- For the past two decades and longer, the technology behind cashless transactions have been invented. But only now have we become initiated into the Wallet System, where larger methods of payment have conveniently brought an increased in Online Gambling activity.
This was among the pioneering inception that kick-start the iGaming movement, yet paying online began in the retail industry. With the ever increasing digitisation and trends of debit and cash-free applications were popularised into transact, smartphones, biochips and others have been used – ultimately creating a course of action that coincides to a declining interest in retail cash payment under recent times.
The wallet system was an innovative invention that is re-defining the age-old tradition of carrying money, challenging the status quo with permanent significance while encouraging worldwide commerce. This was done by bringing countries together once continents apart, where the internet has become an integrated medium – making then a proliferate example of borderless shopping.
Capitalising this perception was an interest to globalise casinos, and cashless transactions were brought forward into the gambling industry. Its motive stipulate a game-changer – and its use spiralled out. Online payments are expected to continue as digitisation progresses to become more and more of a necessity in an everyday norm. EnjoyGaming.Org sought after this pressing and prevailing change, and were content in becoming the initial force in setting the Wallet System example.
Defining the Wallet System
It is an online payment option allowing a fast, secure and convenient transaction flow between the wallet system and games found in iGaming. Digital Wallets are often used – and with that the most notable comes in PayPal. Still, the commonness of its trio functionality is often heard, but how much significance does these actually represent?
Before the introduction of the e-Wallet technology was a rudimentary approach in performing money transfer. Gamblers were found either by paying physically to an intermediate iGaming broker – where the shadiness of passing cash and withdrawing winning jackpots could spell additional commission and also running disaster. This punctuates the safety of the fund as well as your ease of use – and not to mention the hassle of processes, whereas the other means is through manual bank calls for each transaction move that may be routinely rejected under regulatory means.
Wallet System Versus Cash Market:
• Wallet System
- In an online casino, the wallet system creates a passage of an inner atmosphere transfer. This means that whenever a fund is deposited, the money shall be banked into the digital wallet. And residing within this intermediate, e-Wallet phase allows a player to relocate funds – whether by winnings or through initial deposit between casino game providers, ultimately creating the aforementioned ambience for play flexibility.
• Cash Market
A cash market on the other hand, is a direct bank transfer into your chosen casino game provider. There is no e-Wallet in-between the process to mediate any transaction. And in order to play a different game offered by another provider, the predicament comes in the form of a limitation that a gambler will have to transfer out and back into his/her bank account, to re-deposit back into a new provider in order to perform the said change. A percentage of the transfer will be given to the white label online casino provider, having this said.
- Another alternative approach is in the attempts of contacting the white label online casino’s support team, which may result in additional waiting time and service ticket in order to process the transfer.
The key take here is convenience. The Wallet System portrays a systematic result that was derived mostly off user feedback, and sometimes through inevitable progress but also with user experience (UX) acknowledgement. Empowering a trust of full funding in a registered account, a gambler becomes independent from any party’s involvement – and with that, fast, secure and convenient transfer.
SEA’s Hotspot of Digital Wallet Usage
In an intricate survey conducted among established Southeast Asian countries, Malaysia was found highly to have intercepted the applications of e-Wallets in their everyday lives. This signifies a receptive adjustment towards the internet age, but still an eye-opening advancement that have yet to be followed up in a similar pace by its neighbouring peers.
Those nations stated are the Philippines, Thailand and then Singapore which follow suit. And although lagging behind in going forward, its findings left a footprint that can be cross-referenced. Detailing activities of casinos and iGaming hubs centred— as well as ever rising online retail shops, the assumption of wallet systems use is that it will continue to climb— as is the result of the frequency of usage that would ever increase.
Benefits behind the Wallet System
– Transaction History
- But also prime. A digital wallet carries the full history within an iGaming platform, and this overrides the many records found— if it’s without a wallet system, that could result in the inspection of activity. When a large number of data is present into dealing, regulators and banks are flagged to investigate. An inner trade atmosphere worthy of inter-transactions prevents the unnecessary label.
- Furthermore, a bettor gains leeway in the capacity of being able to track his/her winnings from a playable game, which would suffice to determine if the play is worth playing given at that time and day. Having a transaction history behind an iGaming allows one to keep a ledger account of his games, wins and spending, making sure of an appropriate allocation of entertainment for his personal finance.
– Speedy Processing
- The two functional upbringing out of the trio elements – fast and convenient falls into this category. All wallet systems behind each flagships of Enjoy Gaming are powered to have straightforward withdrawals. This ensure winnings found through slots, 4D, sports betting and even live tables are safely deposited into your account, with an efficient processing time that both parties (Online casino operator and the gambler) would benefit.
– Multiple Payment Options
- Gamblers are in convenience with the availability of various payment options (using the different kinds of retail banks). This allows deposits into Enjoy Gaming’s iGaming platforms through different pools of choice, just as the existence through various demands for play, it’s also integral to keep up with their use – and enjoy a proliferate audience in return, that would benefit everyone.
- Likewise, by connecting the abundance of available banks, players may wisely choose to funnel out cash prizes into their own chosen bank account.