Revamping Casinos with Trustly: A Simpler, Faster, and More Secure Approach
Exploring Trustly: Different Strokes for Different Cashless Transactions
Cashless gaming has been around for a while, but the unique solution provided by Trustly, a fintech company specializing in Open Banking Payments, is taking the industry by storm. According to Darren White, Director of Gaming at Trustly, this new approach simplifies the process of going cashless in casinos, making it more accessible and frictionless for both operators and players.
White points out that previous attempts at cashless gaming were not entirely successful due to a complex enrollment and usage experience.Trustly's solution, on the other hand, is much more straightforward.
"The biggest issue I've noticed in the industry is that, although everyone uses payments in their everyday lives, they've never been part of the casino floor," White said. "There's confusion about what exactly constitutes a digital payment versus a custodial account product like e-wallets. They serve a purpose, but what we're doing with Trustly is the difference between the ice maker and the ice tray. We're the ice maker. What do you need an ice tray for?"
Trustly's innovative technology allows casino management systems to put credits directly onto the gaming device, eliminating the hassle. Its Pay By Bank feature is designed to restore operators' faith in cashless gaming, as it is frictionless by design.
"This is disruptive technology for those developing wagering account wallet and e-wallet products that require KYC processing," White added. "We are taking progressive steps. First, let's get money directly transferred onto the machines through a feasible digital payment, and then we'll progress people to a wallet (in the future). The app and the wallet have so much friction that it just didn't work with little adoption."
With Trustly, players don't need apps, account sign-ups, or player cards. Instead, they simply scan a QR code and log in with their online banking credentials, as 96% of Americans have a bank account. This eliminates the need for ID verification at the cage.
Trustly's guaranteed payments ensure that funds are accessible immediately, as the solution is a direct bank payment that connects operators with consumers directly. The company prioritizes player security and confidence, ensuring a seamless identity verification process.
"We have partnerships with several notable gaming companies, including Light & Wonder, IGT, Konami, Acres, CasinoTrac, FanDuel, Hard Rock Digital, and Station Casinos," White stated. "We enable cashless, in-person transfers to casino floors using Light & Wonder's RAPIDPLAY powered by Trustly, offering instant transfers from player bank accounts via personal devices."
Trustly's approach addresses the limitations of previous cashless systems by providing a more efficient, regulatory-compliant first step. It simplifies compliance compared to newer fintech alternatives, making it easier for casinos to implement cashless gaming without a complete overhaul of their payments infrastructure.
| Feature | Trustly | Traditional Cashless ||--------------|------------------|----------------------|| Speed | Instant direct-to-machine funding[1] | Requires account transfers || Payment Method | Direct bank linkage[2] | Preloaded cards/accounts || Compliance | Built for existing banking laws[3] | Often requires new regulatory approvals |
This streamlined approach particularly benefits players who seek immediate, secure access to funds without managing separate casino accounts, a persistent pain point in older cashless implementations.
[1]Source: Trustly, Immediate Funding for the Digital Wallet
[2]Source: Trustly, Pay by Bank
[3]Source: Trustly, Regulatory Compliance
- Trustly's innovative solution in casinos, bypassing the need for preloaded cards or accounts, is simplifying the process of going cashless, making it more accessible and frictionless for both operators and players.
- Darren White, from Trustly, emphasizes that the company's technology allows casino management systems to put credits directly onto gaming devices, eliminating the hassle of managing separate casino accounts.
- Trustly's Pay By Bank feature is designed to restore operators' faith in cashless gaming, as it offers immediate, direct-to-machine funding and is built for existing banking laws, simplifying compliance compared to newer fintech alternatives.
- Players no longer need to use apps, sign up for accounts, or carry player cards when they can simply scan a QR code and log in with their online banking credentials through Trustly, as 96% of Americans have a bank account. This not only enhances security but also provides an immediate, seamless gaming experience.
