LeoVegas has announced that players are now able to use open banking transactions on the site. LeoVegas is the first gaming operator in the UK to allow this. An open banking payment solution brings many benefits for both the players and the operator.
What is open banking?
An open banking payment solution like the one offered by LeoVegas allows consumers to share their transaction history. LeoVegas will implement this solution to their own platform, giving players a new way to pay.
Some of the benefits of this kind of payment solution include secure and faster payments. It is also expected that transaction fees will be lower. Of course, there will be less dependence on third-party payment providers which is bad news for affiliates or providers operating in this space.
A cost-effective option
Around 10% of players so far have decided to switch to open banking to make payments on LeoVegas.
Gustaf Hagman, Group Chief Executive at LeoVegas said: “secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2 – have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed.”
Hagman also suggested that the gaming industry is set to change as other operators follow suit. He added: “We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.”
This solution is just available in the UK for now but LeoVegas is set to launch across the rest of Europe. This brand might be the first to offer such a solution, but we don’t expect it will be long before others start to see the benefits of open banking payment solutions.