20240418
How to Boost Player Adoption of Digital Wallets
mkodo Team
Boosting Player Adoption of Digital Wallets
The adoption of digital wallets has become increasingly pivotal in the world of iGaming. With the dominance of mobile wagering, and the online gambling market forecast to reach to $184 billion by 2032, it’s no surprise to see the popularity of mobile wallets rising. The release of PaySafe’s recent player insights report shows that four out of 10 global consumers (40%) considering a wager in 2024 want to use a digital wallet, trending as high as 34% in the U.S.
Digital wallets offer players a convenient, secure, and efficient method for managing their funds, facilitating seamless transactions within online gaming platforms. Despite their benefits, encouraging players to adopt digital wallets can be a challenge for operators.
This guide aims to provide operators with actionable strategies to boost player adoption of digital wallets, ultimately enhancing the overall gaming experience.
1. Educate Players on the Benefits
Create informative content detailing the advantages of using digital wallets, such as faster deposits and withdrawals, enhanced security features, and the ability to manage funds more efficiently.
Utilise various communication channels, including email newsletters, blog posts, social media, and in-app messaging, to extend the reach of your communications, educating players about the benefits of digital wallets.
2. Offer Incentives and Rewards
Implement special promotions, bonuses, or discounts exclusively for players who use digital wallets for transactions. For example, offer a bonus on deposits made through digital wallets or provide cashback rewards for using them. Arrange loyalty programs that reward players for consistent use of digital wallets, encouraging long-term adoption.
3. Streamline User Experience
Ensure that the process of setting up and using digital wallets is intuitive and user-friendly. Simplify registration, verification, and fund transfer processes to minimise friction. Provide clear instructions and guidance to players on how to link their digital wallets to their accounts to carry out transactions seamlessly.
User experience can be further improved with dedicated customer support channels specifically assisting players with queries or issues related to digital wallets. As well as FAQs and help guides covering common questions and troubleshooting steps, empowering players to resolve issues independently.
5. Highlight Security Measures
Emphasise the robust security measures in digital wallet systems to ease any concerns players may have about the safety of their funds and personal information. Implement additional security features, such as two-factor authentication or biometric verification, to enhance trust and confidence among players.
6. Collaborate with Trusted Payment Providers
Partner with reputable digital wallet providers that are widely recognised and trusted by players. Having well-known payment options available, such as Apple Pay, PayPal and Venmo, can increase the credibility and acceptance of digital wallets among players. Offer a diverse range of digital wallet options to cater to the preferences of different player segments, ensuring inclusivity and accessibility.
Direct-Pay Case Study
mkodo recently worked with a Canadian-based state lottery operator to implement Direct Pay within their app. This update led to remarkable growth in player accounts. Within less than a year of integrating the Direct Pay feature, the operator has seen a substantial increase in player accounts, soaring from 10,000 to 100,000 and growing. There has also been an increase in App Store ratings, to 4.8 out of 5 stars. This surge in user adoption highlights the effectiveness of streamlined payment solutions in driving player engagement, satisfaction, and retention.
Since the introduction of alternative payment methods, the lottery operator has unsurprisingly seen a shift in player preferences, with around 20–25% of iOS users favouring Apple Pay over traditional credit card payment methods when this option is available to them. This shift highlights the significance of offering alternative payment options to meet the varying needs of players. By recognising and adapting to these preferences, iGaming operators can boost user satisfaction and loyalty, ultimately leading to greater success in the digital gaming industry.
Takeaways
iGaming operators can significantly enhance player adoption of digital wallets by implementing strategies such as providing incentives, ensuring clear communication, and instilling trust and confidence among players. However, it’s important to note the significance of providing a variety of payment options. Operators shouldn't confine their offering to only accepting card payments. There should be a selection of payment methods available to players – including cards, digital and mobile wallets. These efforts will unlock the full potential of convenient payment solutions and thus an improved user experience.
