The advent of artificial intelligence has had an exaggerated effect on every industry. One of them is the iGaming world which has already undergone significant changes (for the better, of course). Predicting enthusiasts’ behavior, identifying patterns and making predictions, it is equally useful for casino operators and their customers. However, the biggest impact of AI has been in the realm of digital payments, which is used thousands of times every day in virtual casinos.
Darnell Lewis, a content manager at Gamble Buzz, is going to help us get to the bottom of this. So, we will find out how artificial intelligence technology is taking digital payments to the next level, increasing security and other features. This is going to be very intriguing, so make yourself comfortable and keep reading.
Why is AI Necessary in the Digital Payments Industry?
It is enough to look at the official data, according to which the value of all digital payments exceeded $6 million by the end of 2021. This figure is expected to increase by at least 12% by 2025. Given the huge number of payments, it is important for the industry to keep its focus on key areas, such as security, behavior, speed, and personalization. How to combine them? AI is the first thing that comes to mind.
“Various platforms and digital products based on artificial intelligence have grown significantly recently. Along with machine learning, AI is a key element of any system that is used by virtual casinos and other establishments interested in fast and secure round-trip transactions,” said Darnell Lewis, a content manager at Gamble.Buzz.
Many must be wondering what allows AI to win in this race. The answer lies in its predictive ability. Foremost, it solves most of the problems that casino enthusiasts face almost daily, mainly delays in transaction processing and authorization. As far as gambling operators are concerned, the technology provides them with very specific information about all transactions and their trends. In this way, gaming platforms can better adapt to the requirements of their customers.
Purposes of AI Use in Digital Payments
Flexibility is another advantage of AI technologies. Performing many tasks at the same time, it is the best solution when it comes to digital payments in virtual casinos or anywhere else. Let’s take a look at the main functions AI performs in this field.
Improved Customer Experience
Using these technologies, casino operators collect valuable information that can be used to improve their services. They better understand the behavior and preferences of players, taking their experience to the next level. How does it work in practice? For instance, a casino platform tracks the most popular games, bonuses and amounts that players deposit or withdraw. Based on this data, they can make an accent to the most popular products.
Fraud Detection
AI technology self-learns with each transaction, becoming more efficient in the long run. Given the sheer number of digital transactions at leading virtual casinos, machine learning is evolving significantly toward fraud detection. As a result, casinos and their customers enjoy secure yet fast payments without the slightest sign of fraud.
False Debit or Credit Card Declines Happen Less Frequently
Let’s make it clear, this is not about casinos accepting Neteller or other e-wallets but those cases when gamblers use credit or debit cards. In fact, the e-commerce industry is cracking down hard on fraud these days, taking stronger security measures than ever before. Unfortunately, this especially extends to casino transactions that are often labeled as fraudulent. When a player makes a legitimate gambling payment using their credit card, but it is rejected while it should be approved, this is called a false rejection. This leads to several negative consequences:
- Players’ frustration and anxiety levels increase.
- They lose interest in online casinos.
- The gambling operator suffers a blow to its reputation.
This can be remedied with the help of AI technologies capable of distinguishing between legitimate and suspicious payments. This significantly reduces the number of false declines when gamblers send money to or from the casinos via debit and credit cards.
The Future of AI in Digital Casino Transactions
“Gambling is one of the industries where AI is being used, and we don’t even notice it. Every time you deposit or cash out winnings, the transactions are processed with using AI solutions,” said Darnell Lewis, a content manager at Gamble.Buzz.
The future of artificial intelligence in digital casino payments looks promising. It’s not surprising, given the benefits it brings for casino operators and their customers. The main ones are listed below.
- High levels of security and minimal fraud. Digital payments are popular not only in the iGaming industry but also beyond. As a result, the number of cyber fraudsters is on the rise. AI analyzes the received information, increasing the level of security and reducing the possibility of your money getting to third parties.
- Reducing debit and credit card declines. This happens for several reasons, like strict security measures and financial restrictions. As mentioned above, declines are extremely rare when AI technologies are used.
- Predicting customer behavior. This is an advantage not only for casino operators but also for other companies and establishments interested in attracting and retaining customers. AI technologies track user behavior by identifying the products, services or games that attract the most interest. As a result, players get an improved experience when they visit casino sites and other platforms.
- New solutions. This includes the “computer vision” solution that artificial intelligence has been using recently. It has already been widely extended to digital payment methods like Google and Apple Pay that easily replace traditional credit cards when you visit online casinos.
AI is gradually transforming the landscape of modern digital transactions. This is reflected in all industries, including virtual gambling. As Darnell Lewis says, payments are becoming more secure and convenient wherever you are.
Author’s Bio:
Darnell is a highly experienced and accomplished gaming writer with over two decades of expertise in the industry. He has authored popular gambling books, appeared on TV and radio broadcasts, and is sought after as a public speaker at conferences worldwide. Darnell’s focus is on responsible gambling practices and maximizing wins while minimizing losses. He is also a valued consultant to casinos and gaming companies, providing insights into game development, marketing and responsible gambling.