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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry

George Miller

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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry
Reading Time: 3 minutes

 

As gaming continues to evolve and explore digital channels, new cashless apps are being developed to support the needs of the changing gaming industry landscape and provide a more seamless customer experience. But, what impact will this have on players and operators? We explore the growing demand, how it’s being met, and the potential outcomes.

The Growing Demand for Cashless Payment Options

Though cash is still very much prevalent in the gaming industry and society in general, it’s noticeably becoming less accessible. Across the UK, around 300 cash machines are closing down each month because they are no longer profitable.

Recent research from Paysafe highlights the changing nature of payment methods. Their data shows consumers are increasingly using digital payment methods over more traditional methods. For instance, 50% of their survey respondents used a digital wallet for online purchases, more than credit or debit cards. Paysafe also conclude that “the ease of mobile payments will no doubt continue to pave the way for new and exciting payment innovations to succeed.”

With fewer cash machines and the reduced need for cash, consumers have come to expect cashless payment options more and more. So, when a business does not accept cashless options, customers are likely to take their business elsewhere. BCG research reinforces this, and shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.

Therefore, when it comes to gaming and amusements monetisation, there is growing opportunity to meet the needs of consumers demanding cashless methods. Being able to accept payments seamlessly can be provide a number of benefits for both gamers and operators alike.

Meeting the Demand: Gaming & Amusements

To meet the growing demand for cashless payment options, Bacta’s National Council has recently endorsed a development budget to bring a cashless app to the gaming and amusements market before the end of 2019.

This system in particular is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is said to be highly secure with end to end encryption, and the future in the industry is looking positive:

Bacta’s President, James Miller stated:

Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”

How Might Cashless Apps Impact Gambling?

Today’s developments in cashless payment technology were not foreseen when the Gambling Act 2005 was put together. However, as a general rule the Gambling Commission state they “are supportive of innovation, provided the way in which it is done is consistent with the licensing objectives”. The legislation does permit operators to make cashless forms of payment available.

The Impact of Cashless Apps on Gamers and Operators

There are many benefits that come along with the development of cashless apps for gaming and amusements – none more so than it is creating a positive user experience for gamers. Though its name may be ‘cashless’, it doesn’t necessarily mean cash cannot be used. It simply opens up a variety of payment options for the user. This means they have a more flexible, seamless experience, whether they wish to use a digital wallet or not, the choice is theirs.

When customers have more choice, customer loyalty is likely to increase. An uninterrupted, secure experience is likely to encourage them to engage with a game and return to play in future. It also offers a competitive edge to the operators who are willing to adapt to change. It will therefore be interesting to see what is next for cashless app development in the gaming and amusements industry, as well as how it changes gamers’ overall experience.

The article was produced in collaboration with TVC Leisure, a leading supplier of gaming and amusement machines.

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Industry News

Game Payment Technology raise international profile at ICE London

George Miller

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Game Payment Technology raise international profile at ICE London
Reading Time: 2 minutes

 

Game Payment Technology (GPT), the UK developed cashless payments app, launched its international marketing campaign with a successful debut appearance at ICE London.  The result of a joint venture between bacta and Polar Moment, GPT’s appearance at ICE London resulted in positive interest from gaming organisation’s based in Spain, United States, France and Holland as well as a meeting with representatives from the DCMS, which was described by bacta’s Robert Gibb as being ‘both productive and encouraging.’

Expanding on GPT’s ICE London experience, Gibb stated: “It’s been a key part of the business plan to explore opportunities to introduce the app to businesses operating outside of the UK and in the process seek to develop additional revenue streams to support bacta and its members. In that respect ICE London, which attracts over 100 nationalities, is the perfect platform.

