Opening thoughts
More people than ever are using PayPal for online casino gaming, that much is true. But what factors are beneath the surface that are helping the fintech giant continue asserting its presence on the global digital payment stage?
Online casino gaming platforms have provided great insight into consumer patterns and how people implement their choice of payment methods. This is mainly because the industry consistently strives to provide solutions and leans toward new payment methods rather than sticking to rigid, traditional methods and resisting change.
Clearly, there’s a balance, too – online casinos aren’t going to allow just any payment method on their site. There needs to be a market, and they also need to ensure they’re ticking the right boxes for safety and convenience from a legislative and customer protection point of view.
However, PayPal has not only been able to rise to dominance in online casino gaming, but also, even in the face of stiff competition that is constantly trying to knock it off its perch, remains one of the most popular payment methods at online casinos – and today, we’re going to explore why that is.
Industry respect
Contrary to what some gamblers and analysts believe, PayPal isn’t revered in the online casino world simply because of how long it has existed – there’s a lot more to it than that. For instance, Neteller had over half of the global market at the beginning of the rise of online casinos in the early noughties. Still, PayPal has surpassed it significantly over the last 20 years.
Those who understand how the industry works, from a basic user level to the management and marketing of top platforms, understand what PayPal brings to the table. Time2Play ranks the top PayPal online casinos using a whole catalogue of criteria. Simply put, these highly-rated review sites that people continue to seek out for guidance and opinion help promote PayPal's legitimacy and respect in the industry.
Payment security
As PayPal copes with rising contenders like blockchain companies experiencing a surge due to the rising value of the digital asset market and the security that the blockchain provides, payment security is never far from the discussion about which payment methods casino gamers choose.
I believe payment security is the most critical factor, bar none – not just with PayPal but with any payment method. Our personal and financial details, as well as access to our bank accounts, must always be kept as secure as possible.
Although many e-wallets now provide an additional layer of security, PayPal was the first fintech company to allow people to deposit and receive funds using their email address.
The company also set up the PayPal guarantee structure, meaning that if you had an issue with any payments, you could speak to them directly, and they would investigate the matter separately, just as your bank would.
By removing the need for users to store sensitive card information on a server and providing a guarantee from a multibillion-dollar company, PayPal provided an additional layer of security, which helped its rise to prominence. Its reputation for solid security still results in many people using the service.
Convenience
PayPal has permeated many facets of our lives; you can use it in most online stores, supermarkets and clothing stores, and you can order debit cards linked to your PayPal account and invest in cryptocurrency. They’ve even launched their dollar-backed stablecoin.
It’s as close to a one-stop shop as any traditional bank, and being able to link it to your email and deposit and withdraw is another major factor in why more people than ever are using it for their online casino gaming.
As with any payment method we use, convenience is one of the most vital – we want to use a service that gives us the least hassle and is something we can use while on the move. Over the last two years, Apple Pay has risen to become a serious contender in the world of fintech, combining the absolute might of this trillion-dollar behemoth with its widespread presence in the smartphone world. Turning people’s smartphones into contactless cards focused on an element that made it more convenient for people to pay for things on the move.
Summary
With dozens of payment options available, PayPal hasn’t just remained relevant in online casino gaming – the fact that it has also been able to operate as a global market leader is a testament to how forward-thinking and driven the Californian company is.
That said, the factors that make PayPal a successful payment method in the online casino world could apply to any successful financial institution – it's just that PayPal is the industry standard.
PayPal has always understood just how crucial convenience and security are in the world of digital payments. Putting these two variables at the foundation of what they do has helped them to garner a multi-decade reputation as one of the best in the business.
With all of these elements combined, you have a titan of finance. With over 300 million active daily users, there's no doubt that PayPal will remain alongside Visa and Mastercard as one of the main methods that online casino gamers use to deposit and withdraw their funds.
This article was written in cooperation with Atlas SEO