LeoVegas launches new open banking payment option
LeoVegas has announced its latest payment method that will allow players to use open banking transactions on the website. An open banking payment solution allows consumers to share their transaction history. This announcement makes LeoVegas the first gaming operator in the UK to allow the usage of this method. Moreover, this solution will bring many benefits for both the players and the operator. LeoVegas will be adding this method to their own platform, hence allowing players to have a new method of payment.
This kind of payment solution has many different benefits including better security and much faster payments. Transaction fees are also expected to be lower. On the other hand, this is bad news for affiliates or providers operating in this space since there will now be less dependence on third-party payment providers. About 10% of players have decided to switch to open banking in order to make payments on LeoVegas.
This solution is solely available in the UK for now, although LeoVegas is set to launch across the rest of Europe sometime in the near future. It would not come as a surprise if other brands start to see the benefits of open banking payment solutions and decide to switch to using it as well.
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. We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.”