Traditional gaming sites are fraught with friction points. Upon entering a new site, for example, players must first register an account, which often involves filling out lengthy forms. About one in four drop out during this step, according to Jumio’s “Mobile gaming registration and deposit abandonment” study.
SAMUEL BARRETT director of gaming at Trustly, started his gaming career more than seven years ago at Clarion Events, where within three years he became head of sales and was managing the biggest gaming show in the industry. Before joining Trustly, Samuel held management roles at various payments businesses.
Even then, a successful registration doesn’t guarantee that players will proceed with a deposit. In fact, CRM specialist Optimove has revealed that only one in three players who register make a deposit within 24 hours.
Finally, the part that should be the most rewarding for players — the withdrawal — is perhaps the step with the most friction. That’s because players often have to submit copies of identification documents, and the experience can vary greatly depending on factors like the amount of the pay-out, the country in which the gaming took place and anti-money laundering compliance requirements. On top of that, the pay-out itself can take several days.
Removing friction
With the aim of removing these friction points, in 2015 Trustly developed Pay N Play, a product that lets players start playing their favourite games right away with one quick deposit from their online bank.
So, how does it work? Simplicity is the watchword here. Upon entering a gaming site, players can make a deposit directly from their online bank via our embedded iframe. During this process, we verify their identity and pass on important KYC data to the operator, which then creates the player account in the background. When the time comes to withdraw funds, players can either retrieve their winnings with one click or the operator can automate instant withdrawals directly to the players’ bank account.
It’s faster for players, and because Pay N Play combines the registration and deposit steps, it reduces abandonment rates, significantly boosting operators’ ROI on acquisition and reactivation, all the while keeping them compliant. In fact, gaming sites that use our solution have seen 16% more transactions per player and 17% higher ATV per player compared to traditional gaming sites.
Barriers across borders
This concept has set a new standard for what players expect from a gaming site, but there are still barriers preventing the concept from thriving in all markets across Europe.
The foundation of Pay N Play is an online bank payment, though not all markets have embraced this payment method yet. While some markets — among them Sweden, Finland, Germany, Denmark and Estonia — show a high preference for paying this way, other markets such as France and the UK show relatively little awareness.
This, however, is changing. According to Worldpay’s Global Payment Report 2017, bank payments are forecast to grow substantially over the next five years, surpassing both credit and debit cards in popularity. The growth is likely to be driven by the development of more convenient digital authentication methods required to log into a bank account.
As new European markets embrace online bank payments, models like Pay N Play will proliferate, stripping away the hassle previously associated with gaming and leaving nothing but pure fun.
COMPANY PROFILE
•NAME TRUSTLY •FOUNDED 2008•SECTOR FINTECH •WEBSITETRUSTLY.COM•TWITTER@TRUSTLY