Online Banking impact on Casinos from 1999 to 2020
Since the early two thousand and the coming of the digital revolution, which brought modern technology to the average individual’s doorstep, many fundamental institutions have chosen to evolve with the transformation.
Along with the globalization of the world economy, the financial world made a major leap forward with the ratifications of new treaties setting the stage for the free and open market. Adding the above, we've also witnessed the advent of cellular phones, which has forever changed the way we consume and interact with the world around us.
The combination of the above components, with direct and easy access to high technology, has given rise to a surge of modernity in all areas of common, social, financial, personal and professional life.
The introduction of new players with unlimited ambitions
Amid the new Millennium’s euphoria, PayPal merged with X.com in 2000. X.com was one of the first online banking company founded by Elon Musk, who is today the CEO of SpaceX.
The merger of the two companies created the largest and most successful online banking institution that would become the reference for upcoming startups and corporations in the financial industry. PayPal already had more than 100,000 customers within the first month.
The dazzling success of PayPal and the speed at which it has established itself as a reliable, secure and fast solution to manage personal as well as professional finances, is an example that has paved the way for companies such as Paysafe, Klarna, Trustly, and many others. Even though they came into the picture a little later, these startup companies still benefit from the foundations established by industry pioneers such as PayPal.
Online Banking vs Traditional Banking
A new way to interact with money
Endowed with a new and fast tool to organize their finances from practically any location in the world, bank customers gradually turned to online banking. Not only to make important transactions, but to do online shopping, pay bills, medical insurance, online subscriptions, and ultimately play in new online casinos powered by Trustly's Pay n Play technology.
The new technology developed by the Swedish fintech company has brought about a small revolution in the world of online casinos. with Pay N Play, players have found long-lost freedom and control over the information they chose to or not to share with online casinos.
The innovative solution allows faster access to real money games. This means that players are now able to combine the registration and deposit process. This unique flexibility is made possible with the use of a BankId or banking credentials.
This new way of consuming online casino games has already been adopted by several online casinos operating in Germany, Estonia, Finland, Sweden, The Netherlands, and Norway.