A substantial technological advancement from Mastercard is making waves in the payments solutions sector.The banking behemoth is embracing the biometric sector, allowing its customers to make payments without a card. In place of the traditional pin, there will be face scans or handprints.
The rollout will be far-reaching – from small retailers to major merchants, customers will be able to use the safest and most secure methods of payment.The news is pricking ears in the gambling sector, which is awaiting legalization in India.
How will the technology help sedate the massive demand for fast payments in India? Why will biometrics further advance the case for gambling regulation? Will the technology spread to local payment providers?
Online Gambling is Riding the Fast Payments Wave
There are more than half a billion players in India’s online gaming sector, which covers fantasy, casino, lottery, table, and card game verticals.Such a large number of users requires a diverse range of banking methods – the smoother the payment process, the likelier an online betting platform is to retain its customer. It makes for a symbiotic relationship between the sector and the payment provider industry.
A recent paper by gambling industry experts ENV Media, titled Payment Methods Driving Forward Online Gaming, asserts that the stats support a desire for stress-free payment solutions and instant withdrawal betting sites.
It writes: “Online casinos with fast and easy withdrawals have always been in demand. The demand for hassle-free withdrawals transpires when looking through SERP results as well…Segmenting the sessions and behaviour of 127,723 users over the course of a year (from April 2021 to April 2022), we see /withdrawals is one of the strongest performing pages, and it is the second most visited, surpassed only by a branded betting page.
However, combined with the page dedicated to Paytm, the withdrawals category draws more users and sessions than any other page.”The biometric advancement by Mastercard is likely to attract more web searches and increase users to online casinos and sports betting sites.
Will Local Payment Providers in India Benefit From Technological Advancement?
The Reserve Bank of India (RBI) has recently been pushing to exclude foreign payment providers in the country. Indeed, Mastercard is still enduring a hiatus after falling foul of the RBI’s data storage rules back in 2018.To work around international banking tensions, there is an expectation that the technology will be adapted by native solutions to appeal to India’s vast online bettor base.
The ENV Media paper argues a fresh perspective among tech-savvy Indians is inspiring healthy competition between international and local banking solutions. It reads: “The constantly expanding internet penetration and the convenience of online commerce and services naturally result in a new mindset among most Indians. Newfound preferences and consumption patterns are also backed by a growing confidence in online transactions, with payments a particularly sensitive aspect of a consumer’s web presence.
Consequently, the payment gateway market has become highly competitive, populated by both native and foreign solutions with elevated levels of reliability and security. Ultimately, the current ecosystem of payment methods and any upcoming fintech solutions can provide quality backend support to Indian online gaming. More importantly, the dynamic reality of digital finance manages to drive forward technological innovation, ultimately contributing to the growth and improvement of the online gaming industry.”
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play/not play subject to applicable law.
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