Mobile gambling operator and live mobile casino specialist LeoVegas has today announced that it is to offer more secure and quicker payments for players in a new Open Banking transaction announcement that will utilise the EU’s Second Payment Services Directive.
The move will be a first for the gaming industry and will open up the opportunity for LeoVegas to integrate open banking transactions with its own technical processing platform.
In addition, the new avenue of payments will bring about more security and quicker transactions for customers making payments from their own bank accounts.
What’s more, open banking is not only more cost effective for the operator, but will also provide a reduction in dependency on other payment processors, which in turn may result in greater competition and overall cost reductions.
LeoVegas, with immediate effect, has launched open banking via the Second European Payment Services Directive in the United Kingdom gambling market, presumably as an initial trial period, but is already reporting that around ten percent of players are already making use of the new open banking payments option.
First In The Industry
LeoVegas’ Group CEO Gustaf Hagman commented on the announcement and what it means for the firm and customers:
“Secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2 (the Second European Payment Services Directive) – have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed.
Conducting transactions via open banking is also considerably more cost-effective compared with traditional payment methods.
There is a high level of activity in our product and technology development organisation, and it is exciting to see all of the innovations we are delivering to our customers.
We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.”
At present, there are a number of popular payment methods that online casinos use to process deposits and withdrawals, including Visa, MasterCard, PayPal and Neteller, but this new solution is expected to roll out across core European markets and become a primary source of transactions for many people moving money to and from gambling operators.
What is PSD2?
‘PSD2 stands for the EU’s Second Payment Services Directive, which aims to develop the market for electronic payments and thereby create better conditions for secure and effective payments. Open banking is one aspect of PSD2 and entails that actors open up and share information with each other. The opportunities afforded by open banking include coupling together business models that together form a new ecosystem for payments, creating added value for customers.’