Mega Investments In Fintech To Support PSPs Will Benefit Online Casino Businesses
The world as we know it has taken a critical turn over the past decade. The internet is now a dominant factor that is pushing the boundaries. Online payment systems now account for an impressive aspect of the economy. It is not surprising that by 2030, online payment systems might be worth a whopping $190 billion. In the space are big enterprises and small ones that are continuing to innovate.
For those in the digital space running online casinos, the stress of having a trusted payment provider takes some effort to overcome. Worth noting is the direction taken by traditional businesses in the line of payment service providers. Connecting to a traditional gateway from the point of view of an online casino business has taken a difficult turn over the past few years. Indeed, many traditional PSPs have revoked their APIs from gambling sites and shifted them to areas they deem low risk. Finateco, is a PSP whose mission is to bridge the gaps in the online casino industry—the company serves businesses in the high-risk domain.
In the 2010s, access to reliable PSPs online was hard to come by. The potential of payment gateways was not as vivid as it is today. New industries, spanning the forex sector and crypto, have boosted and made payment systems online a relevant service.
Anyone can easily find payment services online today with a simple internet search. Further, it is now easier to connect credit cards with digital service-providing sites than it was years ago.
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Indeed, beyond the efforts of Forex and crypto, eCommerce has been a pioneer in online payment systems since the 1990s. The industry has grown to include players like Finateco, which is innovating at a faster rate than it was possible a decade ago.
The Fintech space has gone beyond generalized software solutions to capture a particular niche. For example, some PSPs exist simply to connect people to crypto investments. Others have existed to connect banks with clients. The likes of Finateco currently exist to give gambling businesses an easier way to connect with clients.
A closer look at the number of companies offering payment services online tells a story of a bustling industry. Numerous companies exist online, each working to satisfy a certain niche. It is also easier now to see that different websites online have a payment system connected to reach clients.
Online PSPs fall under different sub-branches, which also break down into others. While some have a complex system that spans entire industries such as eCommerce, others have broken down their services and focused on some specific services. Finateco, for example, is a champion of the gambling space and connects buyers to sellers in spaces regarded as risky by other financial players.
Online PSPs fall in the category of modern payment gateways that connect traditional banks to supported online casino sites. Indeed, for any transaction to go through, the gambling site must connect to a credit institution. Noteworthy, some banks have little consideration for gambling, which is why the FinTech space is innovating to capture the area.
Finateco, an example of a company focusing on high-risk services online, has solved the access to credit problem for those in the "high-risk" line of business. It has done this by partnering with several financial institutions. Casino businesses then have to partner with Finateco, which provides the connection to credit services.
In addition, Finateco connects gambling sites with multiple currency accounts via a highly responsive API, which provides a seamless way for casino sites anywhere to convert money from one currency to the other.
The word online has become commonplace everywhere in the world. Currently, many startups are focusing their business online—a situation that calls for working payment solutions. The likes of Finateco have offered services in the line of high-risk areas, helping startups reach the next level.