As the world of entertainment has predominantly moved to an online experience for people, that shift has also meant a fundamental change in the way that payments are made. Paying for everything now is a lot less of a physical experience than before, when things like checks and cash were at the forefront of options.
But with the explosion of digital entertainment, from streaming services to gaming and online casinos, society was left clamouring for more. Quicker and more convenient options were required to fit in line with the demand for accessing the digital entertainment industry, an industry that ultimately created new innovative benchmarks for payments. But what might the future hold?
Setting the Standard
A good example of how much things have evolved is the UK gambling market – one of the most developed in the world when it comes to digital entertainment. It has seen a greater change over the years, especially in terms of transactions. The available options for an online casino payment method in the UK today, compared to twenty years ago when players had little more than bank cards and transfers, are just staggering.
Nowadays, online gambling platforms accept everything from debit cards to instant bank transfers, e-wallets and even smart voucher systems. All of this evolution came about because of the demand for such digital experiences that gave easy access to a variety of options in a local currency.
Where Things Are At
There is already a tremendous amount of convenience wrapped up in payment options, and mixed into that are fast transactions for things such as in-game purchases, movie rentals and small-value microtransactions. Leading streaming services, for example, may accept everything from standard debit and credit cards to digital wallets like PayPal or mobile wallets like Apple Pay, Gift Cards and even Mobile Phone Billing.
Most digital entertainment platforms, like Netflix, Xbox Game Pass and Spotify, are based on subscription models, and therefore, robust billing systems that can handle easy recurring billing are essential for their operation. Users get extra convenience with digital payment options, as they can be securely stored on devices like consoles, cellphones and tablets for quickly making impulse purchases.
Where We Could Be Going
By just glancing around at the diverse range of payment options available today, it’s not straightforward to predict what innovations in this area may be coming along next. So, where could this all be heading?
AI Integration
It’s hard to ignore the presence of AI, which should have a future impact on payments for digital entertainment. AI insights will give personalized options all based on the user’s behaviour and preferences. By tracking real-time conditions, when it comes time for the user to pay, they could be presented with their most likely convenient payment option depending on the purchase type, amount and device. A good example is if renting a movie on an iPad, it will link to a specified credit card or a regional e-wallet. If we look at online casinos, AI could detect whether a player prefers quick slot sessions or longer live dealer games, and then suggest a suitable payment method. For example, it could recommend a fast e-wallet such as Skrill to casual players and offer bank transfers to high-stakes players who prefer to make larger deposits.
Greater Integration
The linking of payment options within apps and platforms is only going to increase. Think of having a pop-up appear in an online video game to purchase a weapon upgrade, or watching a movie and buying merchandise from an ad, without having to leave the app. This type of deeper integration will add an extra layer of convenience.
Authentication
One area of online payments which has not really got up to speed is authentication. This can still be a slow process, from being sent a verification PIN or needing to open a mobile app to confirm the transaction. Biometric authentication can help things move away from all the cumbersome passwords and PINs that we all still rely on quite heavily. More voice, face and fingerprints should securely speed things up. Whether you want to quickly stream a movie or jump into a poker session at an online casino, depositing funds will become faster and more convenient.
Super Apps
Look out for so-called super apps, which merge many different digital entertainment platforms together. It’s like grabbing all the apps currently sitting on your phone and putting them into one. The most prominent one is, of course, WeChat from China, which contains everything from social media, messaging, lifestyle services, maps, e-commerce, payment systems, ride-sharing, food delivery and games.
These kinds of platforms could easily integrate even more features — such as streaming and other real-time entertainment options — making the digital ecosystem even more seamless.
It also supports a range of mobile payments, which can be used for making purchases, sending money to friends and paying bills. The payment options are conveniently used right across the super-ecosystem to centralize everything for a user.
The Power of Now
In a major way, digital entertainment has sculpted the digital payment landscape as we know it because of its need to make things as frictionless as possible. But there is still a lot of untapped potential for the future of payments, from sustainable carbon footprint transaction-tracking to real-time payments no matter the time or day, and of course, greater security.
