How should iGaming view the payments sector?

How should iGaming view the payments sector?

Tuesday, August 4, 2015 Totally Gaming
EPA chief Tony Craddock wants to look closer at the link between gaming and payments at EiG

The way the gaming industry views the payments sector will be an area of great interest for a senior representative of the latter at this year’s edition of EiG in October in Berlin, Germany.

Tony Craddock, director general of the Emerging Payments Association (EPA), will be one of the panellists in a workshop entitled ‘Mobile payments: Improving customer retention at payment level’ at Arena Berlin.

The EPA is a community of 73 alternative banks, issuers and service providers setting out to advance innovation in payments, and Craddock told TotallyGaming.com that he is eager to find out more about how the increasingly influential gaming industry views the sector he represents.

“I’m interested in finding out if gaming companies see payments as a costly inconvenience or a source of profit-enhancing solutions,” he said.

“If it is the former, then our community has a tough but important job on its hands to communicate that ‘pay tech’ now gives e-commerce and conventional retailers access to a stream of innovation that can make them more profitable and grow more rapidly at lower cost and risk.

“We are keen to engage in conversation with anyone who thinks they would like to contribute to our efforts to engage the gaming community in adopting more innovative payments products and services.”

While Craddock is not certain what the gaming industry wants from the EPA and its members, he believes that it is in the payments sector’s interest to realise the importance of the relationship. 

“iGaming is essential for some of our members, like Optimal and Skrill,” he said. “To the broader payments industry it is a source of significant margin that is growing at a healthy rate.

“While payments people might not appreciate it, gaming is going to be vital to the prosperity of the payments industry in future.”

The EPA seeks to make the UK a global leader in payments innovation by attracting investment capital and creating a hospitable regulatory environment for innovators, new entrants and disrupters.

In June, it launched what it describes as “the world’s only incubator for early stage payments companies” in London and promotes the interests of its members to regulators and other institutions in what Craddock describes as a time of change for the sector.

“There have been three main changes to the payments processing industry,” he added. “New channels are opening up for users to take advantage of consumer-focussed services such as gaming.

“New regulations around limited networks are enabling payments platforms outside the traditional payment schemes to thrive.

“New competitors are providing gaming operators with a wider range of partners to enable customer transactions, some at a better price point and some adding value services to increase stickiness and purchase frequency and provide insightful data on customer behaviour.”

* EiG 2015 takes place at Arena Berlin from October 20-22. To find out more or register, please visit www.eigexpo.com.

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