Payment Technologies that Improve Your Online Gaming Safety

Online gaming is now more popular than ever. And thanks to this increased popularity, plenty of technological advancements have been realized. This is not just in the games players can play at an online casino. It’s also the payment technologies that make it possible for players to play to deposit and withdraw funds.

But playing with real money at a casino site presents a few challenges in terms of security. So, then how do transactions remain secure? We take a look at the different payment technologies responsible for improving your online gaming safety.

How Online Transactions Remain Secure

Have you ever wondered how online transactions remain secure? Here are some of the technical measures put in place to ensure hackers don’t get a hold of your sensitive data.

TLS, HTTPS, and SSL Encryption

These are two of the most popular security protocols online. Transport Layer Security and Secure Socket Layer are responsible for authenticating online transactions. The two protocols are also responsible for securing data transfers although TLS is a more secure version of SSL.

HyperText Transfer Protocol Secure is usually visible on website URLs secured by SSL. You can click on the lock symbol to check whether an iGaming site is HTTPS secured.

Two Factor Authentication

Better known as 2FA, this type of technology is simply an additional security layer used to verify the person accessing an online account is who they claim to be. Usually, the user will go through the login process. But instead of gaining full access, they’ll need to provide additional information. This information is generally grouped into three categories:

Something only you know: It could be a One-Time Password (OTP), PIN, or an answer to a secret question. It could also be a precise keystroke pattern.
Something only you have: In this case, it’s a personal possession such as a small hardware token, a credit card, or a smartphone.
Something you are: Now, this is more advanced and lies within biological aspects. For instance, you may need to input your fingerprint, voice recognition, or an iris scan.

Payment Card Industry DSS

PCI DSS (Payment Card Industry Data Security Standard) is a collection of requirements set up by the PCI Security Standards Council (PCI SSC). These requirements aim at ensuring all companies involved in processing, storing, or transmitting credit card information offer a secure environment.

These regulations also ensure the involved entities can prevent, detect, and react to security incidents. Among the requirements set out by the PCI DSS include proper password protection, using and maintaining firewalls, and data encryption. These requirements are 12 in total.

Tokenization

Tokenization is a process of transforming sensitive data into non-sensitive data known as tokens. These tokens can then be used in an internal system or database without revealing sensitive information. This process hides data during transfers on the internet and the other party can retrieve this data in a process known as detokenization.

3D Secure

Known as three domains, this type of security has three pillars. The card issuer, the retailer receiving the payment, and the 3DS infrastructure that acts as a secure bridge between the retailer and consumer.

You can add this extra layer of security when using your card in online casinos. Enabling 3D secure means you need to provide a PIN code every time you make a card transaction.

Top Payment Methods You Can Use for Online Gaming

Choosing a payment method for online gaming can be tough. But there are several aspects that can help you reach a decision.

Mobile Transactions

According to Statista, the global smartphone penetration statistics stand at 78%. This was based on an estimation of 6.4 billion smartphone subscriptions against a global population of 7.8 billion.

These figures are also responsible for the increase in online gambling since games are now available on portable devices. Payment providers are also stepping up their game to offer players payment solutions via mobile. This is either through dedicated native apps or mobile web browsers.

Anonymous Transactions

Many players don’t want their online gambling transactions to be visible. In that case, the best way to pay at an iGaming site is by using cryptocurrencies such as Bitcoin or prepaid cards. With virtual currencies, for instance, all you need is a wallet address to perform transactions. This is thanks to the peer-to-peer format blockchain technology is built.

With prepaid cards such as PaysafeCard, all you need to do is purchase a card based on your budget since they come in fixed amounts. You’ll then need to provide the PIN sent to you when making payments at your online casino. Therefore, you don’t have to provide your name, card details, or even your email address.

Fast Transactions

Speed is a key consideration for online gamblers when searching for a suitable payment method. In that case, using bank transfers or credit card payments is not suitable. Instead, switching to eWallets such as PayPal and Skrill guarantees fast transactions. And if you’re looking for an even faster payment option, consider using cryptocurrencies.

Determining the Best Payment Solutions for Online Gaming

Certain factors will determine which payment method is suitable for your gaming. Here’s how to choose the best payment solution for online gaming:

Country restrictions: There are some payment methods restricted in certain countries. In that case, you want to check with your local regulations before joining the iGaming site.
Transaction limits and fees: The type of payment solution dictates how much you can transfer at any given time. iGaming sites are also known to impose transaction limits as well as fees. With this in mind, check with your payment provider/iGaming site to find out the fees involved for different transactions.
Preferred currency: Not all payment solutions support multiple currencies. This could mean reduced profits when incurring conversion fees. The best payment method will support several currencies for convenience.
Transaction amounts and types: Chances are you’ve come across a payment method that only supports one type of transaction. Most of the time, you can deposit but can’t withdraw. This forces you to find another solution to complete the reverse transaction.

In Conclusion

Technological advancements in the financial sector continue to make it easier for online gamblers to experience real money gaming. The best part about these advancements is that players can enjoy fast and secure transactions based on the chosen payment method.

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