Global payment provider MasterCard has said it is working to speed up digital payments, acknowledging that consumers are keen to the service sped up.
Talking to payment models website PAYMNTs, MasterCard SVP of digital payments Silvana Hernandez said that consumers are increasingly looking for and demanding instant payments.
The onset of digitalization has created a new breed of consumers, Hernandez said, who expect to be serviced immediately.
More importantly, gaming is growing and MasterCard is looking to take a chunk of that space.
Hernandez added: “We estimate about $120bn as the size of the overall market in the US. We are now using MasterCard Send, our push payments platform, to support four sub-verticals of games of chance, where you buy tickets online, sports betting and bookmaking, games of skills and fantasy sports. These segments are growing the fastest within the overall vertical.”
The company is effectively treading on blockchain territory where Bitcoin casinos have, for years now, guaranteed instant deposits and withdrawals. Websites such as Bitcasino, FortuneJack and 1xBit all offer the opportunity to transact money and winnings instantly.
Hernandez implied that MasterCard may have neglected the digital entertainment segment, but the pandemic has made the company cognizant of the upsides of catering to consumers who are looking for quicker digital payments.
MasterCard still has a long way to go to quite catch up to the speed blockchain solutions such as Bitcoin and Ethereum provide consumers. Nevertheless, more payment providers are entering the crypto space leading to a more diversified consumer experience.