Financial technology is always changing, innovations are always being made, allowing for more payment methods and investment tactics than ever before. All of these innovations seem entirely beneficial for the user, but how do they shape the igaming industry?
What’s India's relationship with Fintech
India is somewhat of a dark horse when it comes to financial tech. In 2022, Indian fintech companies raised nearly $6 billion, one of the highest figures globally for that year, placing India among the top three countries alongside the UK and the USA. Their success within the sector has been helped by the development of a strong digital infrastructure, especially UPI (Unified Payments Interface), and an increase in widespread access to the internet.
How has financial technology changed?
Advancements in technology, in general, have had a big impact on financial technology. With things like online trading guides and access to day-trading becoming more and more popular. This, along with trading generally being more in the public's eye, has allowed for different forms of Cryptocurrencies to flourish, such as Bitcoin and Ethereum.
In India, cryptocurrencies are widely used but remain in a regulatory grey area. They are not recognized as legal tender and are subject to a 30% tax on gains and 1% TDS on transfers, which makes them more complex to use compared to traditional payment methods.
Financial Cybersecurity in India
With a big push from fintech on digital payments, online cybersecurity is more relevant than ever. But how can Indian players keep their funds safe?
There are a number of things players from around the globe can do to ensure safe and reliable payments. For example, enabling two-factor authentication on all online transactions. This effectively means that you’ll have to verify any payments that you make, whether that be through a mobile authentication app, a code texted to your number, or through an email. This simple extra step will ensure that anyone trying to access your funds is unable to.
When handling your finances, it’s vital to make sure the website you are accessing is secure and legitimate. A good sign of this is having HTTPS at the start of the URL; this will ensure all data transmissions are encrypted, keeping your data safe.
It’s also a good idea to have a look at a given website's terms and conditions page in order to make sure that you agree and are comfortable with how your data is being handled.
Online casinos in India
The market for indian online casinos is more present than ever before. While India does not have a nationwide legal framework for online casinos, offshore operators targeting Indian players account for most of the activity. Advancements in FinTech are a big player in why more people are playing Indian casino games, with more payment options available than ever before, allowing players the freedom to use their preferred payment method, whether that be Mastercard or an e-wallet such as Neteller or Skrill. This focus on the user experience is part of the reason for the increase in popularity.
Do Indian casinos accept Rupees?
A concern a lot of Indian players may have is whether their chosen online casino accepts Rupees. Many of the most popular iGaming sites that target India operate with INR as a supported currency. However, if not, you can use an e-wallet, as these services will automatically convert the money into the correct currency. This level of automation has dramatically improved the user experience overall.
What does the future hold?
India's financial technology sector is growing at a rapid pace and shows no signs of stopping, but as technology continues to grow and grow, what can we expect in the future?
With the evolution of AI services over the past few years it would be reasonable to conclude that this will be implemented into fintech. It could make the user experience more personalised, as it can learn from different users spending habits and trends.
AI will also make fintech more secure, for example, the implementation of AI identity verification will not only be more secure but also greatly benefit the user and this process will be much more streamlined than what is currently in place.
The introduction of ai chatbots will create a more user friendly experience, as these bots can offer assistance to the customer at a moment's notice, no more waiting on hold for hours trying to get through to customer service! This of course, will gradually get more robust over time as the ai is given the opportunity to learn more about customer queries, therefore being able to give more detailed, useful answers.
It would be impossible to talk about Fintech without mentioning the rise of cryptocurrencies. These “internet currencies” can be tricky to understand, partly due to the fact that they are so new and unprecedented that it is incredibly hard to predict what is going to affect them and how they will be affected. Because they are so new it’s difficult to tell exactly what kind of effect they’ll have on the fintech and igaming industry, but they have proven to be somewhat of a titan in the space, so they are bound to continue to have an effect in the years to come.
The legality of online casinos in India
The legality of online casinos in India isn’t quite as simple as you may think. Online casinos are not explicitly legal nationwide in India, and most operate offshore. However, four different Indian states, namely Nagaland, Sikkim, Goa, and West Bengal, have introduced regulations regarding their specific state:
- Goa and Sikkim allow physical casinos under government regulation.
- Nagaland regulates certain online skill-based games like poker and rummy, not chance-based casino games.
- West Bengal permits lotteries and horse racing but does not license online casinos.
Conclusion
It is an exciting time for financial technology all across the world, with innovation being made constantly. India is at the heart of this excitement, with their developments of safe and secure digital payment methods, user friendly identity verification systems. While iGaming remains a legally grey area in India, fintech innovations like UPI, e-wallets, and AI-enhanced security are likely to improve user experiences and drive growth in offshore platforms that cater to Indian players.