In the competitive world of finance, innovation is the only thing that keeps startups alive. Fintech companies that want to succeed must find ways to lower costs, improve speed, and enhance security.
Industry insiders call Fintech’s love affair with innovation ‘Finnovation.’ In the past few years, digital payment companies targeting the gaming sector have been incredibly innovative. Below are seven Fintech innovations making life better for gamers.
#1: Real-Time Payments
Real-time payments are a seamless way to transact online that ensures money reaches the recipient instantly. Every digital payment company that cares about its future now allows you to transact quickly.
While real-time payments are convenient to everyone, they’re particularly beneficial to online gaming fans. Think about this. If you like to play poker online, you want a payment method that can process your deposit instantly.
Likewise, mobile gaming players who need to purchase in-game currencies to level up, instant-payment providers. No one wants to pause a game to deal with slow payments.
Real-time payments provide convenience in gaming. They make it possible to enjoy games at your convenience. In turn, this has increased the number of online casinos in the world.
Specifically, many new online casinos are growing fast thanks to Internet banking and other real-time payment methods. That said, these companies don’t all work the same. Learn more about their fees, payment limits, and secure measurements before you use them for gaming transactions.
#2: Play-to-Earn Games
Bitcoin might be experiencing a bear market, but its adoption keeps growing. One of the reasons is its ability to reward users. Precisely, crypto developers are now creating video games that reward your efforts.
In this new world of gaming, you don’t use payment methods to pay for games only. You also use them to receive earnings from your favorite games. So far, most play-to-earn video games work through blockchain technology:
- Axie Infinity
- The Sandbox
- Gods Unchained
Let’s look at Axie Infinity. This game is centered on breeding cute monsters you can use to win battles. The monsters are all Non-Fungible Tokens (NFTs), meaning you can sell them for real crypto.
If mainstream video games adopt this P2E model, gaming will look a lot differently in the future. Imagine owning your CS: GO skins permanently. Picture having the ability to transfer your Fortnite skins to a friend. Or you could sell them for real cash legally within the game.
#3: Bitcoin Payments
Bitcoin ranks amongst the most important Fintech innovations of the past 15 years. It’s unlike anything the banking world has witnessed. It’s decentralized, immutable, scalable, and borderless.
Bitcoin is such a game-changing payment method that its real creator opted to remain anonymous. No one knows the real Bitcoin developer. All we know is that he/she goes by the pseudonym Satoshi Nakamoto.
We’ve already mentioned that Bitcoin, through Blockchain technology, allows players to earn money from video games. Another benefit of crypto is that it’s a payment method.
You can use crypto to pay for video game skins. You can use it as a donation to your favorite streamer. On some sites, you can also buy video games using Bitcoin, Ethereum, and a few more cryptocurrencies.
You might ask. Why use Bitcoin when Visa, MasterCard, and Apple Pay all work just fine? There are a few reasons. Crypto is borderless, meaning you can use it as a means of payment in any part of the world.
#4: Mobile Payments
When you think about it, most payment methods today are optimized for mobile devices. The main explanation is that mobile gaming is the biggest sector in the gaming world.
Sixty percent of people who play games online use their mobile devices. Most of these people play monetized video games. This means they must spend money to enjoy their favorite games at some point.
This wouldn’t be possible without mobile banking. Payment apps allow you to purchase in-game products fast and conveniently. The best part is that many mobile games now support micro-transactions.
Many mobile games charge small payments for their products. You can buy a few in-game coins for $5 or spend $10 to upgrade your characters. For gaming to work, players must have access to payment providers that charge low fees on micropayments.
#5: Security Features
By law, every digital payment provider must meet certain security standards. It needs to protect your data as per GDPR rules. It must secure each person with an account. And it needs a robust way of handling customers’ money.
Some payment providers have a few innovations that are really helpful to video game fans. Let’s start with PayPal. The famous payment company has a security feature called OneTouch designed to protect your data.
If you enable OneTouch, PayPal will secure your financial data. It will also hide this information from your favorite video games and gaming sites. The benefit here is that you don’t need to reveal your financial data to every gaming company out there.
PayPal also offers chargebacks. This is a great feature for protecting you from fraudsters. In all fairness, most credit cards offer the same service. Chargebacks allow you to claim a refund if you’re ever scammed.
#6: Pay by Phone Bill
Pay by Phone is different from standard mobile payments in that your favorite banking app lends you money for gaming. This concept is mostly popular in the iGaming sector.
Let’s say you want to play a few slots online. But you don’t want to use your emergency cash. You can ask a payment app like Boku to lend $100 to play casino games. Later, you can refund the money alongside your phone bill.
#7: No Account Gaming
No-account gaming is yet another innovative gaming feature from a payment company. This creation comes from the folks at Trustly—the Swedish digital wallet. Trustly’s Pay N Play service targets casino players who hate identity verification.
You see, casinos must verify your identity by law. They usually ask for your photo, passport, and home address to meet this legal requirement. While it’s necessary, it is inconvenient.
Trustly is eliminating the inconvenience by handling identity verification in the background. That way, players only need to deposit money and focus on gaming. You don’t even need to provide an email address. Casinos give you a special login ID to help access your account.