Life after the COVID-19 pandemic will be vastly different from what it once was. According to Stephanie Walden of Forbes, contactless payments in the U.S. have risen by 150% since March 2019.
Many countries were already on the path to making transactions with cashless payments. However, banks were merely “implicitly nudging” or suggesting that customers make the switch.
In a post-COVID world, many banking institutions, through research and surveys, have determined that contactless transactions are the way to go to ensure a safer way of banking. So what does this shift mean for consumers and the online gambling industry?
News Highlights
- Reports claim that contactless payments have increased by 69% since January 2020.
- One of the issues of cashless payments is that many don’t have access to the technology.
- Gamblers can choose from a selection of easy and secure online casino deposit methods.
Covid-19 Pushes Demand for Contactless Payments
The traditional idea of banking is outdated, and the COVID-19 pandemic shone a bright light on the practices that society once deemed conventional. In an increasingly digital society, cash is quickly becoming obsolete.
Why deal with the hassle of carrying coins or notes around in your wallet? More importantly, why deal with the bacteria that comes along with it?
The science is divided on whether COVID-19 can transmit from person to person via cash. The National Retail Federation’s (NRF) Vice President for Government Relations, Banking, and Financial Services, Leon Buck, stated the following:
Retailers are putting health and safety first and have rolled out a variety of no-touch payment options to err on the side of caution.
Leon Buck
The Digital Gap
According to an NRF report, contactless payments have increased by 69% since January 2020, even before the pandemic’s widespread news. One of the many issues of contactless payments is the lack of accessibility for many under-developed demographics, as reported by Forbes.
Although many aspects need ironing out before society can fully roll out digital payment options, plenty of benefits come with it.
Las Vegas Joins the Cashless Payment Trend
While the idea of cashless gaming at land-based casinos has been in the works for a couple of years, it is starting to come to fruition. At G2E 2021, multiple sessions discussed the progress of digital payments and the use of cryptocurrency.
Several casinos are already adopting popular ways to process payments, like using Apple Pay and credit card taps at the cashier cages. The next step takes that a bit further with a much more tech-forward eventual end goal.
Which Technology is Predominately Used for Contactless Payment Systems?
Companies like International Gaming Technology Inc (IGT) aim for people to skip the cashier, ATM, and payment kiosks all together. Ideally, players can add money to an account and use their phones to activate slot machines or buy-in at tables.
This system uses the same near-field communication (NFC) that powers tap cards and phone wallet transactions and already gets some credit from Nevada’s brick and mortar casinos.
Cashless Payments Advantages
Consumers prefer cashless transactions for several reasons. Take a look at some of the most popular advantages of this payment system.
Convenience
Once the systems are set in place for society to function seamlessly with contactless payments, it’s straightforward to use. With your contactless card, all you need to do is tap it on the merchant’s payment machine, and your transaction is complete.Accessibility
Mobile banking and cashless payments come hand-in-hand. With the advancement of banking technology, customers have access to much more information than they ever have before. You essentially have the bank in your pocket.Hygienic
This form of payment doesn’t require you to touch wads of cash that could have been anywhere, which sets up a foundation for a more sanitary option. As an added bonus, you can enjoy quicker and smoother transactions.
How Does This Affect Online Casino Gambling?
Contactless payments will have a more profound effect in brick-and-mortar casinos. It will be interesting to see how the traditional casino industry will rebound from the pandemic. Real money online casinos were pioneers of streamlined transactions on their websites to ensure customers have a comfortable and secure experience when funding their accounts.
Popular Online Casino Deposit Methods
Legit and reputable gambling sites offer members safe and trusted online casino deposit options. Here are some of the most common payment methods from which you can choose.
Cryptocurrency
If you’re more of a crypto fan, most casino sites accept this payment from major coins like Bitcoin, Ethereum, Litecoin, and more.
Credit Cards
Almost every online casino accepts Visa and MasterCard. Sites protect your banking information with security and encryption.
Digital Wallets
If you prefer using digital wallets, many gambling sites allow customers to make transactions with Cash App, Paypal, Neteller, or a few others.
The Future is Cashless
The mass adoption of contactless transactions will only significantly affect society outside of the digital realm. As the world pushes through the COVID-19 pandemic, look for the cashless payment icon when you make a purchase. Test the system and see how easy it is to use.
A silver lining to this virus cloud is that the world has awoken from its passive attitude towards the ebb and flow of life. A cashless society may be an apt aspect of life moving forward to encourage a safer way of dealing with money.
