Over the years, the online gaming industry has been quick to adopt new technology. From innovative gaming software to modern payment options, suppliers and consumers benefit from the commitment the industry shares to constantly push the boundaries of what the online iGaming market can do.
Recently, some operators have become “Pay N Play” sites, giving players the option to deposit in real-time and withdraw winnings instantly without registration or verification. It may sound too good to be true, but customers in certain regions can bypass these processes with special services from businesses like the Swedish fintech company Trustly.
As laws and legislation about gambling start to catch up to technological advances, online gaming sites have become more strict about sign-up requirements as well as concerns about Responsible Gaming (RG). Web security, authentication and RG are prioritizations for modern gaming operators, so having fast and accurate registration and verification systems, a variety of secure payment methods, and adhering to changing laws are all crucial, if not time-consuming.
Pay N Play is one of the ways online gambling sites streamline all of these concerns while remaining KYC and AML compliant. For players with complaints about increasingly complex customer verification and long wait times for authenticating policies keeping them away from new sites, Pay N Play could be the solution.
How it Works
Founded in 2008 out of Stockholm, Trustly is an online payment method that works to link banking information quickly and easily. Consumers can use Trustly to act as a middle-man between them and online stores to approve transactions, similar to PayPal. Trustly uses partnerships with payment processors like PayPal, TransferWire, and Skrill to facilitate its Pay N Play method.
Players can simply choose a Trustly-affiliated online casino that offers Pay N Play and doesn’t require an account, then initiate a deposit. After that, it’s as easy as selecting the right bank (Trustly boasts connections with more than 6,000 international banks), entering the account or log-in information and completing the deposit. Any personal information that Trustly uses doesn’t pass through third-party software and isn’t stored by the casino, so it’s direct and secure.
Present and Future Excellence
While banking services for online gambling sites is just one of the services Trustly provides, it is one that is growing in popularity. This year, they announced a partnership with Softswiss, an iGaming software developer, to push the Pay N Play payment technology and draw new partners.
This joining is a perfect match, considering Trustly won the 2020 MPE for Best PSIP, AISP, a new category highlighting innovations bringing open banking to online merchant circles. Leon Dhaene, Chairman of the MPE awards, commented on Trustly’s win, saying, “the jury was seduced by Trustly’s achievements and efforts to provide a secure, simple, and fast payment method in three clicks.” Casinos that are working with Trustly to use Pay N Play technology are listed on trustlycasinos.net where details about withdrawals and region limitations can also be found.
A New Standard
Some Pay N Play sites require players to create an account, but what Trustly offers, ultimately, is the convenience of avoiding most of the registration requirements and currency specifics. Because of KYC laws, every site must collect information to verify identity and assess financial risks associated with each customer and this means players leave a trail of personal information on every site they use.
Pay N Play options could help cut down on this trail and speed things up in a secure way for gamblers who like to play across multiple platforms. For new sites and new players, it could be a more encouraging route for people to spread their interests. In the iGaming industry in general, it could be the next standard payment method, benefitting both operators and players with a new kind of user experience.