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The future of casinos is taking the route of cashless gaming, as evidenced by the recently digitalized payment process.
Digital gaming operator Light & Wonder (NASDAQ: LNW) is not left out, announcing a partnership with open banking payment operator Trustly to incorporate cashless in-person deposits into its retail locations.
Under this deal, Light & Wonder’s cashless solution, RAPIDPLAY, will be coming to casino floors, while Trustly’s part involves ensuring the online payment process for players is seamless.
In a Trustly and Light & Wonder news release, Vice President of Gaming at Trustly, Inc. John Parsons praised Light & Wonder’s commitment to creating innovations to improve customer experiences.
“Light & Wonder stands at the forefront of the global gaming industry, crafting unparalleled gaming experiences across its diverse divisions. The introduction of RAPIDPLAY, leveraging our In-Person Payments feature of Trustly Pay, marks a pivotal innovation for direct funding of games from player bank accounts via personal devices. We are proud to collaborate with Light & Wonder to deliver quick and secure instant payments on the casino floor.”
By using Trustly to provide the RAPIDPLAY cashless payment option, partner casinos will be able to increase their overall profitability. The news release said that a major advantage would be the enhanced effectiveness of casino floors due to a decrease in cash transactions.
Key takeaways
- The rise of cashless transactions in casinos stems from the change or evolution of customers’s preferences, which means that satisfying this want equates to providing sublime customer service.
- The adoption of cashless payment systems in casinos varies by location, regulations, and the preferences of casino operators. In some regions, mostly the US, cashless payments are already widely used and accepted at physical and of course, online US casinos. While in others, they are still facing regulatory hurdles.
- Post-pandemic came the heightened use of a cashless system, wading off the use of physical cash, setting a pace for a reduced theft risk, and providing valuable data insights into player behavior and spending patterns.
- Despite the pros of cashless betting, it brings challenges like impulsive betting and privacy concerns.
Trustly is in the business of providing a seamless payment solution
Using the capabilities of open banking, Trustly has crafted a cashless payment solution for in-person transactions, simplifying deposit processes for players.
Without requiring payment or player cards, registrations, or app installations, Trustly’s in-person payment service, coupled with Trustly ID, ensures compliance with Anti-Money Laundering (AML) regulations by leveraging bank-standard Know Your Customer (KYC) data. This system guarantees swift player identification, transaction approval, and KYC validation in real-time, all completed in under 10 seconds.
“Trustly is the leader in Online Banking Payments with a proven track record in online sports betting, and we’re proud to work with them to power our cashless solution on casino floors. Cashless is the future of in-person gaming, and we’re proud to pioneer the solutions that continue to drive innovation,” said Jon Wolfe, president of global systems and services at Light & Wonder.
With over 650 million customers and 12 thousand banks in over 30 countries, Trustly has partnered with reputable gaming operators like:
- DraftKings
- FanDuel
- Station Casinos
In financial news, Light & Wonder’s Q4 and full-year 2023 earnings were praiseworthy. Light & Wonder’s Q4 reported a 13% increase, while the full year 2023 saw 16% growth from 2022.
The company attributed this growth to all its businesses, specifically its iGaming sector, which significantly contributed to the numbers.
