PayNearMe’s Trustly Partnership Significant for US Online Gambling Market

PayNearMe, a fintech company specializing in online casino and sports betting solutions, has announced a strategic partnership with Trustly, a leader in open banking technology based in Sweden. This collaboration aims to refine the process of bank deposits and withdrawals on PayNearMe’s MoneyLine platform, which is operational across all seven US online casino markets.

Michael Kaplan, Executive Vice President at PayNearMe, emphasized the significance of this alliance, stating, “Our goal is to partner with best-in-class providers to offer a single integration and platform for all our clients’ payment needs while ensuring they have a future-proof payments roap. As we continue to enhance the MoneyLine Platform, we’re excited to partner with Trustly, the leader in open banking solutions for the iGaming and online sports betting market.”

This partnership is set to make transactions smoother for online casino customers, facilitating easier deposits from banks into iGaming s and vice versa. It underscores the importance of seamless financial transactions as a critical element in customer retention for online casinos.

Quick, Hassle-Free Deposits and Withdrawals via Multiple Gateways

For a typical in the online casino market, for example, the initial setup of an iGaming could determine their continued engagement. Issues such as unavailable banking options or errors in connecting bank s can deter potential customers. The collaboration between PayNearMe and Trustly addresses these potential pitfalls by ensuring that s can easily find and connect to their banks, allowing for instant and error-free deposits and withdrawals.

PayNearMe’s integration with Trustly also broadens the range of deposit sources available to s, including options like PayPal, Venmo, Apple Pay, and in-person cash deposits at retail casinos. Additionally, the platform offers innovative solutions like cardless ATM withdrawals, enhancing the overall experience.

This move is part of a broader effort by PayNearMe to strengthen its position in the US online casino market. Over the past six weeks, the company has secured significant agreements, including an exclusive deal with Mohegan Digital in Pennsylvania and a partnership with Light & Wonder, which will see Trustly’s technology cashless in-person deposits at retail casinos.

These developments are part of a concerted push by PayNearMe and Trustly to their online casino partners, including major players like BetMGM, DraftKings, FanDuel, and Caesars, by reducing friction in financial transactions and enhancing satisfaction.

The partnership between PayNearMe and Trustly is a testament to the ongoing evolution in the online casino and sports betting industries, where technological innovation and customer experience are paramount. It promises to set a new standard for financial transactions in the gaming industry, ensuring that players have a smooth, reliable, and secure experience.

Source:

“PayNearMe Partners With Trustly to Enhance Open Banking Technology”, PayNearMe, May 7, 2024.