The partnership, announced Monday (Sept. 22), is designed to allow for instant payouts and seamless deposits into iDEAL, the Dutch instant payment system.
Using Trustly’s open banking network and access to Dutch instant payment schemes, JOI gaming players can withdraw winnings around the clock, with money sent directly to their bank accounts in real time, the companies said in a news release provided to PYMNTS.
“With industry data showing that players view payout speed as critical, this move positions JOI gaming ahead in a highly competitive market,” the release added.
Research by PYMNTS Intelligence, from the report “Sure Bet: Accelerating Gambling Payouts Makes Everyone a Winner,” found that while 79% of gamblers prefer instant payouts, just 49% have access to that option.
“Real-time payouts offer advantages for online gambling operators, despite the initial investment required. Instant payouts not only streamline operations and reduce costs, but they also boost customer satisfaction and engagement,” PYMNTS wrote late last year.
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“According to the report, players who receive their winnings instantly are more likely to reinvest those funds in further bets, creating a cycle of continued play and fostering loyalty.”
Aside from the speed of the payouts, Trustly and JOI say their collaboration bolsters player trust, with Trustly’s direct, encrypted transfers reducing the risk of fraud and supporting strong know your customer (KYC) and anti-money laundering (AML) requirements.
“The partnership with JOI gaming strengthens our position as the leading payment provider for online gambling in The Netherlands,” said Vasilije Lekovic, vice president of gaming at Trustly.
“With instant payments, iDEAL, and open banking data in one package, we’re confident we’ll add value for JOI gaming and its players.”
PYMNTS Intelligence collaborated with Trustly on the recent report “What Consumers Need for Pay by Bank to Catch On.”
The report found that a simple knowledge gap, rather than cost or convenience, could be the reason open banking payments haven’t yet gained traction the U.S., with 56% of consumers saying they weren’t even aware that the option exists.
“The figure dwarfs every other reason consumers cite for not trying the service, including worries about entering banking information online or a preference for debit cards,” PYMNTS wrote on Monday.
“The data finds that pay by bank, often described as a direct-from-account alternative to card payments, is a solution waiting for a problem. Consumers show they can be swayed by discounts, loyalty benefits and cash back offers. However, those incentives don’t matter if half the market doesn’t realize the option is on the table.”
