PXP FINANCIAL
Cashless casinos Last year saw a sharp rise in digital wallet adoption, driven by the increasing number of options available, such as Apple Pay, Google Pay, and Samsung Pay. With the total number of digital wallets set to exceed 5.2 billion globally in 2026, up from 3.4 billion in 2022, this is a trend gaming companies can’t afford to ignore.
How gaming operators can take payments to the next level
As the popularity of mobile gaming rises in tandem with the adoption of digital banking, the gaming and casino industry is seeing major changes in the way payments are handled. Kamran Hedjri, CEO of PXP Financial, looks at the trends that will shape gaming payments in the coming years, and how operators can prepare for them now.
T Kamran Hedjri 50 MAY 2023
he global gambling market grew from $449.04 billion in 2022 to $702.45 billion in 2023 at a compound annual growth rate (CAGR) of 56.4% and shows no sign of slowing. But for gaming
companies and casino operators to keep their edge in this increasingly competitive market, they need to stay ahead of the payment trends that enhance the gaming experience.
Embracing digital wallet technology will enhance and streamline the gamer experience, so consider taking steps such as modifying slot machines and service kiosks to accommodate QR codes and tokenized wallet transactions. Another signifi cant trend driving the move away from cash is the growing popularity of ‘buy now, pay later’ options, with fi gures showing that in 2022, approximately 360 million people around the world had used BNPL, and the BNPL market was worth $179.5 billion. Although the relevance of BNPL to the gaming sector may not be immediately obvious, this is a sector where customers often spend large amounts of money on in-game purchases and subscriptions. Offering a BNPL option could certainly help gaming companies attract and retain customers who may not have the means to make larger payments upfront. Finally, despite the collapse of the FTX international exchange
in November last year, cryptocurrency use is continuing to spread globally. Thanks to the anonymity provided by crypto, and the fact it offers fast, secure, and decentralised transactions, it’s not going anywhere – especially in the gaming sector.
A new look for gaming POS
The right point-of-sale system does more than just accept payments; it can provide seamless operational capabilities that don’t disrupt the player experience and combine point-of-sale functionalities with specifi c casino software. Casino operators should consider whether their current system best meets their needs, particularly if they run multiple sites. Modern POS systems can track sales and tips, create reports, view customer accounts, and check inventory. Some can even use SMS and email to attract potential visitors with promotions and discounts.
The adoption of cloud-hosted POS solutions is gaining traction and is a great way to help casino enterprises improve effi ciency, maximise profi tability, and keep information secure by processing payments through the internet without the need for expensive servers or software.
How open banking will change gaming Open Banking now has more than 7 million active users in the UK, opening up access to fi nancial data and direct-to-bank payments for operators in all sectors. By allowing operators to view and access real time data to see players’ spending habits, Open Banking can help them offer a more personalised experience.
But the benefi ts of Open Banking extend to helping customers gamble responsibly. With greater insight into the context of a player’s broader fi nancial situation, operators can analyse outgoings such as loan and rent payments to identify at-risk players, and if necessary, block gameplay or implement spending caps.
As the gaming industry continues to evolve, it will be important for operators to fi nd the right payments partner to help them stay ahead of the curve. With more than 15 years of experience in payments and gaming, and a signifi cant market share in the US, we can help gaming and casino operators stay ahead of these trends and capitalise on the opportunities they present.
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