The payments industry is transforming significantly as alternative payment methods (APMs) become increasingly popular while traditional card payments decline. According to the FIS WorldPay Global Payments Report 2023, it is projected that APMs will make up 62% of e-commerce transaction values by 2026, a marked increase from 39% in 2018. This is not simply a passing trend but a revolution, and open banking is leading the charge.

Open banking is changing the payment experience in the iGaming industry, making it more convenient and secure for players, as well as more cost-effective and streamlined for operators. There are both challenges and opportunities presented by the future of open banking that are worth exploring in depth.

1. Hyper-Personalisation: Elevating User Engagement

Picture a world where each interaction with an online casino is customised precisely to a player’s preferences and behaviours. Thanks to Open Banking, that vision is now becoming a reality. By utilising financial data, operators can offer hyper-personalised experiences to their customers. Players will receive game recommendations, bonuses, and rewards specifically tailored to match their spending habits and gaming history. This will result in unparalleled levels of user engagement and retention, ensuring that players keep returning for more.

2. Seamless Payments: Speed and Convenience

Open banking has the ability to streamline transactions, making it its main advantage. In the future, we can expect online casino payments to become faster, more secure, and incredibly convenient. Real-time payment authorisations and instant withdrawals will become the norm. For players, this means no more waiting for funds to clear or worrying about the safety of their financial information. The focus is on delivering a frictionless gaming experience.

3. Enhanced Security: Fraud Prevention Algorithms

The online gambling industry is facing increasingly sophisticated cyber threats. However, Open Banking, which implements robust security measures, introduces new algorithms for fraud prevention. By automatically analysing vast datasets, it can detect irregularities and flag potential threats in real time.

4. Global Expansion: Crossing Borders Effortlessly

The global reach of open banking makes it easier for online casinos to expand their operations worldwide. Cross-border transactions are now instant, and players from different countries can access a broader range of payment options. This global expansion is not only beneficial for increasing revenue potential but also enables operators to enter emerging markets.

5. Data-Driven Decision Making: the Power of Insights

Open Banking transactions generate valuable data that can provide useful insights for casino operators. With this information, operators can make informed business decisions, optimise marketing strategies, and identify trends in player behaviour. The potential benefits are limitless. To stay ahead of the competition, it will be crucial for operators to adapt to market shifts quickly and effectively.

6. The Curiosity Gap: Embracing the Unknown

There’s no denying the opportunities that lie ahead with Open Banking shaping the future of online gambling, but to stay at the forefront of this transformation, casino operators must remain adaptable and open to change.

The GumBallPay Solution: Reliable Open Banking for Online Casinos

Partnering with GumBallPay can help online gambling businesses leverage the benefits of Open Banking. iGaming operators can offer hyper-personalised experiences to their customers, provide seamless payments, and ensure enhanced security. Further, the extensive regions covered by GumBallPay enable businesses to make data-driven decisions that optimise their operations.

Unlock the full potential of Open Banking for your online gambling business by partnering with GumBallPay and staying ahead of the competition.