The impact of fintech companies on investors, modern industries, and online businesses is a huge success and many tech-savvy millennials and players are into iGaming. The iGaming industry kept on evolving at present through the constant innovation and evolution of technology.
What is fintech?
Fintech is short for Financial Technology. Its goal is to aid top-rate companies like telecommunication, internet provider, electric and water distribution companies, government-related organization, entertainment, business owners, and other financial institutions like banks and consumers to organize and manage their financial processes. How is it possible? Fintech accumulates them in one platform using specialized software and algorithm which can be used using modern gadgets, particularly smartphones. By doing so, everything is done in less than five minutes. It is hassle-free and very convenient.
Third-party Payment Scheme
A third-party payment scheme is a payment option for the consumer without them using their credit and/or debit card or linking the account of their ATM (automated teller machine) to pay for their purchases, services, and entertainment. It is a convenient way of a monetary transaction between the user and another business establishment in a seamless way especially if the user is not comfortable using their bank details online.
What are these Third Party Payment Options?
We have a variety of third-party payment schemes which are considered trustworthy and efficient.
1. The Digital Wallet
A growing number of consumers trust the digital wallet or commonly known as the e-wallet because of its convenience and reliability. E-wallet helps consumers facilitate their finances by linking relevant financial institutions and business sectors that are relevant to the user. The user can pay their bills, government payables, groceries, insurance, food deliveries, and entertainment. It can be accessed on any gadget, particularly a smartphone.
The time favorite of many is Paypal. Paypal e-wallet is an American company that has been around since its innovation in 1998 until it was brought by eBay in 2002. It pioneered all digital wallets and has won more than 20 awards including the ’06 Webby Awards and the ’06 Webby People’s Voice Awards as the “Best Financial Services Site” because of its prestige and dependability.
Paypal casinos in New Zealand offer a wide variety of new casino games and hard-to-resist benefits and bonuses.
Other well-known e-wallets include:
· Skrill
Formerly known as Moneybookers it has a reputation for catering to the user in quick, easy, and safe transactions.
· Neteller
This e-wallet is considered one of the best payment options next to Paypal because making a deposit here is like a walk in the park. It assures faster payouts and guaranteed its safety in terms of money transactions.
2. Open banking Method
The open banking method system is practiced in some countries, particularly in Europe. This mode of payment allows the player to use a special Bank ID which is provided by affiliated banks and it can be used in practical transactions including betting online. An example of this is Trustly in Sweden. Some open banking methods may be available in some areas depending on the location.
3. Bank Transfer
Another type of payment most consumers and online casino players trust is the bank transfer method. This allows the player to transfer their money to other banks anywhere in a safe and convenient way. This is applied to all major establishments including some virtual betting sites. Examples are InstaDebit, iDeal, ECheck, and Wire Transfer.
4. Cryptocurrency
The use of cryptocurrency is becoming popular these days because it guarantees maximum security and the user is completely anonymous. It is by nature using Blockchain technology which means that it is impossible for any malicious sites to penetrate.
Bitcoin is the pioneer and is still trusted by many big establishments. Other famous altcoins include Litecoin, Ripple, Ethereum, and Tether.
Final Insight:
Financial Technology plays a huge role in our lifestyle at present. We live in a world where everything is fast-paced and absolutely no room for errors or glitches and for this reason fintech comes in handy.
