The gambling world is filled with success (and failure) stories; not all come from gamblers. Through trial and error, a lot of developments in this field have gained a foothold, while others were discarded.
In this article, we’ll look at why Visa is so successful when it comes to online businesses, focusing specifically on casinos. We’ll also discuss where things are heading and whether this company will keep enjoying success with online transactions.
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Why Choose Visa Casinos and Not Others?
There are many reasons why casinos offer this payment method as the main one. First, it’s one of the most widespread payment methods in the world, with 4.2 billion cards in circulation.
With such a massive customer base, it’s logical to assume any casino would like to cater to them. But it’s not just about popularity.
The convenience of paying with a credit card goes beyond familiarity. Transactions are often instant, and the Visa platform offers a secure way to perform them, with top-of-the-line security features.
Besides, it’s a credit card. It means that the player can pay later for any purchases. This convenience makes it very attractive for gamblers. Whenever you visit online casinos that accept Visa, you know you’re safe by using one of the most trusted methods worldwide.
The same goes for any e-commerce platform. You simply place your goods in a cart, go to the checkout section, and type your card details. It’s irresistibly easy to use.
Prestige and Better Processes
If you’re an online gambling platform, it’s not just about offering your clients an uncomplicated, fast payment method. You also rely on the global recognition of this credit card. It gives you prestige and adds a coat of trustworthiness to your platform.
And because players don’t like complicated setups or payments, it’s crucial in making the platform fast. You register, enter your card details and amount, and that’s it. You can be playing games in five minutes or less.
This is an advantage that gambling outlets have over e-commerce. Because you pay first and play later, speed is crucial. On the other hand, E-commerce requires patience from the user, who takes time to browse the website.
According to the Baymard Institute, the cart abandonment rate is about 70%. This means that only 3 out of 10 people worldwide actually purchase what they selected at online shops. With such abysmal numbers, offering Visa helps prospective buyers stay committed.
It’s a Symbiosis
Of course, simply offering a fast and efficient payment method isn’t enough to attract and keep customers at casinos. Virtual casinos are the complete opposite of their brick-and-mortar counterparts in key aspects.
In a real-life casino, you can roam the gaming halls, admire the decoration, submerge yourself in the grandeur, soft music, drinks and even music acts. It’s all about the glamour, being part of a scene, and other intangible experiences.
Online casinos are the opposite: clicks, taps and straightforward processes are necessary. The equivalent of standing idle drinking something doesn’t exist. This is why online platforms are expedient when offering games. And those games are also straightforward and efficient, much like a credit card.
In a virtual casino, you select a game with a few clicks. You click a button to start spinning the reels or place a bet by making several choices. Then, you repeat or move on to something else. Your mindset is different than in real life, so payment methods have to fit, along with everything else.
What the Future Holds
Visa is undoubtedly the king of online payments but faces strong competition from cryptocurrencies, e-wallets and other credit cards. Will it remain in such a privileged position forever?
It’s hard to say, but the company knows the threats it’s facing and plans accordingly. One way it intends to stay relevant is via its VisaNet. In reality, it’s nothing more than the global network where the payment provider sits. However, there are big plans to enhance its capabilities.
In the future, the company intends to connect technology and infrastructure to allow for fast digital payments for everyone. Thanks to its flexibility, it encourages its clients to develop tailored solutions. They can customise it to better fit their platforms.
The company is at the forefront of consumer behaviour analysis thanks to AI, machine learning and deep learning. Joined with the massive data they process, it’s in a spectacular place to understand and help give shape to new trends.
This means this payment provider can and will adapt to new challenges, as it has since its inception. However, consumers will have the final word about which payment method will prevail. Whatever the case, the future looks exciting.