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The Payments Association – 2024 payments trends

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To be attributed to Tony Craddock, Director General of The Payments Association
“The rise of certain technologies like generative AI in 2023 has heralded a great deal of transformative change that will shape how the payments industry develops in 2024. As these changes become more apparent, it is imperative that the payments sector cooperates to enable consumers to pay and be paid securely and conveniently.
“The three factors that will inform the payments sector over the next year will be the rise of innovative digital currencies, the new initiatives that will serve to combat APP fraud, and the importance of proportionate regulation. All three of these were highlighted in The Payment Association’s Payments Manifesto.”
“It’s imperative that we foster a flourishing digital currencies ecosystem, starting with stablecoins, or S-Money, as it is now known. This requires global interoperability, ensuring seamless transactions across borders and platforms. We must also attract talent and investment from around the world to fuel innovation and growth in this burgeoning space. In short, we need to run towards innovation, not away from it.”
“Meanwhile, we must constantly err towards the best interests of the consumer and that means combatting APP fraud, which has become a significant threat to the integrity of our services. Cross-industry data sharing is essential to effectively identify and prevent fraudulent activities. By working together, we can safeguard consumers and businesses alike.”
“Finally, we must strike a balance between innovation and regulation. In recent years, the regulatory pendulum has swung so far towards consumer protection that the entrepreneurial fire of innovation is being snuffed out. A proportionate regulatory framework is crucial to fostering responsible growth and protecting consumer interests. We must avoid stifling innovation with overly burdensome rules and enforcement of them while also ensuring that our systems remain sufficiently safe and secure. By embracing innovation, collaborating to combat fraud, and advocating for proportionate regulation, 2024 can be a year where payments are more secure, convenient and accessible to all.”
“Thinking even further into the future, here are my additional predictions:
“Open Banking: In the face of rapidly increasing fraud and new regulations around consumer duty, Third Party Payment Providers (TPPs) will need to implement enhanced fraud prevention tools to drive confidence in open banking payments and protect consumers against losses (like card scheme-based liability protection mechanisms, including chargeback dispute resolution). As the growing need for consumer protection increases the cost of open banking payments, the business case for such payments will be diminished for merchants.”
“Open Finance: As companies recognise the potential of data and AI, they will refocus their open banking efforts from payment initiation (Payment Initiation Service Provider – PISP) to data utilisation (Account Information Service Provider – AISP) to improve accuracy, efficiency, and customer experience. The data angle will become even more beneficial as we evolve into Open Finance with the participation of non-bank financial institutions, such as mortgage, insurance, pension, and investment companies.”
“Wallets: Consumers will increasingly leave the house without physical cards or cash and will demand the acceptance of digital and mobile wallets with biometric authentication to make purchases both online and in person. Merchant failure to accept popular wallets will increasingly result in shopping cart abandonment, which has already reached 70% in the case of eCommerce, due to the friction involved in needing to have the physical card available. Additionally, QR codes will increasingly be introduced across the customer journey, including information, membership, ticketing, loyalty, ordering and payments.”
“Super Apps: Wallets and digital banks will endeavour to increase their ubiquity, usage, and customer engagement by evolving into super-apps. To achieve this status, they will broaden their service offerings to customers, including investing, lending, savings, loyalty, and P2P payments, as well as embed commerce and high engagement activities through lite apps, such as shopping, ticketing, transportation, delivery, or messaging. Consumers, particularly Gen Z and Millennials, will increasingly adopt such wallets due to subscription fatigue, convenience, and slick user experience.”
“Digital Currency: The percentage of UK adults owning cryptocurrency was over 10% in 2022, compared with 4.5% in 2021, which shows a growing interest in crypto assets. In 2022, 28% of non-crypto asset holders said that they would be more likely to buy cryptocurrency if the market was regulated. Additionally, it is becoming much easier to obtain crypto assets through popular wallets, like PayPal and Revolut. As merchants observe this growing trend, they will explore new ways of accepting popular cryptocurrencies, such as Bitcoin and Ethereum to gain a share of spend. As acceptance increases, so will the adoption of crypto assets, creating a flywheel effect. (Note: The figures in the US are more than double that of the UK, which may propel big tech companies in the US to accept cryptocurrencies more widely than in the UK.)”

