Fintech is a word that explains the integration between technology and financial services. Fintech companies utilize their resources to offer high-quality, seamless transactions for users. In gaming, the applications of this innovation are vast.
This article will review some of fintechs impact on gaming in Canada. Read on to gain more insights.
Enhanced User Experience
Canada has an adverse gaming industry. Additionally, their fintech culture is on point. The companies offering these services aim to ensure users can seamlessly transact, offering them convenience.
When browsing various gaming platforms, you’ll often run into a prompt requiring you to make a purchase. Doing so through segregated financial means like banks sometimes requires you to leave the game and transact.
However, through fintech, gamers don’t have to worry about this. Transacting through these integrated platforms reduces the friction during execution, enhancing the general user experience.
Data Security and Fraud Prevention
In the modern era, cybercrime is on the persistent rise due to the dynamic nature of technology. Fintech aims to provide Canadian gamers with a safe and secure transacting experience. Therefore, several innovations have been conjured to curb this problem.
For instance, data encryption has become a popular Canadian gaming trend. Through encryption, users have reported significant drops in cybercrime rates. Additionally, other fintech innovations like two-factor authentication that require users to provide more than one means of verification come into play.
Fintech companies also aid in preventing fraud. Identity theft has become a common practice in the gaming niche. These companies collecting players’ data and sensitive information may draft methods to keep their users safe.
Blockchain and Cryptocurrency
Cryptos are an asset that the world can no longer ignore. With its massive growth over recent years, cryptos are proving helpful in several sectors, including gaming. Fintech has enabled the realization and actualization of integrating this digital currency into gaming platforms. It is gaining traction, with 1.6 million people owning cryptos in Canada.
Cryptos, through fintech, has influenced the creation of games like Cryptokitties and Lost Relics, giving Canadian gamers a chance to trade in the digital marketplace. Online gamers with a liking towards wagering are also represented, as Bitcoin casino sites like Izzi and Bodog have some of the best payouts for online casinos in Canada.
Additionally, transacting through cryptos ensures safety in operation. Fintech has enabled payment systems to be more secure. However, the security is more fortified with cryptos because they can be traced.
Investment and Funding
The Canadian gaming scene has thrived due to the free flow of money. Sometimes, gaming companies or operators need funds to effectively toss their weight around on a global scale. Fintech enables this by streamlining investment opportunities and offering new funding avenues.
Most fintech innovations use machine learning technology, allowing them access to data analytic tools. Through these advancements, they can find suitable investment avenues. These inventions are significant to the Canadian gaming industry because they help developers identify trends in gaming that can help them be more sustainable.
Moreover, several fintech-enabled crowdfunding avenues like Kickstarter and Indiegogo help gaming businesses more so startups to operate effectively. These avenues aim to break away from traditional forms of funding through this means.
Cross-Border Transactions
The Canadian gaming industry collaborates with the rest of the world. Through this form of trading, cross-border payments are necessary. Fintech has played an enormous role in ensuring that this possibility actualizes.
Business people do not need to frequent banks to make such transactions. You can wire funds internationally with a compatible mobile phone, internet connection, and the necessary details.
Furthermore, fintech has aided in pushing the Canadian gaming sector more globally. It has managed to do so by drafting cost-favorable methods for transferring money internationally and facilitating currency exchange.
Payment Processing and In-Game Purchases
Fintech is a crucial mediator when considering payment processing and executing in-game purchases. Canada has a diverse and sustainable fintech ecosystem facilitating payment processing. The Canadian gaming niche has thrived through inventions like digital wallets, mobile banking, and payment avenues.
Traversing the realm of digital transactions can be confusing at first. Fintech innovations are constantly evolving to try and make it simpler. Gamers can easily purchase their customized skins, characters, and battle passes when playing.
Regulatory Considerations
As with any niche, regulatory compliance is inevitable. Fintech industries operating in Canada must abide by the jurisdictional laws. This measure ensures smooth operation and ensures gamers reap maximum utility.
This element will, however, vary with time as laws, especially regarding technology, are dynamic. For instance, during their initial release, cryptos faced friction and resistance. However, after proper structuring of legislation, countries became more lenient.
Conclusion
Fintech is a global phenomenon that collaborates the financial and technological aspects to offer more advantages. In gaming, this is evident as you’ll encounter several cryptocurrencies aiding transactions, cross-border payments facilitating trade, and crowdfunding platforms that rose due to fintech.
