The Benefits of e-Wallets in the Burgeoning iGaming Market

According to US financial services firm FIS, almost a third (32%) of the global population now utilise mobile wallets, up from 21% in 2020. There are many reasons why e-wallets prove such an appealing prospect for iGamers. This explains why no less than seven e-wallet providers are listed in the top ten payment methods offered by the leading licensed casino sites for players in the UK. The multi-currency nature of these platforms makes it easier for players to make transactions and keep their primary bank accounts intact from the prying eyes of cyber-criminals.

With the increasingly competitive nature of the iGaming industry, operators can ill-afford to overlook e-wallet payment methods. Players will simply go elsewhere to sites that do support deposits and withdrawals from and to e-wallets. 

If you’re new to the concept of e-wallets or you’re just dipping your toes into the world of iGaming and want to know the safest way to play your favourite games responsibly, check out the following benefits of e-wallets as a transaction option.

Exceptionally fast withdrawals

Withdrawals from iGaming accounts to e-wallets can be processed and cleared in less than 24 hours. This is the kind of 21st-century flexibility and agility that millennial and Gen Z consumers expect from digital services. They don’t want to have to wait three-to-five working days for funds to clear into their bank accounts because of red tape.

Easier to budget and prevent overspending

With an e-wallet, you can manage your finances smarter. Many of the latest e-wallets can make it easier to organise your spending and set limits as to how much you can deposit from your bank accounts each day, week or month. This way, you can be sure that you never overstretch yourself financially and play with what you can’t afford.

Two-factor authentication

By using an e-wallet you don’t have to supply the credentials of your bank account or debit card directly to your chosen iGaming site. Instead, you just send funds from your pre-loaded e-wallet to your iGaming operator. 

In addition, access to your e-wallet is often protected by two-factor authentication, requiring two touch points for login. All of which preserve the integrity of all linked bank accounts and debit cards.

Zion Market Research recently published its Mobile Wallet Industry whitepaper, which found that e-wallets are likely to post profits of $750.3bn combined by the turn of 2028. 

The industry itself could grow by a compound annual growth rate (CAGR) of nearly 21% over the next six years, and iGaming is highly likely to be at the forefront of that surge.