At the heart of a successful e-commerce operation, be it for gambling or anything else, is an efficient, cost effective (for both merchant and customer) method of transferring payment. To date payment services have been centred on the customer’s credit or debit card but new services are being developed that offer a safer solution and are incorporating the current trend for social networking.
One such innovative payment service is being developed by Dwolla, a US start-up that has created a “cash-inspired payment network”. Dwolla’s payment service works with the customer’s financial institution to offer a cheaper, safer payment service.
Dwolla’s service does not expose the user’s credit card details to the threat of fraud or identity theft because it does not use sensitive financial information.
Another key benefit of Dwolla’s service for merchants is that it charges a flat fee of US$ 0.25 for all transactions above US$ 10, transactions under US$ 10 are free.
Dwolla is available via mobile device to give customers the greatest convenience. It is also possible to send money to friends through networking services such as Facebook, Twitter, and LinkedIn.
Dwolla has grand plans to revolutionise and update the making of payments and you wouldn’t bet against them. The e-gaming sector can certainly benefit from the innovation and entrepreneurialism in associated sectors that help improve its own gambling services.
Global Betting and Gaming Consultants’ Director Lorien Pilling commented, “As real money gambling looks to combine itself more with social networking and social gaming, applications such as Dwolla provide a glimpse of the associated services, like payments, that will be required to make a success of this evolution. As always, it will be a question of whether Dwolla will want to deal with gambling transactions, assuming some kind of e-gaming regulation is introduced in US states.”
Read more about issues shaping the global internet gambling (e-gaming) sector in GBGC’s Interactive Gambling Report