Interactive SINGLE WALLET GAMING
What’s the best way, in the view of First Data, to establish single wallet gaming with the player? How do you incentivise players to take up the scheme?
The best way to establish single wallet gaming with players is to provide the best player experi- ence by having the broadest range of best of breed payment solutions. Players will be incentivised by getting a better rate of acceptance when they go to play. When you make it easy for the players to get what they want – a great online play experience with easy ways to load their wallet and easy way to get their funds out – they will adopt it strongly. Targeted offers and promotions have a strong role to play in behavioural modification – there must be added value or incentives that cause players to experiment with new payment types.
How far away is this from the offer to operators of an end-to-end Single Wallet Solution? And what are the biggest hurdles - technological, regulatory or player perception?
There are end-to-end single wallet solutions today, although the quality of the bundled pay- ment solutions varies widely. The biggest hurdle has always been regulatory in the US. There are many mature payment solutions in the US that have been proven in the retail space that can be adopted in the gaming space by savvy operators.
The key thing to look for in a partner (in addition to best of breed payment solutions) is someone who understands the complexities of operating in the gaming market and can navigate the high reg- ulatory burden.
A great deal of the focus for Single Wallet is point- ed at the US market, however, changes at the reg- ulatory level late in the game has left many pay- ment providers with platforms developed for Federal, not State by State regulation. There’s a fear that the difficulty in providing payment solu- tions in a hugely competitor market, with only a handful of operators, will pose an unsurmountable challenge. How does First Data view this issue?
Unfortunately we have to deal with the world as it is – and the US market is driven by regulation. Operators have to carefully consider what service providers have the capabilities to enter and sus- tain payment services in highly regulated indus- tries. Federal regulation looks to be some way off, so in the meantime operators need to select part- ners that have the resources to evaluate regula- tions on a state by state basis.
What impact do you foresee single wallet gaming having on the payments industry and ultimately the gaming sector as a whole? Is this a game changer in the sense that it will have a dramatic and far-reaching effect? What do you see, for
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example, the effect being on payment solutions such as TITO?
Single Wallet gaming will become the de facto way to pay for gaming, just as mobile wallets will become ubiquitous for standard retail payments. Gaming is one of the most attractive use cases for players to utilize single wallets, due to the ability to generate rewards and the flexibility of loading from multiple funding sources. TITO will continue to be a staple of the brick and mortar environ- ments due to the existing investment in the infra- structure, but single wallets have numerous advantages – from being able to automatically identify the player to the ability to load value from wherever you are.
Jonathan O'Connor, general manager of alternative markets at First Data. Risk Management
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