Canadian payment process AptPay is working with NRT Technology and Mastercard to allow casinos and online gaming sites to disperse winnings instantly into guests’ or players’ bank accounts, mobile wallets or prepaid cards.
The companies announced the launch of smartSEND in a news release Friday (Oct. 1), saying it was scheduled to launch at the Global Gaming Expo on Oct. 5. smartSEND uses Mastercard send, a global push payments platform that sends funds securely in almost-real time to any payment card or account.
Citing data from Accenture, the companies said that nearly 420 billion transactions, valued at $7 trillion, could switch from cash to card and digital payments by 2023. By the end of the decade, that figure could balloon to $48 trillion.
“In an ever-evolving payment ecosystem, the end goal has always been to make payments faster and more secure, AptPay has been able to do both with our direct connection to the networks,” said Suganthan Vishnu Krisnarajah, president of AptPay. “We have combined the approach of a FinTech and a RegTech, where compliance is key in protecting both consumers and businesses alike.”
The companies note that as payments change, so too does the gaming and gambling industries, with global gambling revenues expected to hit $525 billion by the end of 2023. As the industry becomes more digital, players at land-based sites will want services that are personalized and offer better efficiency.
“This is one of several key strategic initiatives for NRT. Expanding our payments ecosystem is front of mind as we work to continually improve the guest experience revolving around payments and information intelligence,” Michael Dominelli, president of NRT, said.
“Our smartSEND solution is integrated into various casino touchpoints within the customer journey and removes the friction traditionally associated with paying out winnings by enabling instant and easy payouts.”
The announcement comes just one day after the Latin American payment giant SafetyPay and the gaming and sports better firm Betcris revealed their own collaboration, allowing players to make online deposits and cash payments using banks or cash collection points.