22 Jan

Paysafe developing Mobile Casino Payments of the Future

Online casino payments make pave the way for cashless society.

Cashless Online Casino PaymentsThe world of commerce is constantly evolving. It’s amazing how far society has come in the last few centuries. From bartering at the trading post, to purchasing anything and everything via mobile devices, the world is experiencing change faster than ever before.

Mobile technology is opening so many doors, and there’s many more to come – some foreseeable, and others we can only dream of. It wasn’t too long ago that gambling on a handheld device – for real money – was unheard of. Today, it’s done in almost every country in the world.

One of the most significant innovations in recent times has been a cashless gaming system. Online casinos were the largest driving force behind online payment processors. We’ve had access to mobile casino payments for years, and this new system is all-but guaranteed to revolutionize the way we pay for everything as the world slowly transitions towards a cashless society.

Traditional Online Casino Payments the Future of Commerce

For the last two decades, we’ve been using the same payment methods to deposit and withdrawal funds at online casinos. Credit cards, debit cards, online payment processors, eChecks and bank transfers – these have always been the normal way to move funds over the internet.

According to Paysafe Group, the parent company of online payment brands Neteller and Skrill, these digital wallets are taking over the commercial realm, not just online, but in the physical retail space. They believe cash payments are doomed to disappear altogether.

When I was a kid, paper checks were commonly used at all retail outlets. Now, when a paper check is pulled out by a customer – although it doesn’t happen too often – everyone else in line groans. Now we have to wait for this person to write out a check, and for the clerk to process it through their register. Even cash payments are considered slow, compared to the swipe of a card.

More and more, we’re seeing mobile payments arise. Customers tap a button on their smartphone, and their purchase is complete. Paysafe believes this is going to become the new normal, and lucky for them, they’ve been pioneering the technology for years.

Cashless Gaming Evolves Into Cashless Society

Cashless Gaming evolves into Cashless SocietyIn the first wave of a new study by Paysafe entitled Lost in Transaction, their research concludes that, “The most common view about money and payments today suggest impending doom for cash payments.”

Paysafe finds that “hard currency is being phased out as Main Street shopping is over”. Their researchers discovered that more than 75% of the Canadians and Americans in the 18-34 age bracket prefer online shopping to physical stores. 85% of them said they already use mobile wallets, or expect to use them in the next two years. Furthermore, 54% of all consumers surveyed expect to stop using cash altogether in the same time period.

Such a future is supported by Bloomberg, reporting that some countries are already moving towards a ‘post-cash‘ society. In 2016, the Danish government began allowing physical stores to refuse cash payments. That was the same year that card-based payments surpassed cash payments for the first time in US history.

Paysafe COO Danny Chazonof opines:

The world is a different place to the one where traditional hard currency was the only option. Today, people shop in new ways. Mobile is a preferred device and physical stores are showrooms as much as they are outlets.”

Before long, mobile wallets like Neteller and Skrill won’t be considered cashless gaming systems for online casino payments. They’ll be used by everyone, everywhere, to purchase anything their heart desires.

Best All Round Canadian Casino for 2017

Royal Vegas Canada is Canadian friendly, a legitimate brand and operator that has been our editorial pick for back to back years. Highly recommended for prospective Canadian gamblers.

Visit http://RoyalVegas.com