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Meridian Donate: Revolutionizing CSR in the Betting and Gaming Industry

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This unique platform allows customers to actively participate in and fund various environmental, societal and humanitarian projects, setting a new standard for customer engagement and community impact.
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  • Innovative engagement strategy positions MeridianBet as a leader in CSR within the betting and gaming industry
  • Optimized brand loyalty as active customer participation in CSR strengthens connection and loyalty
  • Scalable impact, as the model is designed for expansion and could be adapted to new markets, indicating potential for widespread adoption and growth

Transforming Customers into Environmentalists and Humanitarians

MeridianBet’s pioneering initiative, Meridian Donate, is transforming the betting industry by engaging customers directly in corporate social responsibility (CSR) actions. This unique platform allows customers to actively participate in and fund various environmental, societal and humanitarian projects, setting a new standard for customer engagement and community impact.

Key Features of Meridian Donate:

  • Direct customer involvement: Customers are not just donors but active participants in CSR decisions
  • Diverse programs: Offers choices from global afforestation to local humanitarian efforts
  • Partnerships with renowned organizations: Collaborates with entities like the Red Cross and UNICEF

Expanding Impact: A Year-by-Year Growth

The Meridian Donate platform has seen substantial growth in its scope and impact:

  • Number of individual campaigns: Grew from 8 in 2021 to 20 in 2023
  • National markets Integrated: Expanded from 3 in 2021 to 8 in 2023
  • Direct Beneficiaries: Increased from 43 NGOs in 2021 to 159 in 2023

In 2023 alone, the platform’s expansion into eight markets facilitated 20 customer-funded campaigns, directly benefiting 159 NGOs, up from 122 the previous year.

Continued Commitment to Innovation and Community Involvement

Meridian Donate not only showcases MeridianBet’s dedication to CSR but also redefines the role of digital marketing within the industry. By converting sports bettors into active CSR participants, Meridian Donate enhances customer loyalty and brand value, making it a critical element of MeridianBet’s market strategy.

Recent Successes and Future Outlook

In its recent operation, Meridian Donate has launched an ambitious global afforestation initiative, committing to plant 20,000 seedlings across various regions. This project not only underscores our environmental commitment but also enhances our brand’s community presence. Already, several hundred contributions have been recorded in the platform’s first month, indicating robust customer engagement and support.

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Games Global Announces Launch of IPO

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Games Global Limited (“Games Global”), a leading developer, distributor and marketer of innovative online, casino-style gaming (“iGaming”) content and integrated business-to-business solutions to iGaming operators, announced today that it has launched the roadshow for its initial public offering (“IPO”) of 14,500,000 ordinary shares.
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Games Global Limited (“Games Global”), a leading developer, distributor and marketer of innovative online, casino-style gaming (“iGaming”) content and integrated business-to-business solutions to iGaming operators, announced today that it has launched the roadshow for its initial public offering (“IPO”) of 14,500,000 ordinary shares. The offering consists of 6,000,000 ordinary shares offered by Games Global and 8,500,000 ordinary shares to be sold by Games Global’s existing shareholder (the “Selling Shareholder”). Games Global will not receive any proceeds from the sale of the shares by the Selling Shareholder. The underwriters will have a 30-day option to purchase up to an additional 2,175,000 ordinary shares from the Selling Shareholder at the IPO price, less underwriting discounts and commissions. The IPO price is currently expected to be between $16.00 and $19.00 per share. Games Global has applied to list its ordinary shares on the New York Stock Exchange under the symbol “GGL”.

