The extension of payment options is one of the latest advancements in online casinos. Since more gamblers prefer to top up their balance with small amounts, low-deposit casinos feature the highest popularity nowadays. Online gamblers select various sites with minimum deposit amounts providing accessible entry points for all budgets.
Naturally, they need reliable, secure, and fast banking options to process funds, and QR payments are among them. Merchants highly adopt digital payments. What are QR payments, and why are they one of the most popular payment methods in online casinos? It's time to find out!
Understanding QR Payments
QR payment is a popular contactless payment method that contains a special QR code that must be scanned with the help of a mobile phone to process transactions. When you scan a QR code, you are redirected to the payments page to enter necessary payment details or use a payment solution like Apple or Google Pay to complete a transaction.
QR codes are special barcodes that store information in a series of pixels. They were created in the middle of the 90s in Japan by the Denso Wave company. In 2017, when Apple enabled the iPhone camera to scan QR codes, the use of these codes revived and is currently constantly gaining popularity all around the world.
The global QR code payment market is expected to grow significantly from $11.2 billion in 2022 to $51.58 billion by 2030. It is expected that 30% of smartphone users will use this option to pay for goods by 2025.
Integration of QR Payments in Online Casinos
Online casinos should give players a wide spectrum of convenient payment methods to deposit and withdraw funds. Online casinos are gradually implementing QR payments, but only a small percentage of gambling platforms can offer this deposit method at the moment. Luckily, it will soon change since the integration of such a payment system is rather simple and fast:
- Sign up for a payment gateway that meets the needs of the casino business.
- Get a QR code app.
- Register an account to generate a unique code for your business and set a payment method for it.
- Add QR codes to the casino website and app for players to have quick access to them.
As you can see, creating and adding a QR code payment to any business takes only several minutes, so more online casinos will surely benefit from this.
Benefits of QR Code-Based Payments at Online Casinos
Payments made with the help of QR codes offer users a range of advantages. The introduction of this banking option will benefit users in the following ways. Enhanced user experience since QR codes make payments more streamlined and efficient since the only thing needed to process it is to scan a code. It reduces friction and minimises the time to initiate payments.
Security and trust: all QR transactions are secured through encryption and authentication mechanisms. You generate a unique QR code for every new transaction, which reduces the risk of fraud greatly. Global accessibility is another benefit since QR codes are used all around the world.
The increase in their global adoption has reached 41% between 2022 and 2023. Their use has experienced significant growth in many countries, including China, India, Singapore, the Philippines, EU countries, the US, Canada, Brazil, Australia, Ireland, and the UK.
Drawbacks of QR Payments for Gamblers
It goes without saying that QR payments have a range of possible risks and inconveniences for gamblers. Below are the most important ones to consider. In terms of regulatory compliance: QR codes should comply with the country's regulations related to payment methods to work seamlessly there.
There are legal compliance requirements for casino licensing bodies, too. There are daily limits on transactions. QR codes can get payments from the same vendor only once within 24 hours. The global use of QR codes isn't that extensive yet, so there might be players who are not aware of how this banking option works.
The use of QR codes features a rather small list of potential drawbacks is rather small. Nevertheless, before introducing this payment option, online gambling platforms should pay more attention to those issues.
The Final Word
The popularity of micropayments reflects a shift towards more accessible and convenient payment methods, revolutionising the way transactions are conducted in various online industries including gambling. QR payments have become a traditional thing in many countries all around the world, so it is not surprising that many online casinos have added them to the list of supported banking options.
However, gambling sites that only plan to do that should remember the compliance, regulations, and licensing requirements. With the range of advantages that QR code payments offer, it is possible to offer gamblers a new, convenient and quick way to make deposits!
