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Alternative Payment Methods Should Bring Innovative Approach

12 September 2020, 10:32
Votes: 2

The SBC Summit Barcelona – Digital has provided the opportunity for all involved in the iGaming business to find out about the latest gambling news in every sector, including payments, and discuss them with the industry colleagues.

Alternative Payment Methods Should Bring Innovative Approach

During the conference, speakers have told viewers about their concepts of alternative payments. Although their opinions on this topic slightly differ, they have agreed that alternatives should be smart and easy for customers. The new era of payments will consist of various technologies, including cryptocurrency. Banks will need to adapt to new conditions, as all processes will be transferred to the digital world where merchants won’t have the necessity to visit brick-and-mortar financial institutions.

Customer segmentation is a solution

According to Lior Segal, a Vice President of Gaming Innovation and Development at SafeCharge, segmentation is the best method to find alternative payment methods because it minimizes offering. It requires an understanding of the market and users’ parameters. Isabelle Delisle, a Head of Group Payments, Pinnacle, has added that it is better to focus on smaller and more specific solutions. As for the number of methods, experts have different opinions. Some of them said that 4-5 would be enough. Lior Segal has noted that this number is required at the beginning, and user profiling will help to decrease it to one in the future. Other speakers think that everything depends on the market and a company’s strategy.

Vasilije Lekovic, a Director of Gaming Accounts at Trusty, supports the idea that changes in payments are inevitable. For example, some markets have already implemented new APIs and verification methods. However, the future of payments is even more promising, as they will be seamless, will change customer behavior, and help to solve consumers’ problems. They will be used not just for financial transactions but also for the registration process, which will allow users to skip this boring procedure.

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