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The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry
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As gaming continues to evolve and explore digital channels, new cashless apps are being developed to support the needs of the changing gaming industry landscape and provide a more seamless customer experience. But, what impact will this have on players and operators? We explore the growing demand, how it’s being met, and the potential outcomes.
The Growing Demand for Cashless Payment Options
Though cash is still very much prevalent in the gaming industry and society in general, it’s noticeably becoming less accessible. Across the UK, around 300 cash machines are closing down each month because they are no longer profitable.
Recent research from Paysafe highlights the changing nature of payment methods. Their data shows consumers are increasingly using digital payment methods over more traditional methods. For instance, 50% of their survey respondents used a digital wallet for online purchases, more than credit or debit cards. Paysafe also conclude that “the ease of mobile payments will no doubt continue to pave the way for new and exciting payment innovations to succeed.”
With fewer cash machines and the reduced need for cash, consumers have come to expect cashless payment options more and more. So, when a business does not accept cashless options, customers are likely to take their business elsewhere. BCG research reinforces this, and shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.
Therefore, when it comes to gaming and amusements monetisation, there is growing opportunity to meet the needs of consumers demanding cashless methods. Being able to accept payments seamlessly can be provide a number of benefits for both gamers and operators alike.
Meeting the Demand: Gaming & Amusements
To meet the growing demand for cashless payment options, Bacta’s National Council has recently endorsed a development budget to bring a cashless app to the gaming and amusements market before the end of 2019.
This system in particular is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is said to be highly secure with end to end encryption, and the future in the industry is looking positive:
Bacta’s President, James Miller stated:
“Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”
How Might Cashless Apps Impact Gambling?
Today’s developments in cashless payment technology were not foreseen when the Gambling Act 2005 was put together. However, as a general rule the Gambling Commission state they “are supportive of innovation, provided the way in which it is done is consistent with the licensing objectives”. The legislation does permit operators to make cashless forms of payment available.
The Impact of Cashless Apps on Gamers and Operators
There are many benefits that come along with the development of cashless apps for gaming and amusements – none more so than it is creating a positive user experience for gamers. Though its name may be ‘cashless’, it doesn’t necessarily mean cash cannot be used. It simply opens up a variety of payment options for the user. This means they have a more flexible, seamless experience, whether they wish to use a digital wallet or not, the choice is theirs.
When customers have more choice, customer loyalty is likely to increase. An uninterrupted, secure experience is likely to encourage them to engage with a game and return to play in future. It also offers a competitive edge to the operators who are willing to adapt to change. It will therefore be interesting to see what is next for cashless app development in the gaming and amusements industry, as well as how it changes gamers’ overall experience.
The article was produced in collaboration with TVC Leisure, a leading supplier of gaming and amusement machines.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: The Development of Cashless Apps and Their Effect on the Gaming & Amusements Industry
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The post Reflex Gaming reels in festive fun with the launch of Big Game Fishing Christmas Catch appeared first on European Gaming Industry News.
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The post Amusnet Releases 40 Burning Hot Buy Bonus appeared first on European Gaming Industry News.
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PayDo, a leading global payment ecosystem founded by Serhii Zakharov – who at just 25 became one of the youngest CEOs approved by the FCA to run an Electronic Money Institution in the UK, announced a series of strategic infrastructure launches designed to dismantle the costly complexity of modern payment stacks.
The releases—Direct SEPA & SEPA Instant access, USD SWIFT Accounts, Dedicated C2B Open Banking Collections Accounts and Direct VISA and MasterCard Acquiring—are not standalone products, but integrated components of PayDo’s unified platform.
For the first time, online businesses can access this comprehensive suite under a single contract, one technical integration and with a dedicated account manager, eliminating the operational burden of managing multiple providers.
The launches directly address the primary pain points of payment fragmentation: high costs from intermediaries, slow settlement times, compliance overhead and loss of control. By securing direct memberships and building proprietary technology, PayDo now offers businesses enterprise-grade infrastructure with the agility of a FinTech.
The new services include:
• Direct SEPA & SEPA Instant: As a direct SEPA member, PayDo provides native European processing with no intermediary routing. This ensures faster, lower-cost euro transactions with immediate settlement capabilities via SEPA Instant.
• USD SWIFT Accounts: Online businesses can now receive dedicated USD account details via the SWIFT network, significantly reducing delays and fees associated with cross-border USD transactions, a critical need for a variety of cross-border operating online businesses.
• Dedicated C2B Open Banking Collections Accounts: A pioneering innovation, this service revolutionises how businesses receive payments. It enables instant, direct bank-to-business transfers from customers, offering an alternative to card networks with correct funds tracking and allocation, lower costs and real-time settlement. Functionality supports processing of +100,000 daily transactions.
• Launch of Direct Acquiring: PayDo is now a principal member acquirer for both Visa and Mastercard. This direct relationship removes a layer of intermediaries, reducing processing costs, improving authorisation rates and giving merchants greater control and transparency over their card payment flows.
These services are delivered within PayDo’s unified ecosystem, which also includes its signatory innovation – non-redirect E-Wallet checkout. This earlier innovation provided merchants with full friendly-fraud protection without any rolling reserve requirements. The new ecosystem approach allows companies in sectors like e-commerce, IT services, marketplaces, gaming and other Fintechs to streamline their entire financial operations, turning payment management from a resource drain into a competitive advantage.
Serhii Zakharov, CEO and Founder of PayDo, said: “For years, businesses have been forced to stitch together a patchwork of payment providers, each adding cost, complexity, and delay. We believe the future is not in more fragmentation, but in intelligent unification. These launches are not just new features; they are the foundational pillars of a coherent ecosystem. We are giving our clients direct control over the core rails of finance—from SEPA and SWIFT to card acquiring and Open Banking—all through one partnership. This is how we eliminate the hidden tax of fragmentation and empower businesses to scale globally with clarity and efficiency.”
PayDo’s ecosystem now processes over €5B annually for over 1000 businesses, leveraging its full regulatory compliance in the UK, Canada and the EU. The company’s direct infrastructure model is proving that the next wave of Fintech growth will be driven by consolidation and seamless integration, not further division.
The post PayDo Launches Unified Payment Infrastructure Suite for Digital Businesses appeared first on European Gaming Industry News.
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