The Future is Bright, The Future is Paytently: Super-charging the iGaming Payments Experience

Exciting new advances in technology and consumer engagement trends now mean that the iGaming industry has the opportunity to expand and scale-up quicker than ever before – and maximise the customer experience in key aspects like payments, the lifeblood of any operator.

So we caught up with Sophia P, Head of Product for innovative payments business, Paytently, to tap her expertise and hear her thoughts on the opportunities for creating the most optimised payment solutions in the industry and, most importantly, understand how operators can best leverage these to power their growth.

Considering the diverse needs of both players and operators in the iGaming industry, what are the key factors that contribute to a first-class payment experience?

“Creating a first-class payment experience in iGaming hinges on understanding and addressing the distinct, yet sometimes opposing, needs of players and operators. 

“Players prioritise swift, frictionless transactions. They desire quick deposits and withdrawals, minimal interaction, and immediate account crediting. Any delay or complication can significantly impact their gaming site preference. However, their need for speed doesn’t overshadow their demand for security. Players are quick to abandon payment methods that don’t instil a sense of safety.

“On the other side, operators focus on maximising successful transactions while minimising costs, maintaining compliance, and ensuring security. They seek solutions that understand their unique challenges, from navigating complex regulatory landscapes to managing fraud and data security. 

“The real challenge lies in aligning these two worlds – providing players with the seamless experience they crave, while meeting the operators’ stringent requirements for security and compliance. Emerging technologies are the game-changer here, innovatively automating friction points for players, without compromising the security and regulatory needs of the operators. This delicate balance is the cornerstone of an exceptional payment experience in the iGaming industry.”

With fast-changing consumer expectations, mixed with evolving technology and increasingly stringent regulation, how does Paytently ensure they’re still able to build a good, customer-centric product?

“At Paytently our approach to product development is deeply rooted in understanding and addressing the evolving needs of our customers. Our foundation lies in a profound grasp of what drives our customers, their challenges, and the specific demands of the markets they operate in, including the unique needs of their end-users. 

“We constantly reassess and deepen our understanding, ensuring our solutions are not just trendy but genuinely address real-world problems.

“We are lucky to have a team lead by some outstanding industry veterans and experts, who place significant focus on staying abreast of the ever-changing compliance and regulatory landscapes. This expertise is crucial in crafting products that excel in complex environments, enabling our merchants to navigate these waters effortlessly.

“Our product roadmap is a blend of strategic foresight and agile responsiveness. We set clear, long-term objectives and maintain flexibility to adapt to emerging opportunities. However, although we are guided by our ambition, we always ensure we are providing real value to our customers every step of the way. 

“We recognise that true innovation isn’t born from playing it safe or adhering to the status quo. 

“We’re on a mission to disrupt the financial landscape, fully aware that this path involves taking significant leaps in technology and service. Yes, this means we might encounter a few failures along the way. But this is OK. In fact, it’s a vital part of the journey. 

“By embracing fast execution, rapid prototyping, and a rigorous analysis of our failures, we’re constantly refining our approach. This mindset, coupled with our commitment to providing consistent and impeccable service, fosters a culture rich in experimentation, creativity, and calculated risk.

“We believe the rewards–both for us and our clients–will far outweigh the challenges. It’s this blend of daring innovation and dedicated service that propels us forward, ensuring the long-term success and value we bring to the fintech space.”

The emergence of AI means that businesses now have the opportunity to be more efficient than ever and scale at a faster rate. How can this new tech be best leveraged in the fintech space?

“AI is revolutionising the fintech space, especially in payment orchestration. It’s transforming the way we process, analyse, and understand transactions. By automating processes and optimising success rates, AI is not just enhancing efficiency but is opening doors to a myriad of opportunities for both us and our clients.

“One of the key strengths of AI lies in its ability to track and analyse transactions in real-time. This capability provides deep insights into customer behaviours, payment trends, and operational nuances. The result is the ability for businesses to make swift, data-driven decisions that optimise success rates while keeping costs low. Furthermore, AI’s capacity to automate decisions and routine tasks significantly reduces reliance on manual resources. This streamlining leads to unprecedented scalability, as AI systems efficiently handle large transaction volumes without an increase in errors or processing time.

“Another area where AI excels is in its ability to detect and prevent fraud. Through analysing vast datasets, AI can identify patterns indicative of fraudulent activities, flag suspicious transactions in real-time, and thereby reduce the risk of fraud and chargebacks.

“Perhaps most excitingly, AI holds immense potential in predictive analysis. 

“It can forecast future trends in fintech, allowing us and our customers to stay ahead by anticipating changes in user preferences, market dynamics, and regulatory shifts. By analysing thousands of data points across the payment lifecycle, spending behaviours, and external influences, AI offers crucial foresight for strategic planning, keeping us a step ahead of the competition.”

Away from AI, what other new trends in technology are you excited about in the iGaming payments space? And how will this impact the products you develop going forward?

“Beyond AI, there are several technological trends that excite us at Paytently, each at different stages of the tech hype cycle. From crypto and blockchain gaining steady traction, to emerging technologies still sparking initial curiosity, the potential for innovation in iGaming payments is immense.

“One area that is often overlooked is the intersection of payment technology with hardware advancements and the Internet of Things. 

“Technologies such as 5G, biometric verification, wearable tech, and voice activation present unique opportunities to redefine payment experiences. 

“By thinking beyond traditional methods, it’s possible to tap into these advancements to enhance user engagement, accelerate payment processes, and improve accessibility. This includes streamlining processes like KYC, making them more efficient and user-friendly.

“The surge in mobile payment sophistication is another trend that shouldn’t be overlooked. Developing products that integrate seamlessly with mobile payment systems is a top priority. We’re focused on creating frictionless user experiences that align with the evolving landscape of mobile payments, including interactions with trending apps and new systems. Our aim is to ensure our solutions are at the forefront of mobile payment innovation.

“Additionally, the maturation of crypto and blockchain technologies holds great promise, especially in the iGaming sector. As these technologies stabilise and find their footing, their potential in offering fast, frictionless, and secure payment solutions becomes more apparent. We’re particularly excited about reaching new markets through crypto as well as the opportunities Web3 innovations bring, like enhancing customer experiences.

“At Paytently, we’re continuously exploring a range of diverse tech frontiers, ensuring our products not only keep pace with the latest trends but also set new standards in the payments space. The future is bright. The future is Paytently. And we’re eager to be at the forefront of these exciting developments.”

Editor’s Note:

It’s a real blessing and privilege to get Sophia’s insight on how modern advancements in technology can be leveraged by our iGaming industry to create a first-class payment experience.

But it’s key to note that before operators are able to do this, they must first gain a true understanding and be adaptable enough to address the evolving needs of their customers.

Exciting new tech, such as AI, has the ability to revolutionise the fintech space, especially in payment orchestration. And Sophia believes that it will transform the way we process, analyse, and understand transactions. 

Through automating processes and optimising success rates, AI is not just enhancing efficiency but is opening doors to a new world of exciting opportunities for the iGaming industry.

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