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Prepaid, digital wallets or bank transfers are great alternative payment examples that allow consumers to make online purchases, without a credit or


debit card. By 2022, the global prepaid card market will be worth over $3.5 billion, with


Europe dominating the global market in terms of revenue


and demand, accounting for half of that figure.


What are the new forms of alternative payments that operators must be aware of?


PSPs providing different payment solutions rather than through a single platform with many payment methods. For some operators, the potential return on investment may not be enough to justify the expense, but trusted payment partners can advise on popular payment methods and guide operators with the right strategy. Prepaid, digital wallets or bank transfers are great alternative payment examples that allow consumers to make online purchases, without a credit or debit card. By 2022, the global prepaid card market will be worth over $3.5 billion, with Europe dominating the global market in terms of revenue and demand, accounting for half of that figure.


Why do payment methods matter when operators are expanding internationally?


Put simply, not offering the region’s preferred payment method can have an impact on the operator’s bottom line and conversion rates. With 46 percent of drop-offs occurring at the payment stage, it’s essential that operators adapt to the diversity in international markets and


consumer behaviour, or they risk losing out to competitors. Local consumers are more likely to abandon their transaction if they can’t find their preferred method of payment at the payment stage, and this is particularly relevant in Europe where local solutions such as direct debit, debit cards, and bank transfers are sometimes more popular than global credit cards. Tere is a wide variety of alternative payment methods available for operators to integrate and accept today. Combined with the increasing number of devices which consumers use to pay, it can be a challenge to identify the relevant portfolio of payment methods to accept when growing a business abroad. Businesses should rely on the support and knowledge of their Payment Service Provider (PSP) to secure the relevant offering according to their targeted markets and help navigate the international regulatory environment. Local alternative payments are often operated by local banks, use local currencies and are designed for their market’s unique applications, settlement processes and country regulations. In addition, they also carry significant brand equity and trust.


In the fast-paced industry of fintech, there are constantly new products coming to market, but an uptake in usage can be a longer process. While it’s important for operators to have a finger on the pulse of payments, it’s imperative that they be aware of the methods in use. Operators looking to expand further across Europe, for example, need to consider including payment methods such as SEPA Direct Debit, GiroPay and Sofort in Germany and BACS in the UK. In Italy, the majority of debit cards do not allow online payments as they are purely chip- and-pin, so methods such as Rapid Transfer or iDEAL (in Te Netherlands) which allows customers to transfer money online from their bank to the operator’s bank may serve this customer base better. Other newer forms of alternative payments include mobile payments and wallets such as Android Pay and Apple Pay. E-wallets such as NETELLER and Skrill can also be considered as part of a merchant’s alternative payments portfolio. Tese quick and efficient payment methods are already used by millions of consumers in more than 200 countries and provide additional options to add, withdraw and transfer funds.


Control of gaming sites is increasingly being exerted by government bodies through denial of access to online payment facilities. How does this affect the services Paysafe provides?


Paysafe invests significant efforts into monitoring and assessing the legal and regulatory framework for gambling services across the markets in which our merchants operate. Recent changes to gambling regulations in a number of jurisdictions show increased desire to enforce local licensing regimes through limitations on access to payments. However, the approach taken broadly varies from country to country and the exact requirements remain unclear in many cases. Nonetheless, we see that technology-driven payment companies like Paysafe, with strong risk and fraud management tools, are better suited to apply targeted restrictions on payments than other providers of payment services such as banks.


NEWSWIRE / INTERACTIVE / 247.COM P119


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