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Growth Of The Digital Wallet: Evolution of Payment Methods

One hundred dollar bills cash money USD” (Public Domain) by joncutrer

A question regarding the payment method you use would have resulted in a fairly straightforward answer. In 2022, the answer is more complicated. Regardless of whether you’re shopping gaming online or offline, there are now multiple ways of buying your favorite products. This evolution has increased in the online casino and wider casino industries. Let’s explore this evolution and then ask about the potential payment methods of the future.

A look at the online Casinos and businesses accepting PayPal as a payment method

PayPal is now a payment method used by over 360 million users. Its success as a service is derived from the fact that it is a quick and easy way to pay for a product or service, and is easily accessible via desktop devices or a user-friendly app.

In addition, as one of the first and most iconic brands in the digital wallet era, PayPal has become a trusted transaction method for large companies and establishments. A prime example of this within the entertainment sector: the online gambling industry is positively booming, and a lot of players utilize PayPal as their chosen deposit/withdrawal method. The credibility of PayPal is further boosted by the sheer number of PayPal casino sites, which evidences the reliability of the brand, as well as the favorable customer reviews. These PayPal-specific casinos are renowned for offering the same quality and quantity of casino games, but with the assurance of secure transactions courtesy of a partnership with a renowned, familiar global brand. 

If you have a modern games console like the Nintendo Switch, Xbox Series X, or PlayStation 5, you will see that PayPal is also listed as a payment method when buying and downloading games onto your device. According to this article published on Medium, In this sector, the rise of gamers using it has gone hand in hand with the number of gamers downloading the latest releases rather than purchasing them from a retail outlet. 

Gaming and casinos aren’t the only industries making the most of PayPal’s high usage. One interesting statistic recently revealed that over 50% of people are now more willing to pay for a product or service when the seller or provider accepts PayPal. Additional research has suggested that around 54% of e-commerce websites accept PayPal as a payment method.

A quick look at some of the other payment methods being used in 2022

As we have already implied, this is an evolving topic. Research conducted in 2017 suggested that 42% of its respondents preferred to pay via credit card. Credit cards were the most popular payment method, ahead of electronic options such as PayPal. In 2021, additional research was published. It revealed the everchanging customer habits when it comes to the preferred payment method of the general population.

In Germany, digital wallets like PayPal are popular, but the United Kingdom still tends to prefer the humble debit card. An ever-increasing number of consumers within the United States have also started utilizing digital wallets in addition to their debit and credit cards.

What are the payment methods of the future?

The sheer number of users for PayPal means it’s unlikely to go anywhere. The same can be said for the other digital wallets like Apple Pay and Google Pay. Some experts in this area believe the various cryptocurrencies might be the mainstream payment methods of the future. Within some industries, cryptocurrency is beginning to be accepted as payment. However, it remains to be seen whether they will ever reach mainstream use in the same way that PayPal. This interesting Teneo article explores the crypto world and whether it will eventually provide an alternative payment mechanism. Crypto casinos have already started to emerge, and that has got us asking one question. Is this the future?

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