I don’t think anyone in the sector can honestly claim that their wallet has achieved the level of adoption initially expected. I'm
not saying this from a competitive point of view, as that’s not good for us either. I don’t want to be thrown-in with a cohort of under achievers. Even if we are doing well, it’s still not good if the
competition is failing. We want everyone to be successful as an industry, as a high tide lifts all boats.
SIMON DORSEN Chief Commercial Officer OKTO
direction. Based on all the knowledge we have - it's the right market fit. Having said that - we are not disbanding the wallet - it’s not a question of either or - there are users that love the wallet, but it's an education and question of market fit. I think trying to get someone to adopt the wallet at the beginning of their journey is a big hurdle. Whereas, if you on-ramp them with
OKTO.DIRECT, which is a frictionless user experience, they enjoy the experience - they engage and when they ask - what’s next? You can offer the wallet solution, which has so many benefits over and above what they have - so they’re more open to that suggestion.
Customers are not homogenous, I appreciate that. But what every player wants is a hassle-free experience.
OKTO.DIRECT is intuitive while the wallet is an education.
OKTO.DIRECT offers an alternative within the same environment.
OKTO.DIRECT is the right direction in general as we can also get to market faster, since it’s a less complicated solution. Te big differential in specific countries like Mexico, is that we are developing a wallet for operators as we believe that’s the right market fit. In Mexico we have a local team and have built a ground-up solution that they really believe in for that market, both from a land-based and online perspective.
Operators have bought into the wallet, but they are also now the ones asking us for a different solution. Tey've said, let’s be honest - the wallet hasn’t had the take-up we all thought it would and we need a different solution. So we worked with them as partners to create
OKTO.DIRECT - so there’s been buy-in from partners from the very beginning. Tey have been part of the journey with us.
Is cashless as a concept suffering due to poor wallet take-up?
What’s important is showing that cashless works, which means we need to move from theory to reality. It’s about getting into a market, going live with an operator, and showing that it works and it’s hitting the KPIs that both we and the operator expect. Whether it’s the route market or the casino sector, we need to know we're on the right track so we can build on that. If we get the right market fit, everything else falls into place.
At the end of the day, if there isn’t consumer buy-in then we all fail. So we have to focus on the consumer. If they buy-in and love the solution, then all the extras the operator wants can be added on top. We have to get buy-in by the consumer, which gives us a platform to build upon. Te issue is that if you want all of the functionality of a wallet, it becomes more complicated for everybody, it takes longer to deploy because there are more stakeholders involved, and that adds delays. Trying to build the Utopia is really difficult as you’re dealing with theory. You can invest time, money and effort - and still get it wrong. I believe it's better to take a more logical approach - try something and fail fast. It’s better to deploy fast and be agile and pivot - get the fundamentals right, so you know you’re on the right track. We believe that track is
OKTO.DIRECT.
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