You’ve likely used a digital payment method like Apple Pay, PayPal or GPay while playing online games. Maybe you donated some money to your favorite Twitch streamer. Perhaps you used GPay to buy coins at a mobile game.
Mobile wallets make it extremely easy to transact online. They’re secure, convenient, and straightforward to use. Most of them support microtransactions, meaning you can spend as little as 10 cents to pay for games.
In this article, we’ll talk more about the security side of digital payment methods. We’ll explain how popular payment methods keep you secure. And we’ll highlight some of the best payment options for online gaming. Let’s get started.
Data Encryption
Every secure payment company secures your data through encryption technology to keep it safe from hackers. Secure Socket Layer (SSL) is the most popular encryption tool. It encrypts data by scrambling it while it’s in transit.
Hackers can’t intercept or make sense of scrambled data, which makes it impossible for them to steal your data. By law, all online businesses are required to use SSL/HTTPS for data encryption.
SSL is denoted by a locked padlock at the top of websites. Some browsers also notify if you a site has an SSL certificate. Stick to encrypted websites and apps while making online payments or using the web in general.
Enhanced Login Features
Gone are the days when passwords alone could keep you safe while gaming online. In this age of phishing scams, DDoS, and swatting attacks, you need a plethora of security features to stay safe.
The best digital wallets support two-factor authentication, biometric security keys and special PIN codes. Two factor authentication require you to provide a unique code sent to your email address, phone number or an authentication app.
Biometric authentication involves the use of fingerprints or an iris scan to access a payment app. Biometric security when used in addition with a strong password provide excellent security online.
Most people lose their financial data by not securing their accounts well enough. As such, ensure you use all the login security features available to you when dealing with payment and gaming apps.
Transparent Terms and Conditions
Transparency not only increases your confidences in a payment company, but it also enhances security while gaming online. Think about this. You want to play online slots. But you’re not certain if your preferred mobile wallet supports iGaming deposits.
If the company has clear terms, you will have an easy time deciding whether to use it for casino deposits. If the company doesn’t provide clear terms about which industries it supports, you could end up violating its policies by mistake.
Cash App is an example of a payment method that has closed thousands of online gambling accounts. Most of the people saying cash app closed my account due to gambling weren’t aware of its gambling policies.
Sure, some of them never read Cash App’s policies on iGaming transactions. However, the company should make more efforts in outlining the industries it supports and prohibits.
Data Privacy Compliance
You might have noticed this. Every website nowadays has a template asking you for consent to collect your data. Usually, websites keep things simple by asking you to consent or deny data access.
However, you can also choose the specific data a website accepts. This way, no company can keep data about you unnecessarily. Data compliance began in Europe thanks to the European Union.
Now, most countries have data privacy policies companies operating locally must follow. For example, the UK has privacy policy that mirrors GDPR. The state of California also features a similar requirement.
Data privacy policies protect you from companies that fish your sensitive data to sell it. They also protect you from unwanted advertising and digital stalking.
Chargebacks
Most companies hate this feature. But if you’ve ever been scammed online, you understand the importance of using a payment method with chargebacks. You don’t need to worry while playing new games online.
Most credit card companies offer chargebacks. So does PayPal, Apple Pay and GPay. These brands allow you to ask for a refund in case you have a bad experience at a gaming site.
Now, the reason merchants hate chargebacks is that some people abuse this privilege. They can spend their money rightfully on a game and later dispute the charge.
Fighting chargeback fraud can be costly to businesses. In fact, it is so expensive that some companies now only accept crypto and payment methods without chargebacks.
Fast and Reliable Payments
When you think about it, reliability is the most important factor to consider when making digital payments. Maybe you want to buy a new skin to make your characters more powerful in Fortnite.
You probably use the fastest and most reliable payment option. If you had to wait hours for a transaction to go through, you wouldn’t feel safe making digital payments.
Now, payment companies have varying transaction speeds. This isn’t to say they aren’t safe for online gaming. It just means not every payment company is suitable for gaming transactions.
For example, a wire transfer is excellent for transacting large amounts of money. Let’s say you just sold your NFT for $100,000. Even though you might receive your money in crypto, you may decide to transfer it to your bank afterward.
Accessibility
When you think about it, you’re unlikely to lose your money or data if you have access to a safe payment company. If your only access to digital banking is through an unknown foreign mobile wallet, the risk of losing your money or data is high.
Payment methods ensure you can play games securely by providing their services reliably. You can transact through a mobile app, your desktop computer or laptop. In most cases, you can transact using funds in your card or you can top up money from your bank account.
