Over the course of history, one aspect of life has been a constant throughout the centuries. Making payments for items or services has been a cornerstone of civilisation as we know it and over time, the appearance of these transactions has undergone significant change.
Even before money was created around 7000 B.C, people would trade like-for-like items transactionally. The arrival of coins then gave items value. Everyday things such as food and clothing were suddenly worth a certain amount and to acquire them, that amount had to be met. And so, the concept of payment was born.
If we fast forward to the present day, we are now blessed with a plethora of payment methods that are constantly evolving in conjunction with technological and software advancements occurring around us. In recent years, the digital influence has started to get a firmer grip on society and as a result, more innovative ways of making payments are emerging.
Card to Contactless Convenience
Cash was king up until the mid-1900’s when the first signs of debit and credit card technology emerged. That tech was deemed ground-breaking at the time, but the evolution of technology has propelled payment systems and providers into a completely new realm. From the 1990’s, contactless payments revolutionised the way we make payments and the tech involved in in-store payments has translated over to the emerging online realm.
Many industries currently employ contactless payment methods to streamline their daily operations and one particular industry that displays the whole range of payment methods is the iGaming industry.
Speed is of the Essence
The iGaming industry, which includes online casino play and online sports betting amongst its burgeoning portfolio, encapsulates the timeline of payment methods. Even chips exchanged in poker is representative of the very early beginnings when items were traded. But while cash is saved for land-based casinos, the digital DNA of online casinos has opened the activity up to a wide range of payment methods that are continuously developing due to technological advances.
From the early days of online casinos, debit and credit cards were the standard payment methods used by casino enthusiasts looking to play blackjack, roulette, poker, and slots from the comfort of their home. And while casinos that take credit cards still exist, new methods in the form of e-wallets have emerged that are speeding up transactions from user to online casino operator and vice versa even more.
With a method such as Apple Pay, Payment Request API technology supports the rapid transfers and provides a secure connection between a website and a user. The technology is reminiscent of the Near Field Communication (NFC) technology utilised for in-store payments with Apple devices including Apple watches. New-age methods including Google Pay and cryptocurrency could pose a threat to more traditional providers that support debit and credit card transactions, but for now, the range of methods give online players more options.
Digital currency the next step?
E-wallets like the aforementioned methods as well as PayPal and Stripe have added an extra layer of speed and convenience to making payments. However, the ultimate step could lie in the steadily growing cryptocurrency and the blockchain technology that supports transactions across those networks. While digital currency is not quite 100% reliable, there is an increasing amount of evidence of cryptocurrencies in action on online casinos. Keep an eye on this as the likes of Bitcoin, Ethereum, Litecoin, and Dogecoin could well be the future of payments.
