Contactless payments were starting to emerge around the world as a new form of purchasing commodities. Although it seems the COVID-19 pandemic has been the catalyst for the cashless payment boom. Since March of 2019, contactless payments in the U.S. have risen by 150%.
Banking institutions have determined that contactless transactions are the key to ensure a safe way of banking. But what does this mean for consumers in the online gambling community?
It seems the traditional idea of banking has become an outdated system to the world. In this increasingly digital society we live in, cash is quickly becoming an obsolete currency for consumption.
In a recent poll, 95% of Americans surveyed said they are less likely to use cash in their everyday lives because of the COVID-19 pandemic.
How Would This Affect Online Casino Gambling?
As patrons start to walk back into the newly reopened casinos across the country, they are seeing a new landscape. Dealers are behind plexiglass wearing face shields and hand sanitizer readily available to clean the chips and hands of the players.
But what you will not see is gamblers paying for their wages with their cell phones. This is because no casino in the country allows digital payment on the casino floor at this time.
Even though the Center for Disease Control and Prevention recommends the implementation of a tap-and-pay system to limit cash handling as part of suitable hygiene measures to prevent any further reading of the COVID-19 virus.
Many customers feel uneasy about using cash on the gambling floor due to health and safety concerns. They believe that an alternative payment option should be available to them.
As a result, State legislations and Gaming Regulators across the country are moving to permit mobile payment or digital wallets to help stop the spread of the virus. The Nevada Gaming Control Board will hold a hearing about cash payments on June 25.
AGA’s CEO Bill Miller has said in a recent interview, “Casinos are really looking for some modernization in the industry that for too long has been almost entirely reliant on cash.
Benefits of Digital Payments
One of the benefits a digital payment system offers to gamblers is that it allows them to implement settings with limits on how much they are wagering and how long they can play.
Digital payments also are an excellent tool for law enforcement that allows them to have a greater insight into the source of funds and the customer’s backgrounds. As a result, it will help come back the issue of money laundering within casinos.
Because so many aspects of modern society are moving towards digital and contactless communication channels, it appears to be only a matter of time before the casino and gaming industries follow suit.
However, while physical casinos are still dealing with physical currency, digital payments are becoming the standard for mobile sports betting and online casinos. How will this affect the bottom line for land-based casinos moving forward? Only time will tell.
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