“We met with representatives from several countries and our entire time was spent demonstrating how the app works and explaining how it has been built around a commitment to social responsibility. There’s no doubt that ICE delivers a new audience and is about making contacts for the future. From the feedback we received it’s clear that GPT provides solutions that cut across cultures and jurisdictions. It was also very valuable to be able to spend some time with representatives from the DCMS and keep them updated on the project and the significant progress that has been made. We are very grateful to the team at Reflex for allowing us to share their stand space and extremely happy to start the year with successful appearances first at EAG and then ICE London.”

The GPT app is undergoing its first live tests following completion of a payment acquiring agreement with one of the top three UK acquirers, a nationally recognised brand. It represents the first such deal with a Tier 1 UK bank for cashless gaming in pubs and other venues and is a testament of the acquirer’s confidence in GPT’s business plan, product credentials, financial structure, and the team’s ability to manage a gambling e-wallet.

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Industry News

Online Casino PlayJango Launches on SkillOnNet Platform

Niji Narayan

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Online Casino PlayJango Launches on SkillOnNet Platform
Reading Time: < 1 minute

 

PlayJango has become the latest online casino brand to launch on the SkillOnNet platform. PlayJango offers its players a huge range of online slots and casino games, as well as generous offers and promotions.

The SkillOnNet platform allows PlayJango to offer thrilling tournaments and promotions, as well as localised payment options and top-rated customer support, to its players.

PlayJango will use SkillOnNet’s licences to launch in core markets such as the UK, Germany, Finland and Norway plus dot.com markets via its Malta permit.

“We have gone to great lengths to create a fun and friendly brand that is straight-talking and delivers a no-nonsense online casino experience to players. Partnering with SkillOnNet has allowed us to do this while also providing our players with thousands of popular casino games and a great range of payment options. SkillOnNet is behind some of the most popular online casinos in Europe and we look forward to achieving similar success with PlayJango,” a spokesperson at PlayJango, said.

“We are thrilled to be working with PlayJango and to be powering their online casino which has all the right ingredients to be a huge success. SkillOnNet is one of the most experienced and successful online casino platform providers and we look forward helping PlayJango as it establishes itself as a top-rated online casino brand,” Jerry Land, VP B2B Sales at SkillOnNet, said.

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Industry News

Trustly recognized as the Best PISP, AISP at the Merchant Payment Ecosystem Awards (MPE Awards)

George Miller

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Trustly wins best open banking solution at the Merchant Payment Ecosystem Awards
Photo Source: trustly.net
Reading Time: 2 minutes

 

Trustly is thrilled to announce that it has been recognized as the Best PISP, AISP (Payment Initiation Service Provider, Account Information Service Provider) at the Merchant Payment Ecosystem Awards (MPE Awards).

The MPE Awards have, over the past 10 years, become an important benchmark of global excellence in POS and merchant payments and celebrate and honor the achievements of companies across the European merchant payments ecosystem. The PISP AISP award goes to the company that most efficiently brings open banking services to the merchant community, and provides the best customer experience. Trustly won this award for its continuously innovative approach to realizing the potential of open banking.

Leon Dhaene, Chairman of the MPE Awards, says: “Make e-commerce simple again. It could have been the slogan of a politician, but it is essential if you want to bring potential customers to effectively buy over the internet. The Jury appreciated the fact that Trustly delivers fast, simple and secure payments in only three steps.”

Oscar Berglund, CEO at Trustly, says: “We’re proud to be recognized as the Best PISP, AISP at the MPE Awards. We will continue to work meticulously on further developing the online banking payment solution that our merchants and their customers love. It feels great to have our hard work recognized by the merchant and partner community.”

 

About Trustly:

Founded in 2008, Trustly is the global leader in Online Banking Payments. Our account-to-account network bypasses the card networks, letting consumers make fast, simple and secure payments to merchants directly from their online banking accounts. With support for more than 6,000 banks, roughly 600 million consumers across Europe and North America can pay with Trustly. We serve many of the world’s most prominent merchants within e-commerce, financial services, gaming, media, telecom and travel, which all benefit from increased consumer conversion and reduced operations, fraud and chargeback costs.

Trustly has 400 employees across Europe, the US and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com.

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