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Exploring Alternative Payment Methods with Matt Sahakian and Dmitry Starostenkov

Exploring Alternative Payment Methods with Matt Sahakian and Dmitry Starostenkov

Payment methods continue to be an increasingly important part of the iGaming experience. Today we sat down with Matt Sahakian, CSO, Technamin, and Dmitry Starostenkov, CEO EvenBet Gaming, to talk about cryptocurrency and the adoption of mobile payments and the role of each. Read our entire conversation below in the industry and how emerging and developed markets differ in the adoption of payment solutions.

What affects the uptake of alternative payment methods like mobile payment services and e-wallets – are specific markets more receptive to them than others?

Matt Sahakian: “It all boils down to convenience. That’s what technology is for. To make things easier for us. Statistics clearly show that most people prefer to use their mobile phones and have everything they need at hand. This is undoubtedly the reason why mobile payment services have become more and more popular lately.

Electronic wallets follow the same logic. “If we look at gaming-related things, we will see that our industry is growing faster in terms of technology solutions that current hardware is struggling to keep up with. Unsurprisingly, alternative payment methods are coming along. Dmitry Starostenkov: “A variety of factors affect the enthusiasm that a given market will have in adopting new financial technologies. With mobile penetration increasing and mobile and data costs falling, fintech is becoming accessible to users who have limited access to traditional banking and more conservative online payment methods, particularly in the developing regions of Asia, Africa and South America.

“They are also more readily adopted in countries with younger populations. We see a pretty drastic difference if we compare India or Brazil to any European country.” “Finally, strict anti-money laundering and compliance policies could also be a reason for mobile fintech’s slow progress in more mature markets. The US is an interesting example; However, “cash is king” is a common phrase in states; given the country’s notoriously tough anti-money laundering stance, it could drastically improve its payment method in no time.

What opportunities does crypto present as a betting payment option?

“Cryptocurrencies are popular with gaming enthusiasts for two main reasons: they are ultra-fast and secure. This is why most iGaming companies these days equip their products and services with crypto payment systems. When processing payments, cryptocurrencies can offer greater flexibility than fiat casino payment options. Prices with these currencies are instant as they do not depend on intermediaries like banks. The same applies to transfers.

The absence of an intermediary between the user and the operator results in greater efficiency and speed. At Technamin, we firmly believe in cryptocurrencies and consider these blockchain currencies an inseparable part of our industry.

“It’s already widely used in all iGaming verticals. Many operators and payment processing providers allow users to deposit and withdraw using various cryptocurrencies and wallets.

In this case, there is little difference between converting a fiat currency that a dealer does not use. However, the unpredictable volatility in the crypto market makes it a less desirable means of payment, so a player cannot expect a hot conversion rate. “Another pain point with adoption tends to be a need for more understanding of the technology. However, online poker players tend to be a sophisticated demographic and are quite familiar with the cryptocurrency, with many already using Bitcoin. “In addition, over the past year, we have seen more and more ideas for online poker projects based on decentralized technologies.

This includes using tokens, creating NFT-based bots, and using decentralized AI to improve game mechanics. It’s only a matter of time before they gain momentum and attract an audience already committed to new technologies due to their use of crypto and a working understanding of blockchain.

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