Study by PayNearMe Finds Out 23% of Users Quit Apps over Deposit Challenges
LISTEN TO THIS ARTICLE:Payment technology platform PayNearMe has released the findings of its latest study into payment methods and how they affect customers.
The study titled “iGaming Payment Optimization Is Key to Player Retention,’ involved interviews and surveys with 231 customers from five US states who engaged with iGaming and online sports betting platforms at different levels.
Of the surveyed participants, 29% faced challenges while depositing or withdrawing their funds from operators. 23% of those unable to deposit chose to stop using the app entirely.
Regardless of their experiences on the app, 49% expressed a high likelihood of moving to another platform if it offers faster withdrawals.
The study also revealed that 17% of users favored Venmo for depositing, 9% chose PayPal, and 3% opted for Apple Pay.
Though iGaming and online sports bettors tend to be tech-savvy and familiar with mobile payments, too many are encountering deposit and withdrawal issues, which is contributing to operators’ app abandonment problem. Operators need to consider how they can leverage technology to streamline deposits and withdrawals, provide a better user experience and educate about any restrictions that could block payment. It’s crucial for retaining players in this highly competitive business.
Payment methods are one of the most important things players check before signing up and playing games for real money at a casino. When selecting a payment option, players consider factors like reliability, speed, additional fees, and convenience.
While deposits are processed instantly, withdrawal times have been known to vary. Traditional methods like credit and debit cards usually process withdrawals between 2-5 days, while it’s only a matter of some minutes or hours for modern e-wallets.
Of all payment options, cryptocurrencies offer the fastest withdrawal time. Players also prefer them for their increased anonymity.
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