PaySafe Adds New Payments Option for the Online Gaming Space

Article by : Erik Gibbs Apr 30, 2024

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With the recent introduction of PaySafe’s pay-by-bank offering for online gamblers in the US, players now have access to enhanced payment flexibility and speed, addressing a growing demand for more convenient payment solutions.

This new solution allows US online bettors to seamlessly secure funds instantly at operators’ cashiers directly from their online bank accounts.

Integrated into PaySafe’s Gateway, the company’s iGaming payments solution, this offering significantly expands the capabilities available to both players and operators in the US market.

The decision to introduce this feature was driven by the increasing demand from American players for greater payment choices. By enabling online gaming operators to offer Pay by Bank to their customers, first-time users can now sync their checking or savings accounts in seconds and securely fund their player accounts in real time.

For returning bettors, the process is further streamlined, with Pay by Bank supporting one-click payments from linked accounts.

A notable advantage of Pay by Bank is its support for rapid payouts directly to linked bank accounts with just a single click. This addresses a common frustration among online gamers, who often express dissatisfaction with the speed at which they can access their winnings.

Despite the growing popularity of online sportsbooks and gaming platforms, instant payout options remain relatively rare, with delays of up to 24 hours not uncommon, as highlighted by the PYMNTS Intelligence report “Generation Instant: Gamers and Winnings.”

The findings from this report underscore the significant interest among online gamers for streamlined payment processes, with 79% expressing a preference for instant disbursements.

Pay-by-bank solutions are increasingly gaining traction, with 36% of US consumers already utilizing this payment method, according to research from “Tracking the Digital Payments Takeover: Consumer Familiarity Controls Account-to-Account Payment Growth.”

Convenience emerges as a critical factor driving consumer satisfaction with account-to-account (A2A) payments, particularly in peer-to-peer (P2P) use cases. Established platforms like PayPal, Venmo and Cash App have set a high standard for user-friendly experiences, with satisfaction rates exceeding 60% among A2A payment users.

PaySafe’s introduction of the pay-by-bank option for US online gamblers marks a significant advancement in online gaming payments. By offering enhanced flexibility, speed and security, this solution addresses key pain points expressed by players while aligning with the broader trend toward instant, streamlined payment experiences.