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Payments in CIS Gambling Market: Trends and Challenges

7 November 2020, 11:08
Votes: 2

Speaking about payments in the context of the gambling industry, experts who have participated in the SBC Digital Summit CIS, have highlighted the major trends in this sector in the CIS region.

Payments in CIS Gambling Market: Trends and Challenges

According to some financial news, people have become more interested in digital payments because of the COVID-19 pandemic. However, according to the event speakers, the situation with payments is quite different in the CIS countries where gamblers still prefer cash.

Cash payments are more dictated by the cultural peculiarities

Experts confirmed the fact that the pandemic had urged users to pay attention to online payment methods. At the same time, operators should help customers to change their habits and educate them about the usage of bank cards.

Olga Golikova, Head of Billing at Parimatch, has provided the information that half of her company customers have used cash payments at least once. She has also noted that it isn’t surprising for the CIS market where people still like cash machines. Alexandr Bondarenko, CEO at Wooppay, has explained the reason for this, saying that gamblers prefer such payments because they don’t require identification, which is a new challenge for the industry.

However, for example, in Kazakhstan, the number of cashless payments has increased and accounts for more than 50% of all payments. Moreover, the young generation is accustomed to mobile payments because they don’t trust gambling websites and don’t want to provide their bank card number there.

Does digital currency have a chance to gain popularity in the CIS?

The speakers have also discussed another topic that is very important for the payments sector in the gambling industry: the future of the digital currency in the CIS. They have the same opinion on the development of this payment method in the region. According to Olga Golikova, only 5% of all payments are made via cryptocurrency. The main reason for this is the complexity of this method. That is why digital currency has slight chances to be adopted by users in the CIS gambling market.

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