In this conversation with Koin CCO Scott Carcillo, we delve deeper into exploring how cashless payments are transforming the iGaming landscape. We take a closer look at the opportunities that cashless payments present for both businesses and customers, and how Koin is moving forward in creating solutions that are efficient, convenient and reliable. Keep reading to know more.
Q: Scott, can we start by telling us a little more about how cashless payments have been an important solution in the gaming industry and why?
For both the customer and the operator, the cashless system offers a much more comfortable and secure experience than traditional cash transactions. The gaming industry, with its unique regulatory requirements coupled with complex and diverse technologies, has lagged behind other industries that have already adopted cashless technologies. Koin, in essence, is bringing to the gaming industry a network of integrated cashless and digital wallet technologies that consumers have already become accustomed to in all other aspects of their daily lives.
Koin has made rapid progress in the cashless gaming sector, learning from those who initially pioneered this space. Our approach has been significantly shaped by these early insights, which have been crucial in refining both our design and the consumer experience. Our partnership with Euronet has been a key factor in this development, allowing us to combine their world-class payment solutions with our own expertise. Consequently, we have created a superior cashless payment solution that works seamlessly online, on-property and across properties as a single, seamless, integrated payment ecosystem.
Koin enables cashless use in retail establishments, slots, table games, sports betting and restaurants, and allows customers to pay both within and between properties. Kion’s approach creates an unsurpassed experience for players, guests and operational teams.
Q: Has the brick-and-mortar sector been open to the introduction of cashless gaming and what are its biggest advantages for businesses and consumers?
The adoption of cashless technology in the traditional gaming sector, although initially gradual, is now gaining momentum with a sense of urgency. In the early stages, as with most technological advances, there was a mix of enthusiasm, hesitation and cautious interest. Early adopters played a crucial role in demonstrating the practical benefits of cashless systems. Even though some of the early solutions lacked the seamless sophistication that consumers know in traditional and online retail, these pioneers have been key in convincing initially hesitant or skeptical operators of the merits of cashless technology.
As more operators witness the transformative impact of cashless gaming, change is accelerating. There is growing recognition that to remain competitive and meet player demands, adopting cashless technology is not just an option, but a necessity. The benefits for businesses and consumers are compelling and multifaceted.
For businesses, integrating cashless systems translates into greater operational efficiency. It allows operators to focus more on the core aspects of running a gaming business, such as improving customer service and gaming offerings, rather than managing cash-related complexities. This change also provides greater security by reducing the risks associated with handling and storing large amounts of physical cash.
From a consumer perspective, cashless payments align with the convenience and efficiency they experience in other aspects of their lives. It addresses common pain points such as long waits and high transaction fees, allowing for a smoother and more enjoyable gaming experience. This alignment with lifestyle trends and consumer expectations is critical to the growth and evolution of the sector.
Q: What are the biggest challenges facing the gaming industry today when it comes to payments?
Industries that are highly regulated face significant compliance hurdles (and rightly so). This is one of the challenges for any technology adoption in the gaming industry. The world of payments in general has undergone a dynamic evolution over the last decade, and many advanced features of this evolution are now being integrated into the gaming industry. We are witnessing a rise in various payment options, including cashless systems, alternative payments, real-time transactions, cross-border payments, credit solutions and buy now, pay later options.
Just a few years ago, gaining traction in the market was a challenge, with only early innovators exploring cashless payment solutions. However, we now have clear evidence of the benefits these systems offer both operators and their customers. The current challenge lies in identifying and implementing the most effective strategy for each operator.
We believe the most successful approach is one that digitally nurtures both sponsors and employees, ensuring the program creates the greatest possible impact. We achieve this by collaborating closely with our clients in an incremental manner, using digital journey mapping to strategically plan for the future. This careful and deliberate approach is key to ensuring the best possible results.
Q: Besides cashless payment, what other payment solutions are there that are currently changing the fabric of the gaming industry?
In the changing landscape of the gaming industry, the rise of cashless transactions marks a fundamental shift, indicating a transformation in operating norms. This shift towards a cashless digital ecosystem is not just a fleeting trend but a fundamental shift, aligning the gaming industry with the broader movement towards a digital, mobile and consumer-centric world.
The highlight of this transformation is the focus on emerging technologies that, like Koin, offer truly omnichannel and cross-functional capabilities. These next-generation solutions are not only vying for market dominance, but also working to create a seamless, fully integrated digital payment experience that transcends the boundaries of traditional gaming.
By adopting omnichannel and cross-functional solutions, the gaming industry is embracing a level of functionality that consumers have long experienced in other areas of their lives. This integration brings a holistic approach to the gaming experience, allowing consumers to interact and transact across multiple platforms and verticals seamlessly. It is an important step forward in creating a unified and cohesive user experience that reflects the interconnectedness of the digital age.
Q: How will you proceed as part of the Koin team and what are your immediate plans for the future?
I am honored to join a great company in Koin with a world-class global investor and partner in Euronet. With strong partnerships already in place with Plaid, Shift4 and others, my goal is fourfold: first, strengthen and expand our partnership ecosystem to deliver end-to-end solutions globally; secondly, to leverage our world-class sales team, ensuring we meet growing demand; third, focus on our ecosystem of customers, partners and prospects on a global scale; and fourth, continually explore other markets for emerging gaming trends, collaborating with our product team for continuous innovation.
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