Secure Trading, the online payments specialist, has announced a partnership with Berlin-based payment product developer, Funanga.
The partnership gives Secure Trading exclusive reselling rights to Funanga’s new payment method, Cash to Code.
The solution allows players to deposit money without additional registration or sign-up, a credit card or bank account, instead using cash at one of thousands of retail locations across Europe. Players select a deposit amount within the app and a barcode is generated that can be presented at their chosen POS, allowing them to pay in cash and instantly have their gaming account credited.
Seth Iorio, chief executive officer and founder of Funanga, said: “Cash to Code helps gaming operators to offer their customers an instant, compliant and convenient way to pay with cash. Cash is the most universal payment method because it’s the simplest and most trusted and our innovation simply brings it back into play in the digital world.”
As a single-redemption, closed-loop payment method, Cash to Code operates differently to e-money products, giving operators the assurance that the solution is already aligned with pending changes in payment and anti-money laundering regulation. Because the transaction takes place at the till, the solution is naturally as safe from fraud as any other in-store purchase – with the additional protection of know-your-customer features in the app.
Bryan Blake, head of gaming at Secure Trading, said: “The product combines everything you expect from a sophisticated payment app – slick, intuitive, content rich features – based on the most common payment method in the world.
"By making cash payment as instant as a digital transaction, operators are giving themselves an edge above the competition, unlocking the door to a previously unapproachable market.”
