AptPay and NRT Technology launch instant payout service for the casino and gaming industry
By Edlyn Cardoza
AptPay, a payment processor disrupting how companies send money from across the street to around the world, has partnered with NRT Technology and Mastercard to enable casinos and online gaming sites to instantly disburse winnings into a bank account, prepaid card or mobile wallet for guests and players.
This service, called smartSEND, will be available to all land-based and online casinos in North America via NRT Technology and will be launched at the Global Gaming Expo on October 5th. The solution uses Mastercard Send, a global push payments platform that enables funds to be sent securely and near real-time into any payment card or account.
According to Accenture, nearly 420 billion transactions worth $7 trillion may shift from cash to cards and digital payments by 2023 and as much as $48 trillion by 2030. With this rapid shift to digital, businesses are looking to speed up the process for disbursing funds to the end customer.
Suganthan Vishnu. Krisnarajah, President of AptPay, said, “In an ever-evolving payment ecosystem the end goal has always been to make payments faster and more secure, AptPay has been able to do both with our direct connection to the networks. We have combined the approach of a Fintech and a Regtech, where compliance is key in protecting both consumers and businesses alike. With the AptPay solution, not only do we provide real-time disbursements, but we also rigorously monitor transactions and keep bad actors out of the flow. The key difference between our system and that of traditional disbursements is that our service is available 24/7/365 including evening and weekends.”
The gaming and gambling industries continue to grow, with the global gambling market expected to reach revenues of $525B by 2023. As the digitisation of the gambling industry accelerates, largely enabled by mobile and online gambling, customers at land-based sites seek personalised services and offer maximum efficiency. smartSEND is designed to address these needs and provide a better and more enhanced entertainment experience to customers.
Michael Dominelli, President of NRT, adds, “This is one of several key strategic initiatives for NRT. Expanding our payments eco-system is front of mind as we work to continually improve the guest experience revolving around payments and information intelligence. Our smartSEND solution is integrated into various casino touchpoints within the customer journey and removes the friction traditionally associated with paying out winnings by enabling instant and easy payouts.”
The AptPay platform has enabled NRT Technology to offer clients a seamless, one-stop instant payout service across touchpoints, both for in-person and online environments – where convenience and safety are key.
IBSi Daily News Analysis
May 31, 2023
UPI transactions will dominate retail digital payments in India by 2027, PWC study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage