Top 5 Payment Methods for Online Gaming in 2023

Ask any gamer, and they will tell you the gaming experience starts (and ends) with installing the game or logging on to the site to when they turn off their console or log out of their account successfully.

It is beyond 'just' good game graphics. It is how seamless the entire process is, from ensuring the gaming files are not corrupt to keeping the gaming website safe, ensuring players can easily purchase in-game items or take advantage of the best gambling odds with ease. It becomes even more important to any gaming operator to have seamless payment gateways when you consider that people now spend just as much, if not more, on in-game purchases than they do buying games.

With the gaming boom very much in full swing in not just North America but globally, gaming operators now offer players a myriad of payment methods to access their services. The following are the most integrated options of the bunch.

1. Digital Wallets

Also known as e-wallets, digital wallets have established themselves as the go-to for most gaming payments. This is particularly thanks to PayPal, founded in 2000, and has since been facilitating payments across a host of consumer platforms.

Digital wallets are people’s favorite because you do not need to have your card in hand, you do not need to share your bank information or personal information, an option heavily lauded in this age where we are constantly exposed to cybersecurity risks. Your money is secured by the operator’s software, where you can access your funded wallet on your mobile phone on the go or using the web.

It also gives users the option to link their wallets to gaming accounts where periodic deductions can be made without any need for human supervision.

Other popular digital wallets include but are not limited to the following:

• Apple Pay
• Dwolla
• Cash App
• Google Pay
• Samsung Wallet
• Venmo
• Zelle
• Wallmart Pay
• Amazon Pay
• Skrill
• Neteller

2. Cryptocurrency

Since its launch with Bitcoin in 2009, it would appear cryptocurrency has become a global panacea, seemingly having the solution to any and every world financial problem, and gamers and gaming are no different.

Cryptocurrency and the blockchain technology it is piggybacking on offer more than just ease; they offer a level of anonymity that gamers have come to love and appreciate. For example, crypto has permeated the online gambling industry, with more and more crypto casinos like Lucky Block popping up all the time. Using crypto to pay to play casino games offers discreteness and an ability to safeguard users’ information and money, so it’s no surprise that there are even many gambling-related cryptocurrencies these days, and that their value exceeded $150 million by 2021.

This discreetness and security are the main reasons why many gaming operators and gamers have joined the cryptocurrency bandwagon, and the market is now worth more than $7 billion.

Another reason to subscribe to this global panacea of financial solutions is that it gives game developers more options and the ability to get creative with in-game earnings. Unlike the pay-to-play model that requires the gamer to give and give with no chance of a return, games and casinos that employ cryptocurrency as a payment model allow players to earn tokens that they can trade on the game or sell for real-life money.

3. Debit/Credit Cards

Although not recent information, data in 2020 shows that over 100 million transactions were carried out daily in the United States only. With the years having rolled by and the entire world caught up in gaming, we can only imagine the numbers have only gone up as credit card and debit card technologies continue to evolve.

The issue, however, with using these cards to facilitate your online gaming payments is that the transaction fees can quickly rack up, and you open yourself to identity fraud if you enter your card details on sketchy gaming websites.

4. Bank Transfer

Also known as wire transfer, this is another popular method gamers use to fund their online gaming accounts. It involves logging on to their bank account profiles to send the required amount to an account supplied by their gaming provider.

It is one of the safer options on this list because it does not require the use of a third party and is convenient for users who want to credit their gaming accounts with substantial amounts, as there’s usually no limit when using wire transfers.

The only drawback with this method is that the transfers take some time before they are confirmed by the banking partners involved. Waiting days before the money hits your account can detract from your overall gaming experience.

5. Prepaid Gift Cards

The most popular games in Canada, the US, and anywhere in the world, you just name it, are often on PlayStation, Xbox, or the Nintendo store. This is why these popular gaming giants created their own branded gift cards that allow their customers to directly load their online gaming accounts without needing to enter their personal information.

These gift cards are available for sale in your favorite malls and can be purchased online, too. They come with a fixed amount and a code that allows you to recharge your online account. Not only are these one of thes best ways to fund a gaming account, they also double as a thoughtful father’s day gift for husbands, brothers and father’s that like to kick back and relax on their favorite consoles.

Win-win!

Summary

The gaming industry keeps getting bigger, and with more people wanting to pay to level up their favorite gaming character, open more chests and packs, upgrade their in-game assets, or bet with bigger bonuses, there has been a need for their gaming partners to create as many avenues as possible for them to do so.

The first most popular methods, as listed above, include using digital wallets (e-wallets) like PayPal, cryptocurrency, debit and credit cards, bank transfers, and prepaid gift cards.