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iGaming payment systems At Sigma Europe 2023 – No paperwork, no borders

Payment security in iGaming in crucial and some companies are fighting harder than the rest. Let’s take a deeper dive into what they’ve been up to.

Online payment methods in iGaming are a critical aspect of the industry. No matter what product it is, you need a secure way to deposit. The methods serving the industry always ensure swift, secure, and user-friendly transactions. Also, the legality of this industry is quite muddy in different regions of the world.

This makes achieving the dream a little harder than it already is. Thankfully, the companies behind the payment methods are consistently working on making things better. These innovative solutions are highlighted at events like SIGMA Europe 2023.

Many iGaming payments platforms gather at SIGMA to showcase their latest developments. In this post, let’s look at the top 5 attendees from the fintech sector this year. We’ll dissect the method itself and shed light on how it’s planning to resolve the current struggles.

Praxis

Praxis, as a payment method, has emerged as a particularly effective option for the iGaming industry. It functions as a comprehensive payment gateway instead of solving just one problem. This holistic approach solves quite a few issues in the iGaming industry.

What sets Praxis apart is its ability to integrate seamlessly with multiple payment systems worldwide. It means you can complete transactions in various currencies, a must-have option if you want to explore global casinos.

Praxis payment options operate with a unique blend of flexibility and security. It supports numerous payment methods, including traditional bank transfers, credit and debit cards, and newer digital wallets.

Moreover, Praxis stands out for its robust security measures. It employs advanced fraud prevention techniques, including real-time transaction monitoring and risk management protocols. These features work in tandem to identify and mitigate fraudulent activities. It’s true for the players’ funds and their personal information.

Corefy

Corefy is a feature-rich payment orchestration platform designed for online businesses and payment institutions. It basically integrates payment providers and acquirers globally to offer a unified interface for communication, control, and management​​.

This global integration means you, as a customer, can make payments from anywhere, at any time, on any device. The best part is that you get to use various payment methods and currencies.

Of course, when such a large demographic is involved, fraud becomes a big headache. iGaming is one of the top industries that struggle with fraudulent transactions.

At SIGMA Europe 2023, Corefy unveiled its Firewall v1.0, a new tool designed to reduce fraudulent payments on its platform.

This update significantly enhances their platform’s security, particularly against cybercrime. The Firewall v1.0 operates on a rule engine that takes tree-based decisions and utilizes information about the transaction, merchant, and user to create a safe environment for fund transfers.

The system also allows merchants to create blocklists, grey lists, and allow lists for accepting payments from third-party platforms. If anything, it adds another layer of security.

Lastly, the processing engine sends data to the firewall at different stages of the transaction to prevent fraudulent data transfer​​.

Trustly

Trustly offers a suite of features that make it an ideal choice for the iGaming industry. It operates on an Open Banking payment model. The benefits of Trustly payment online casinos include low-cost transactions and guaranteed payments directly from consumer bank accounts​​.

The system in place allows consumers to make payments using their bank account without leaving the iGaming website or app. This not only guarantees payments but also streamlines the payment experience and minimizes processing costs​​.

The security features are also robust as they incorporate bank-grade financial data retrieval in real time for transaction approval. As a result, it reduces false declines and maximizes conversion rates​​.

The entire payment experience, from initiation to collections, is handled by Trustly. On top of it,  Trustly’s bank connectors safely tokenize consumer account credentials, adding an extra layer of security to protect sensitive financial data​​.

And about SIGMA Malta 2023, Trustly didn’t unveil anything new. But the hype around it’s newly introduced Azura was high. And of course, there was a long queue for its iconic coffee.

Zimpler

The Zimpler payment method belongs to a Swedish fintech company and it participated in SIGMA Europe 2023. It focused on their presence in Brazil and their product Zimpler Go under the theme “Unlimit your growth.” This event was an opportunity for Zimpler to engage with customers, participate in thought leadership discussions, and stay updated on industry trends​​.

Since the beginning, Zimpler’s payment solutions have been characterized by their seamless and instant nature. In the backend, it’s powered by open banking. Their system allows for instant and secure account-to-account payments, eliminating the need for cards and extra costs, thus significantly improving cash flow​​.

Key features of Zimpler include:

  • Zimpler SEPA Instant Payouts: This feature simplifies cross-border payments to bring money in seconds. That too without extra fees or tedious administrative processes!
  • High Transaction Limit: Zimpler supports high-value transactions without additional charges. Needless to say, it makes it suitable for high-stake environments like iGaming​​.
  • Security and Fraud Prevention: Zimpler ensures secure transactions by implementing the latest authentication methods and top-tier screening methods to minimize financial crimes​​​​.
  • Instant Payouts for Various Needs: Zimpler is equipped to handle instant payouts for diverse needs, including loan payouts, fund withdrawals, travel booking cancellations, salary payouts, and insurance claim payouts​​​​.

Paysafe

Paysafe, a prominent player in the online payment solutions industry, offers a comprehensive suite of services that are particularly beneficial for iGaming platforms.

The global payment system enables both consumers and merchants to send and receive payments across the world seamlessly​. Paysafe payment gateway and its diverse, digital wallets, and online cash solutions are complemented by mobile-initiated transactions and real-time analytics, driving business growth and customer engagement​​.

Key features of Paysafe include:

  • Scalability: Paysafe’s platform is highly scalable and it allows access to 120 markets globally. This feature is crucial for iGaming platforms that cater to a diverse, international audience​​.
  • Variety of Payment Methods: The method supports over 250 payment types and 40+ currencies.
  • Security and Fraud Protection: Paysafe ensures every transaction is protected with state-of-the-art security and advanced risk and fraud protection measures.

Conclusion

In the ever-changing world of iGaming, payment methods like Praxis, Corefy, Trustly, Zimpler, and Paysafe are crucial in addressing specific industry challenges. Each offers unique solutions, especially Trustly excels in offering low-cost, bank-grade secure transactions.

Zimpler, on the other hand, provides seamless, instant payment solutions with a high transaction limit.

Paysafe rounds out its offerings with its vast market reach and stringent security measures.

Together, these platforms provide comprehensive, secure, and user-friendly payment options, essential for the evolving needs of the iGaming industry.

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