Based on a recent survey, PayPal was the top choice of payment option in the British online gaming market with 71% of respondents that had a positive view of this popular e-wallet. This timeless payment method is ubiquitous in the reputed online gaming sites and despite the appearance of various banking options; PayPal is proven to be a reliable name regarding deposit and withdrawal solutions. Since its creation in 1998, this online payment service has shown its expertise as the most convenient payment system in the iGaming industry. How has PayPal maintained a good reputation and has increased gamblers’ loyalty over time?

History of PayPal

PayPal was initially founded as Confinity meaning a combination of confidence and infinity in 1998. A year after, this payment system was set as a money transferring service which is funded by a firm specializing in IT and mobile technology. In 2002 PayPal acquired eBay and it has become the most used method by worldwide online traders. After receiving an EU banking licence in 2007, PayPal was able to access the European countries building a stellar reputation for the company. In 2015, PayPal announced that it purchased Xoom Corporation, a digital money transfer firm and this deal had boosted the company’s international business. The major digital wallet has expanded its business by conquering China and in 2021; it has become the first foreign operator that controls the online payment platform there. PayPal users are today able to use their cryptocurrency holdings as a funding source so they can pay at PayPal merchants across the world.

Why it’s Popular with Players?

One of the reasons to make PayPal reputed is its instant deposits and very quick withdrawals. By using this well-known used platform for online deposits and withdrawal payments, you can cash out your winnings without stress and hassle as the process often takes a few hours. Gambling with PayPal is actually simple as you can transfer your gains directly into your bank account. Moreover, for two decades, PayPal has carved a remarkable reputation as one of the digital wallets that have always managed to keep the players’ transactions safe and secure. In fact, with bingo sites with PayPal, the firm has applied strict security measures to make sure that every user is safe. With high-end encryption, the protection and the security of the users’ data and transactions are ensured. While PayPal offers a highly secure platform for gamblers to benefit from, this e-Wallet payment method is 100% free to use as well. Compared with other payment solutions, PayPal conditions are more attractive because the standard transfers to the bank account are free of charge. Nonetheless, in very few cases, third-party providers can add additional payments but the gaming sites will certainly warn the players.

The Future of PayPal

PayPal remains the best choice for money transfers in the iGaming industry. This recognised brand in the online payments industry sees a shining future beyond payments despite the release of various advanced payment systems. The well-known payment option has grown to new markets in the online gaming industry through breakthrough innovations and by 2025; the company revealed that it will have doubled its number of active accounts. This San Jose, California-based firm now has 377 million accounts and is omnipresent in the reputed online gaming brands. With the two remarkable schemes released by PayPal including the ‘Buy Now, Pay Later’ option and the ability to buy, hold and sell cryptocurrencies, the online payment solution is more optimistic about the future. One of its biggest objectives is to grow the annual volume of payments it handles by 2025 and the company is too ambitious and expects it will rise to $2.8 trillion. One thing is for sure, PayPal views more opportunities for incredible growth to become foremost not only in online gaming payments but also in worldwide shopping, and financial services.

Conclusion

To put it in a nutshell, PayPal has remained a prominent payment method in gaming sites for its simplicity and safety. This trustworthy system is well-appreciated as both deposit and withdrawal options because not only can it offer immediate deposit but it is also convenient for providing a smooth gaming experience. Today, the company boasts millions of users in the iGaming market. PayPal has gained a reputation as the safest and quickest online payment option so it is not surprising that the players have confidence in this method. Its future is seen bright and it is expected to double the users over the coming three years.