly to purchase games on the Steam platform which helps in bridging the gap between digital currencies and one of the leading PC gaming platforms available in the market today.
Other Gaming Platforms
Many other companies in the gaming industry have also started accepting cryptocurrency as a form of payment.
- Overstock.com allows customers to use Bitcoin to buy gaming gear and accessories, on their website.
- On the Rakuten platform, users can top up their Rakuten Cash balance using Bitcoin. Make purchases of games and gaming-related items with it.
- Green Man Gaming, a game vendor has collaborated with Bitpay to enable the acceptance of Bitcoin as a payment option for purchasing games.
Crypto Casinos and Cryptocurrency Integration
Crypto casinos were pioneers in adopting cryptocurrencies for transactions and played a crucial role in popularizing them within the gaming community at large. This initial acceptance dates back to the 2010s following the establishment of Bitcoin in 2009. SatoshiDice launched in 2012 and is often mentioned as one of the pioneering Bitcoin casinos that kickstarted a chapter in internet-based betting.
In 2014 Bitcoin had already made an impact in online casinos and betting platforms. The quick embrace of Bitcoin was fueled by a variety of benefits that cryptocurrencies provided the gambling sector:
- Players can enjoy improved privacy and security measures.
- Quicker processes for transactions and withdrawals.
- Cutting down on expenses for casinos
- Capable of functioning with reduced limitations.
The early embrace had an effect that was quite noticeable back then. Crypto transactions using digital wallets related to gambling were responsible for almost half of all Bitcoin transactions at one stage. This trend has persisted over time, resulting in the crypto-gambling sector achieving an approximate value of $3 billion in the initial months of 2021.
Cryptocurrency casino’s achievements in incorporating currencies have motivated various segments of the gaming field to investigate and embrace cryptocurrency transactions. This trend is fuelled by the wave of payment innovation in gaming.
The Impact on iGaming
The integration of digital wallets and cryptocurrencies is significantly influencing the iGaming sector with online casinos and sports betting websites seeing significant advantages from these innovative payment options:
- Players with limited access to conventional banking services are now able to engage in online gaming more easily.
- Cryptocurrencies provide an increased sense of privacy that attracts users due to the anonymity they offer.
- Digital wallets and cryptocurrencies frequently offer faster withdrawal times than traditional banking methods allowing for quicker access to funds.
- Blockchain technology, which powers cryptocurrencies, aids in reducing fraud by preventing chargebacks and various fraudulent activities.
As some messaging apps have started offering some iGaming features and accepting crypto payments, the frontier keeps being pushed, for the benefit of gamers and iGamers across the globe.
