Samoil Dolejan covers several aspects about online payments in the iGaming world in iNTERGAMINGi magazine’s special feature, Rising to the challenge.
To be successful, businesses must provide a seamless and exceptional experience at each stage of the customer journey.
All this while ensuring rigorous levels of security and compliance with the applicable laws and regulations. The longer a buyer’s journey, the less likely they are to complete a checkout.
For example, customers might favour applications that offer Google or other social media authentication instead of creating their own. This delivers a faster and smoother user experience, as customers can instantly sign into websites with one single sign-on.
Moreover, the rise of open banking allows providers to leverage account information services and payment-initiation services to identify the customer and initiate payment with very little hassle for the consumer.
Localisation is very important, irrelevant of the industry. We need to make sure we offer localised payment methods that players are used to. Different countries have different spending trends, spending power, levels of digitalisation and laws and regulations.
If we are talking about gambling, we need to look no further than Europe, where we have cards as being the main payment method that is used, althoug we have countries where instant banking has a bigger share.
Then we move to the US, where ACH is king, although we will see card usage increase as BIN acceptance increases.
Bottom line is you need the most popular payment methods that are currently being used to penetrate a market and then, as time passes, brand awareness increases, a business can use their customer base to drive innovation and increase usage of new payment methods – faster, cheaper, more convenient than what is currently used.
MoneyMatrix is working towards a deeper integration with the products being offered by its group of companies – casino, sports, bonusing and PAM, among a host of others.
We believe that this will give a competitive edge to our merchants that they would not have if they bought different products from different companies. This will empower them to offer better services to their players.
We are also improving the link between our Identity Management Application and our Transaction Monitoring Application. Our efforts are around automating as much as possible around payment processing, fraud, risk and KYC.
Last but not least, we are continuously working on adding new payment methods to our portfolio – the localisation we talked about before.
The above text represents excerpts from iNTERGAMINGi’s special feature on Payments: Rising to the challenge. The publication examined the rapidly expanding world of online payments and speaked to several industry leaders who are pushing the boundaries.