The Influence of Online Gambling on the Economy

Featuredimage The Influence of Online Gambling on the Economy - The Influence of Online Gambling on the Economy

Online gambling is not all bad. This industry is bringing in a lot of money to economies including here in Australia, especially now that most casinos in the country are closed due to the Covid-19 pandemic.

Some casinos are being strategic about this and are integrating their services online. Back in April, it was decided to close Australia’s borders for at least three months to manage the virus. That don’t matter much for online casinos since all of them in Australia are based overseas.

Here is how online gambling is influencing the global economy today.

Post Image The Influence of Online Gambling on the Economy Billions of Dollars in Value - The Influence of Online Gambling on the Economy

Billions of Dollars in Value

Back in 2019, the global online gambling market was valued at a whopping USD 53 billion. In 2020, that is expected to reach USD 59 billion. Online gambling is becoming a viable business for so many entrepreneurs across the globe.

People are seeing a lot of value in it as long as they comply with the given rules and provide robust data privacy laws.

Thousands of online casino workers all over the globe are still employed despite the pandemic. Online casino operators are ramping up their operation to better serve more people. For example, Playamo available in Australia remained in operation despite the lockdown restrictions across the globe.

They invested greatly in technology and allowed their workers to work at home. They made use of cloud-based technology and programs to communicate and collaborate. Just check out the Playamo review page to see what their customers are saying about them.

Keeping Jobs

Online casinos retained their employees, at least most of them. Employees were educated more on online payment and other transactions by using different programs or platforms like Stripe or Due.

There is also an online live casino with real-time gambling experience. More and more people are turning to online casinos and there is a need to hire more people.

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Top 3 Online Payment Solutions Across the Globe

Featuredimage Top 3 Online Payment Solutions Across the Globe - Top 3 Online Payment Solutions Across the Globe

Online payment solutions paved the way for people to do business more quickly and automated with other people across the globe. Right now, one individual from Australia can purchase a product from another country in only a couple of minutes.

There are dozens of online payment platforms and/or applications active right now. Through our own internal and external surveys across our readers from all over the globe, we’ve listed down our top 3 online payment solutions. Now, we want to share everything with all of you.

Post Image Top 3 Online Payment Solutions Across the Globe Stripe - Top 3 Online Payment Solutions Across the Globe

Stripe

There was a time when Stripe was on top, but it is still impressive how this platform remained one of the top online payment providers despite the fierce competition. Stripe is mostly known for its agile and efficient API.

Stripe allows you to create or design your account dashboard based on your preference and specific needs. Many people are saying Stripe is kind of like the WordPress of online payment.

There are hundreds of applications you can integrate for particular and targeted functions you want. You also get a lot more including a smart payment page, custom UI toolkit, in-person payments, open-source plug-ins and more.

Post Image Top 3 Online Payment Solutions Across the Globe Payoneer - Top 3 Online Payment Solutions Across the Globe

Payoneer

Some people might disagree with this one, but we will stick to it. Payoneer has made great developments in improving its user experience interface making it a user-friendly platform.

Payoneer is one of the oldest global payment providers and is accessible to over 200 countries and operates with more than 150 different currencies.

Payoneer’s main selling point is that businesses can grow their operation and their API will mirror that. It is truly one of the most flexible online payment solutions today.

Post Image Top 3 Online Payment Solutions Across the Globe Due - Top 3 Online Payment Solutions Across the Globe

Due

Due was founded back in 2015 but has already taken the lead in this competition. Their security measures are truly one of the most robust frameworks we have ever seen. It features PCI compliance, encrypted transactions, alert tools, fraud monitoring and more.

This platform became big at first for freelancers and small businesses across the globe. Due also operates with an e-Bank, where you can store your money online and use it at your disposal at any time.

There aren’t many ground-breaking developments here. But, Due focused more on reliability and security to protect and serve millions of people.

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Benefits of Leveraging Online Payment Methods or Platforms

Featuredimage Benefits of Leveraging Online Payment Methods or Platforms - Benefits of Leveraging Online Payment Methods or Platforms

Online payment methods allow people, most consumers to settle their fees or bills online using a device. This is a great leap forward on how people do business and has been an emerging trend for several years.

Here are the benefits of leveraging online payment methods or platforms.

Post Image Benefits of Leveraging Online Payment Methods or Platforms Convenience - Benefits of Leveraging Online Payment Methods or Platforms

Convenience for Consumers

Instead of going to a bank or a payment centre, consumers only need to access certain websites or download certain applications to pay. This is more than just convenience but automation as well.

Consumers are also able to track their records instead of keeping printed receipts. Online payments also provide great incentives for customer reliability.

Low Labour Costs

Online payment also helped thousands of businesses and companies around the globe save millions of dollars in labour costs. Online payment is automated meaning there is no human intervention or human actions required.

In the past, people invested a lot of money for workers to manage and process manual payment methods such as money order, cheque and EFTPOS.

Post Image Benefits of Leveraging Online Payment Methods or Platforms Real Time - Benefits of Leveraging Online Payment Methods or Platforms

Real-Time Transaction Speed

This one is connected to Convenience for Consumers. Through online payment, feedback and information are quickly provided to sellers and consumers. They give people real-time access to their transactions whether they are receiving or paying for it.

For example, you forgot to pay your monthly credit bill and if unavailable to pay it before or on the due date, you will be fined. You can just simply pay your bill online within minutes and that transaction will quickly reflect on your account.

Post Image Benefits of Leveraging Online Payment Methods or Platforms Identity Security - Benefits of Leveraging Online Payment Methods or Platforms

Identity Security and Data Privacy

One of the biggest concerns with online payment is the possibilities of money being stolen online. There have been many reports of this type of theft and people are adapting to it. They are not just adapting actually but are going beyond. This also goes for battling identity theft.

Data privacy laws and protocols are being improved regularly to better protect online transactions of any kind, especially with finance and communication.

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