PayPal is one of the most recognizable and valuable brands in the world, which is hardly surprising given its outstanding contribution to the digital payments market. Despite intensifying competition in the online money transfer space, the former eBay subsidiary remains a force to be reckoned with, boasting 325 million active accounts as of the first quarter of 2020.
The enduring popularity of PayPal has partly to do with the explosion of e-commerce, but the company has also done its share of the work, proving to be a trustworthy partner to businesses through continually investing in security improvements and customer service.
According to PayPal itself, it is the preferred platform for 15 million merchants, and it appears that casino operators are among its biggest fans. Let’s take a look at what makes this digital payments brand so attractive for gambling-related transactions.
1. Ubiquity matters
It makes good business sense to give customers what they want and expect. Considering the enormous popularity of PayPal among consumers, online casinos would be remiss to exclude this payment option from their list and thus risk losing prospective players because the many of them favor PayPal.
2. Hassle-free transactions beckon
PayPal makes it quick and easy to deposit or withdraw money – players do not have to enter lengthy card or account numbers and heaps of other banking details in order to carry out a transaction.
Aside from removing such annoyances through the use of PayPal, online casinos give their patrons an enhanced sense of security. It should also be noted that the platform supports more than 20 currencies, which has the benefit of reducing conversion costs.
3. World-class security
In the online payments ecosystem, security is arguably the primary concern, and this is an area in which PayPal excels. With hacks and data theft becoming a constant presence in the news, businesses and consumers are understandably gravitating towards payment providers with established track records of robust security.
To begin with, a PayPal transaction contains no other personal information apart from a user name and password, which already ramps up the security factor. The company rigorously protects the sensitive financial data of its customers, this kind of discretion also being a key consideration in online gambling.
Moreover, PayPal constantly monitors transactions to prevent phishing attempts and identity theft. Its efforts are further bolstered by the use of highly advanced SSL encryption. It is no coincidence that PayPal has snatched more than 20 awards for excellence, much of this recognition being the result of its stellar achievements in the area of security.
As part of its commitment to ensuring maximum customer protection, PayPal has introduced two-factor authentication for its e-wallet. This enhancement sits very well with online casinos, which place great value on discretion and privacy.
4. The reputation factor
If casino operators have anything to complain about, it is the fact that they cannot make greater use of PayPal. However, online gambling is a heavily regulated industry and also an activity still illegal in many countries.
On a more positive note, casinos that incorporate the PayPal e-wallet get the stamp of approval by association: carrying the service provided by this highly reputable company means that they operate in compliance with the most stringent standards of fairness and security.
Perhaps it will not be a stretch to say that online casino operators love PayPal because their customers do. In a fiercely competitive market, the winners are those who make life easy for their patrons, reward them for their loyalty, and provide a secure environment. With PayPal, online casinos can achieve all of it, which makes for a business pairing destined to endure and thrive.