AptPay and NRT Technology launch instant payout service for casino and gaming industry
As mobile and contact-free payment methods increase in popularity, consumers expect safety and convenience when sending and receiving money in every type of setting. Payment tech services are not missing out when it comes to satisfying these expectations, especially if you’re looking to get involved in gaming.
Developments unveiled at Global Gaming Expo
One of the best examples of payment processing companies pivoting to meet the market were the ways in which customers engaged with exhibits on display at the Global Gaming Expo in Las Vegas.
These exhibits and educational seminars at the Venetian Expo demonstrated how mobile payments have grown in almost every sector across the planet, including the gaming industry, which was previously dependent on more traditional payment methods.
Talking with Nasr Sattar of NRT Technology and Sham Syed of AptPay at the Global Gaming Expo, Timothy Montgomery of MasterCard stated the most dramatic shifts in consumer behaviour regarding payment methods had taken place over the previous year and a half.
Montgomery went on to say that essentially every major retail industry has begun making the shift to mobile payments, with most industries averaging at around a 10% increase in the number of digital payments they’ve processed.
Montgomery called the shift “amazing” and added that along with the new focus on digital payments, many customers are also transitioning to peer-to-peer payment systems, enabling them to transfer money out of their accounts instantly.
MasterCard helping to lead the charge
MasterCard is helping lead the charge by investing in P2P apps like SquareCash and Venmo, letting consumers move funds between mobile accounts and their personal bank accounts.
MasterCard also recently unveiled its new MasterCard Send service, which allows customers to instantaneously disburse money into their checking account using a prepaid bank card.
Rather than wait for the usual two to three business days for a P2P payment to complete or for a cash balance to finish transferring to your bank account, MasterCard’s send services allow consumers to transfer funds within mere seconds, with money arriving in their bank account via debit card payment almost instantaneously.
The service uses a single application programming interface (API) connection for each of its United States customers’ debit cards.
Even though the gaming industry still continues to rely largely on cash, MasterCard’s Montgomery stated that the company is leading the charge when it comes to addressing customers’ transition to online payments made for things like esports, fantasy football and sports betting.
In the educational seminar, “Betting On Faster Payments: The Future of Digital Payments,” keynote speakers highlighted the transitions happening in the world of finance tech, which impacts not just the gaming industry, but a wide variety of other industries, too.
Instant payment processing on expenditures
Much of the conversation at this expo was concentrated on the newly released service known as “SmartSend”, which is supported by MasterCard Send to transfer the money instantaneously to a customer’s bank account, mobile wallet or bank card.
Although plenty of game service corporations showcased their new online payment capabilities at the gaming expo, NRT Technology, a software and hardware company, impressed audiences by showing SmartSend in action at a self-serve kiosk set up on the show floor.
To develop SmartSend, NRT Technology chose to join forces with AptPay, a finance technology payment processing company. The dynamic duo invented SmartSend to let online gaming sites and casinos instantly disburse players’ winnings to their bank accounts, mobile wallets and bank cards.
The main thing that distinguishes SmartSend from other disbursement services, is the fact the service is accessible around the clock, including nights and weekends, according to a statement made by AptPay.
During the educational seminar, keynote speaker Nasr Sattar, who serves as the senior VP of innovation for NRT Technology, stated that he believed the ability to complete transactions in a matter of seconds, while resting assured that your transaction is receiving the highest degree of security, is what makes the product irreplaceable. Sattar emphasised both the safety and security of every transaction.
Applications outside gaming
With all of this being established, the developers noted that this technology has a variety of applications for sectors aside from the gaming industry. During the educational seminar, the CEO of AptPay Shams Syed stated that the technology could be applied in “many, many” areas outside of gaming and gambling, including offering businesses the ability to disburse payments to their staff.
Sham says that as long as the person receiving the money has a bank account, they can receive money instantaneously.
Security is a top priority
One thing each of the speakers on the panel agreed on was that not every service is as fast and reliable as another.
According to Sattar, this is why AptPay and NRT Technology decided to partner up with MasterCard, ensuring the highest degree of both speed and security on every transaction.
To make sure each transaction is secure, various technology companies have unveiled services to help vet transactions to flag any potential fraud. According to Sattar, one area in which the gaming industry has the edge over others in transitioning to online payments is that standards for compliance have already been well established.
This technology is sure to make online gaming and gambling an even safer, more secure experience for players and help ensure that the process of placing bets is smooth and painless.
In addition, the ability to access funds almost instantly provides a significant value to customers who will no longer have to wait several business days before they can access their earnings. The added convenience of technology like this has the potential to dramatically change the industry for the better.