Trustly set to revolutionize cashless payments for land-based casinos
Trustly has unveiled a new product for businesses designed to meet the growing need for cashless gaming at land-based casinos and sportsbooks. Trustly Live is a new app that the company has been working on for the last four years and was originally available only in Sweden but has now been expanded into the European and American markets.
The app lets players make instant deposits from–and instant withdrawals to–their bank account. All it requires is their mobile phone and access to their online banking.
Trustly has been working with online casinos since its foundation in 2008 but this new app marks their first venture into the world of land-based, brick-and-mortar casinos & sportsbooks.
The aim of the tool is to help land-based casinos keep up with the ever-changing habits of consumers which means that cash is being used less and less within our daily lives. This change may be exacerbated even faster due to the current pandemic which has seen concerns over the hygiene of coins & cash come to the forefront of debate. Many countries have already extended the cap on contactless spending in shops and supermarkets. Trustly’s CEO Samuel Barrett believes that cashless payments will take ‘center-stage’ when life returns to normal and the pandemic subsides.
How do I use Trustly Live?
The app works by utilizing QR codes that can be placed anywhere inside a casino (including at the tables themselves). You simply choose which game you want to play and scan a QR code which will generate a custom numerical code and deposit the money. The croupier will then ask you to confirm your code and you’re good to go.
Similar to the process of depositing, once you confirm your code, your winnings are back on your account. There are no payout limits and credit cards. Though be aware that the cashier or croupier will be able to see your KYC information as well as the red flag if you have self-excluded from gambling and take back your money instantly.
There are advantages to using Trustly Live for both businesses and consumers. For the former, Trustly Live can help strengthen KYC and AML checks, ultimately helping them enhance the trackability of their players and meet increasingly strict regulatory requirements. It also helps maximize profits by eliminating the costs associated with cash handling, which is typically around 5%. As consumers are not required to provide apps, credit cards, or cash, the accessibility is increased as the barriers to play are streamlined and made less obtuse or invasive.
First launched in Stockholm in 2008, Trustly rapidly gained notoriety throughout Europe and the USA because of their innovative Pay N Play system, allowing users to quickly deposit and withdraw from their bank accounts while they play. Connected to more than 3,300 banks, they also have a massive client list that includes Glitnor's flagship brand “LuckyCasino”, and NeonVegas.