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PayNearMe’s Deal With Trustly Is Good News For US Online Casino Customers

Written By J.R. Duren | Updated:
Digital Banking Concept Zeros And Ones

Online casino and sports betting fintech company PayNearMe announced a partnership with Trustly, a Swedish tech firm specializing in connecting online gaming accounts to banks. The partnership will improve bank deposits and withdrawals on PayNearMe’s MoneyLine payment platform, active in all seven US online casino markets.

The news is important for online casino customers because it makes it easy to deposit money from their bank into their iGaming account and vice versa. In an email to PlayUSA, PayNearMe EVP Michael Kaplan said:

“PayNearMe’s partnership with Trustly is significant for online casino players because it allows them to make deposits from their bank account — in real-time — without the hassle of entering their account or routing number. This provides players with a fast, reliable deposit method while reducing risk and providing guaranteed funds for operators.”

The partnership should be welcomed news for PayNearMe’s online casino partners, which include BetMGM, DraftKings, FanDuel and Caesars.

Key takeaways:

  • PayNearMe and Trustly will help online casino bank deposits and withdrawals go smoothly.
  • Frictionless deposits and withdrawals are a key part of customer retention.
  • PayNearMe allows iGaming deposits from sources such as bank accounts, credit cards, PayPal, and Venmo

Why the PayNearMe-Trustly partnership matters for online casinos

In the world of online casinos, making life easy for customers is incredibly important for retention.

Imagine that someone is signing up for an account in the PA online casino market. They download BetMGM’s iGaming app. If there’s an error in that download process or it takes too long, BetMGM has roughly a 1-in-4 chance of losing a customer, Kaplan said.

“When it comes to deposits, players want to see a successful payment made on the first try,” he said. “Our latest research revealed that 23% of players who experienced a declined deposit payment left the app or site they were on and never returned.”

But let’s say the download goes smoothly. The customer opens the BetMGM Casino app and sets up an account. Part of that account setup process is choosing a funding source.

If a customer is hesitant to use a credit card because they don’t want to go into debt over online casino gaming, bank transfers are crucial.

If there’s any issue in that transfer process — a player’s bank isn’t listed as an option, there’s an error when trying to connect to their bank — then BetMGM or any of the 15 other online casinos that PayNearMe works with could lose a customer.

PayNearMe’s partnership with Trustly should ensure new online casino customers can find their bank, connect to it and make instant deposits and withdrawals without issues, according to a news release.

“We are at a point in the industry where the top operators are starting to separate themselves from smaller operators largely due to the resources they have to put into perfecting the product,” Kaplan said. “The payment experience — including frictionless deposits and withdrawals — is part of the product and those that don’t keep up will be left behind.”

Some of the additional features that PayNearMe offers to US online casinos include:

  • Allowing deposits from PayPayl, Venmo and Apple Pay
  • Providing in-person cash deposits at retail casinos to fund online casino accounts
  • Cardless account withdrawals from ATMs

Companies making a push with US online casino partners

Over the past six weeks, PayNearMe and Trustly have signed two key deals. In early April, Mohegan Digital tapped PayNearMe to be the exclusive payment platform for their Pennsylvania online casino.

Earlier this month, Trustly inked a deal with Light & Wonder to contribute its proprietary technology to Light & Wonders’s launch of cashless in-person deposits at retail casinos.

Photo by Chor muang/Shutterstock
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J.R. Duren

J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.

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