J.P. Morgan, Jefferies and Macquarie Capital are acting as joint lead book-running managers for the proposed offering. Barclays and BTIG are acting as book-running managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the proposed offering, when available, may be obtained from:

  • J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] or [email protected];
  • Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by phone at (877) 821-7388, or by email at [email protected]; or
  • Macquarie Capital (USA) Inc., Attention: Equity Syndicate Department, 125 West 55th Street, New York, NY 10019, or by email at [email protected]

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

In any member state of the European Economic Area (the “EEA”) this announcement, and the offering, are only addressed to and directed at persons who are “qualified investors” (“Qualified Investors”) within the meaning of Regulation (EU) 2017/1129 (the “Prospectus Regulation”). In the United Kingdom, this announcement, and the offering, are only addressed to and directed at persons who are “qualified investors” within the meaning of the Prospectus Regulation as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) are high net worth entities who fall within Article 49(2)(a) to (d) of the Order, or (iii) are persons to whom it may otherwise lawfully be communicated (all such persons being referred to as “relevant persons”).

This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the EEA, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to and will only be engaged with (i) in the United Kingdom, relevant persons, and (ii) in any member state of the EEA, Qualified Investors.

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Industry News

Genome and Chilli Partners join forces to revolutionize iGaming affiliate payouts

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Leading the charge in the convergence of financial technology and iGaming, Genome, a cutting-edge electronic money institution, is thrilled to announce its strategic partnership with Chilli Partners, a prominent iGaming affiliate program specializing in casino games.

The collaboration marks a pivotal moment in the iGaming industry, bringing together Genome’s expertise in online financial services and Chilli Partners’ prowess in affiliate marketing. The partnership is set to redefine the landscape of affiliate payouts, offering an array of benefits to both affiliates and the iGaming community at large.

“We are excited to embark on this journey with Chilli Partners. By combining our financial expertise with their influential position in the iGaming affiliate space, we aim to set new standards for efficiency and innovation in affiliate payouts,” – noted Genome’s CEO Daumantas Barauskas.

For one, the partnership offers efficient payouts. Affiliates can now enjoy expedited and secure payouts through Genome’s state-of-the-art financial infrastructure, enhancing their overall experience and satisfaction.

It also provides global reach for Chilli Partners, as it can extend its reach to affiliates worldwide with Genome’s international payment capabilities. This allows Chilli Partners to foster a more diverse and expansive network.

The partnership streamlines financial workflows, ensuring seamless transactions and reducing administrative overhead for Chilli Partners, allowing them to focus on delivering top-notch affiliate services.

Genome is all about innovation in payments and online financial services. This approach brings new possibilities for payment options, providing flexibility and convenience for affiliates participating in the Chilli Partners program.

Lastly, the collaboration prioritizes compliance and risk management, assuring affiliates of secure and compliant transactions in accordance with industry regulations.

“This partnership aligns perfectly with our commitment to providing the best possible experience for our affiliates. Genome’s advanced financial services will play a crucial role in elevating our affiliate program to new heights”, – added Clayton Zammit Cesare, Head of Affiliates at Chilli Partners.

As the iGaming industry continues to evolve, Genome and Chilli Partners stand united in their dedication to driving positive change, innovation, and reliability. The partnership is poised to create a ripple effect, positively impacting the entire iGaming ecosystem.

About Genome

Genome is a leading EMI that provides innovative financial services, including batch payouts, SWIFT, and SEPA transfers. With a focus on efficiency and compliance, Genome empowers businesses across various industries, including iGaming, to streamline financial operations and enhance user experiences.

For more information, please visit https://genome.eu/

About Chilli Partners

Chilli Partners is a prominent iGaming affiliate program specializing in casino games. With a commitment to excellence, Chilli Partners connects affiliates with top-tier iGaming brands, offering a lucrative partnership that includes competitive commission structures and tailored support.

For more information, please visit https://chillipartners.com/

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