The fintech industry has a lot of impact on modern daily life, everything from normal transactions in stores, transferring money to friends and of course making transfers online. Many industries are dependent on the technology from fintech companies, and one industry in particular. In this article, we will go over how fintech companies, specifically swedish ones, have contributed to revolutionizing the worldwide casino industry by bringing more legitimacy to it.
Important role of fintech
We live in a world where the majority of people are paying for stuff online. Before, most people would only buy a random piece of clothing online every now and then. Nowadays, we are turning to the Internet even for many of our daily needs. In addition to clothes, electronics and furniture, many of us even order our daily groceries and food items online.
Because of this new hot trend of online shopping, finance technology (or fintech for short) has become increasingly important. Without its most recent developments, we would not be able to pay safely and continue with our new favorite pastime.
Over time, we have grown accustomed to websites such as Amazon providing us with next-day shipping. None of this would be possible if it were not for the advancements in sending money online. Fintech is just the field that focuses on things like this, and even with online casinos, the role of fast payments is a crucial one.
The current biggest Swedish fintech companies
Swedes have always been ahead of the curve when it comes to online gambling. Some readers may recognize names such as NetEnt, Evolution Gaming, Play’n GO and Thunderkick, which are all world-renowned online casino game providers. Without the contribution of these few names, the casino industry probably would not have risen to the heights where it currently resides.
As it turns out, the Swedes are also dominating the fintech and payment side of things. Many online casinos employ the services of companies such as Trustly, Zimpler, and Brite in order to make their payments as smooth as possible. All of these three companies operate under the watchful eye of Swedish Finansinspektionen, which is the local authority that governs all payment-related issues.
The importance of the three leading fintech companies in Swedish online gambling is paramount. All of them take advantage of a feature called bankID. With the help of bankID, Trustly, Zimpler and Brite allow players to sign up to online casinos with the help of their respective local mobile banking services.
For example, a Finnish person can go to zimplerkasinot.net and choose a casino that uses Zimpler and bankID. With these casinos, they can then use their own banking services to deposit money into the casino and simultaneously open a casino account. In other words, new customers do not have to input any information regarding their name or address, as all of this will be taken care of automatically.
The benefit of speed
The benefits of fast casinos are aplenty.
One of the biggest ones is, of course, the fact that even those not yet familiar with online casinos can easily sign up for an account. No special skills or effort is needed. The other great benefit is that fast casinos tend to also be fast at paying out withdrawals.
Traditional casinos are required by law to fully identify their customers. To accomplish this, they need to ask players to provide pictures of their identification documents among other things. This is done to curb criminal activity and to comply with international anti-money laundering laws.
Casinos using the services of Swedish fintech companies are cut from a different cloth. Thanks to bankID, these casinos have already identified their customers in the beginning with no need to demand additional documentation in the end.
Conclusion
Without the leading Swedish fintech companies, there is no telling whether the worldwide casino industry would have ever evolved to the point where it is now. Because of this, we want to reiterate what we already said in the title: companies such as Trustly, Zimpler and Brite play a crucial role in the casino industry of today.