“ Our comprehensive security measures reduce vulnerabilities and enhance data protection across all payment channels . VIP Mobility employs stringent controls and additional checks to prevent fraud , ensuring a secure user environment .”
— Steve Ritchie , Chief Revenue Officer , Pavilion Payments
Adaptability is one of the best features of the Koin digital wallet experience , Larkin says . A customer can add a bank account or any of a multitude of preferred payment options , depending on operator capability and need .
There are certification and regulatory barriers that make it difficult to rely solely on bank and credit cards for the gaming experience , which would detract from the convenience side . And the Koin digital wallet makes several different payment options available , along with detailed spending tracking capabilities , addressing both efficiency concerns and security concerns head-on , Larkin says .
VIP Mobility digitizes the TITO ticket . “ Patrons can scan their winnings directly by quickly scanning the ticket into the app . They have the option to leave their funds in their app balance or transfer it directly to their bank accounts if they link their VIP Preferred account ,” Ritchie says .
Bank or debit cards alone cannot provide the seamless and integrated experience that VIP Mobility offers , Ritchie says . “ Our app allows customers to fund their slot or table games directly from their mobile phones , and by linking their VIP Preferred account to the app , patrons can transfer their winnings directly to their bank account . This level of integration and immediacy is unmatched by traditional bank or debit cards .”
In theory , cashless can mesh well with different products throughout the property — with the right partners .
“ Unfortunately , we have seen operators that lack a cohesive digital strategy settle for point solutions from multiple vendors , and the result does not mesh . Worse , as our data and consumer studies across many industries show , true value to patrons requires that mesh to be real ,” Newsom says .
Companies such as Everi exist at the intersection between bank regulations and gaming regulations , as both a licensed gaming company and a licensed money transmitter . “ We use the same banking switch infrastructure used by some of the largest banks in the U . S . at the same time that we are acting as the merchant of record for transactions ,” he says .
Yet each consumer segment will key off different factors , and those will determine how well or poorly adoption , usage , performance and other metrics do , Newsom says . “ Consumers are increasingly looking for convenience , real-time payments , lower costs , better experiences ... as you would expect . We have certainly seen amazing response from patrons in our own CashClub Wallet across many properties , but I would still say it is early in the adoption cycle as many operators and regulators are wrestling with change .”
With all that said , there will always be a segment of the gambling population that prefers more traditional forms of payment , like cash , Swissman says . “ Although , I believe that segment will continue to shrink , especially as cashless payment technologies become more intuitive and integrated into the existing gambling experience .”
It ’ s a matter of player preferences . “ We strive to provide solutions to appeal to all of them ,” Ritchie says . “ Some patrons prefer playing with cash , so we offer our VIP Financial Center kiosks . These kiosks are powered by VIP Preferred and allow players to utilize ATM , TITO tickets , cash advance , and e-check services . However , we see that VIP Mobility adoption is growing as cashless technology becomes more common in other aspects of life .”
The introduction of most new technology follows a similar path , Koin ’ s Larkin says . “ There are early adopters who are eager to be at the forefront of the next evolution , and those who may be a bit more reluctant to cast aside systems they ’ ve grown used to over the years . What tends to happen is that as the early adopters embrace the technology , those who may have hesitated to jump aboard are able to see real , tangible evidence of its success , and become more encouraged themselves to join us . So overall , change can certainly be slow , especially big change .”
Working Out the Kinks
Patrons also have their apprehensions .
Convenience , friction , costs ... these continue to be issues people have concerns about , and they vary by jurisdiction and property for a myriad of reasons , Newsom says . The status of remote enrollment . Presence of a content management system . Ease of moving funds . Provider licensing . Fees to load a wallet . Are funds held for any length of time ? Ease of access . Is there a deposit or spend limit ?
Seeing technological advancements in action tends to magnify the importance of making improvements in other areas , Larkin says . “ So , when a customer , for example , is impressed by how much more convenient Koin makes their gaming experience , it leads them to think : Now , why can ’ t these other improvements that are important to me happen , too ? And in a way , that ’ s a positive thing , because cashless technology was developed to improve the customer and operator experience , so we are eager to learn what areas they feel are important to improve upon .”
Pavilion Payments uses VIP Preferred ’ s bank-grade security to ensure swift and secure transactions , protecting patrons ’ information , Ritchie says . “ Our integrated system seamlessly connects casinos , financial institutions and gaming platforms , both on-site and online . Our comprehensive security measures reduce vulnerabilities and enhance data protection across all payment channels . VIP Mobility employs stringent controls and additional checks to prevent fraud , ensuring a secure user environment .”
Gaming is one of the most highly regulated industries in the country , and each jurisdiction can potentially have its own rules and regulations .
“ We use this to our customers ’ and partners ’ advantage , though ,” Larkin says . “ With individual jurisdictional regulations varying not just in fact but by degree , we build our technology according to the strictest safeguards , across all jurisdictions . On top of all that , our technology is regulated by separate , very strict federal banking laws designed to protect customer data . Between the two , we are ensuring that we have the strictest technical safeguards possible in place .”
The easier it is for someone to engage with cashless technology , the higher its adoption rate will be , Swissman asserts .
As with all things in life , practice makes perfect , Larkin says . “ The more integrations that occur , the more we ’ re all able to learn and improve — both by replicating best practices and knowing what to improve upon if we do encounter inefficiencies .”
26 Global Gaming Business JULY 2024