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As gaming continues to evolve and explore digital channels, new cashless apps are being developed to support the needs of the changing gaming industry landscape and provide a more seamless customer experience. But, what impact will this have on players and operators? We explore the growing demand, how it’s being met, and the potential outcomes.
The Growing Demand for Cashless Payment Options
Though cash is still very much prevalent in the gaming industry and society in general, it’s noticeably becoming less accessible. Across the UK, around 300 cash machines are closing down each month because they are no longer profitable.
Recent research from Paysafe highlights the changing nature of payment methods. Their data shows consumers are increasingly using digital payment methods over more traditional methods. For instance, 50% of their survey respondents used a digital wallet for online purchases, more than credit or debit cards. Paysafe also conclude that “the ease of mobile payments will no doubt continue to pave the way for new and exciting payment innovations to succeed.”
With fewer cash machines and the reduced need for cash, consumers have come to expect cashless payment options more and more. So, when a business does not accept cashless options, customers are likely to take their business elsewhere. BCG research reinforces this, and shows that cash intensive economies tend to grow slowly and miss out financially, whereas those that switch to digital are far more successful. By switching to digital, annual GDP can rise as much as 3%.
Therefore, when it comes to gaming and amusements monetisation, there is growing opportunity to meet the needs of consumers demanding cashless methods. Being able to accept payments seamlessly can be provide a number of benefits for both gamers and operators alike.
Meeting the Demand: Gaming & Amusements
To meet the growing demand for cashless payment options, Bacta’s National Council has recently endorsed a development budget to bring a cashless app to the gaming and amusements market before the end of 2019.
This system in particular is made up of an app which utilises Near Field Communication to transfer money from a player’s digital wallet to the gaming machine. Winnings will then be returned to the phone. The payment system architecture is said to be highly secure with end to end encryption, and the future in the industry is looking positive:
Bacta’s President, James Miller stated:
“Thanks to Greg Wood and other members of his committee, we have negotiated a great deal on terms that are highly competitive and which secure the interests of the membership in both gaming and amusements for the long-term.”
How Might Cashless Apps Impact Gambling?
Today’s developments in cashless payment technology were not foreseen when the Gambling Act 2005 was put together. However, as a general rule the Gambling Commission state they “are supportive of innovation, provided the way in which it is done is consistent with the licensing objectives”. The legislation does permit operators to make cashless forms of payment available.
The Impact of Cashless Apps on Gamers and Operators
There are many benefits that come along with the development of cashless apps for gaming and amusements – none more so than it is creating a positive user experience for gamers. Though its name may be ‘cashless’, it doesn’t necessarily mean cash cannot be used. It simply opens up a variety of payment options for the user. This means they have a more flexible, seamless experience, whether they wish to use a digital wallet or not, the choice is theirs.
When customers have more choice, customer loyalty is likely to increase. An uninterrupted, secure experience is likely to encourage them to engage with a game and return to play in future. It also offers a competitive edge to the operators who are willing to adapt to change. It will therefore be interesting to see what is next for cashless app development in the gaming and amusements industry, as well as how it changes gamers’ overall experience.
The article was produced in collaboration with TVC Leisure, a leading supplier of gaming and amusement machines.
Source: Latest News on European Gaming Media Network
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