OKTO Seamless Journeys
By Simon Dorsen, Director of Gaming at OKTO, with 16 years of gaming and payments experience, including senior roles with Trustly, GTECH and IGT.
The real winners will be those that act now to connect the omni-channel experience
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nnovations in digital payments systems have been transformational for the gaming industry. From mobile wallets to instant transactions, fintech has contributed in propelling the online gaming proposition to a revenue generating force by eliminating friction from the customer experience, whilst making transactions simpler, faster and more secure. However, technology is forever advancing and there is a new wave of disruption set to take the industry by storm. Alternative payments – particularly mobile – are becoming increasingly widespread. Mobile transactions currently account for 54 per cent of digital payments in Europe and are growing globally by 10 percent. That surge in adoption is permeating the gaming arena, while the market has become increasingly saturated with companies targeting the betting industry as operators ramp up their digital offering. Consumers love the convenience, while operators benefit from lower transaction costs and quicker processing times, yet there still seems to be a disconnect between the payment process and complete customer experience.
For omni-channel gaming to truly excel the user journey needs to be seamless no matter the device or environment. Payment service providers (PSPs), which can bridge the world of offline and online, providing a smooth transition between cross-channel player sessions, will be the ones that come to dominate the sector and join the ranks of established payment giants such as PayPal and Trustly.
Mobile transactions currently account for 54 per cent of digital payments in Europe and are growing globally by 10 percent
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The most important part of the equation is the restrictions and anti-money laundering requirements are all causing huge disruption to operators and traditional payment methods. Gaming operators Maintaining the relevant licences, PSPs are well positioned to integrate onboarding and identity checks into the overall payments process, leveraging the best technology and security software available. Choosing the right partner can help operators optimise the manner that actually boosts customer engagement and helps establish a trusting relationship from the get-go.
Maintaining the connection in the face of stiff competition is the next step. Today’s customers want to be able to use the same payment channel whether they’re placing a bet online via their favourite operator’s app and website or cashing out in-shop. It may sound simple, but operators that keep customers engaged keep them returning and that means providing an unbeatable experience. A key differentiator will be not only catering to the expectations of players but also offering additional services that bring excitement and convenience. Providing add-on loyalty and promotional functions is just the beginning.
A challenge in the move towards a fully digital experience is adjusting to the added complexity of player demographics. There are still those, for example, who enjoy the benefits of cash-based gaming, but seek the added convenience of storing betting slips and gaming vouchers on their smart phone. Meanwhile, the new generation of player is entirely mobile-centric. Catering for these player types and everything in between is crucial to connecting the omni-channel experience and executing the digital journey. Operators need a PSP that can deliver for multiple audiences, so not to leave behind the traditional players and slow adopters, but also provide for the digital demands of the tech-savvy demographic.
Ultimately, there is an appetite among operators for a mobile-first solution. They understand that within this dynamic industry where the retail and online environment is becoming increasingly disjointed and the landscape highly competitive, investing in the customer experience is as important as ever. At OKTO, we bring years of experience in betting and gaming, together with innovative ideas and technology, to deliver a digital journey that drives player engagement and retention. We want to work collaboratively to address specific needs and ultimately build country-specific ecosystems that can be used by everyone.
With the rapid pace of development, now is an exciting time for both gaming and payments. The real winners will be those that act now to connect the omni-channel experience and set a new standard in the online gaming arena.
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