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Paysafe research illustrates importance of trust in payment methods

Paysafe research illustrates importance of trust in payment methods

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Paysafe recently surveyed over 14,500 consumers across three continents, and while 57% of respondents overall are more worried about online payments fraud in general than they were 12 months ago, trust amongst players in the iGaming industry is high, with 61% believing that placing an online bet is safe.

However, just 38% of players are happy with the current balance between security and convenience in iGaming, meaning there is more that operators can do.

And it is well worth investigating, as 67% of those who place online bets say their level of trust in the payment methods available influences how much they spend on online betting.

Zak Cutler, President of Global Gaming at Paysafe, says: “Finding the right balance between security and convenience has long been a challenge for the industry, and our research highlights the importance of trust in the payment method for players.

“Offering a wide range of payment options that gives players more control provides a solution and is key in meeting their needs and expectations.”

A majority of players singled out eCash (50%) and digital wallets (57%) as being safe ways to place bets, while 60% and 52% respectively also think digital wallets and eCash are most convenient.

Crucially, 65% think digital wallets are the fastest way to receive their winnings.

Having controls over expenditure is also a key concern, with 76% emphasising the importance of having spending controls.

Find out more in Paysafe’s latest Lost in Transaction study, entitled Consumer Payment Trends 2023: How consumers’ shifting priorities are impacting the experience economy, which is available HERE

Paysafe surveyed 14,500 consumers in the UK, US, Canada, Italy, Germany, Austria, Bulgaria, Peru, Chile, Brazil, Mexico, Colombia, Argentina and Ecuador.