NYSE-listed payments provider Paysafe has introduced Pay by Bank for iGaming to allows U.S. online bettors to instantly deposit funds and cash out winnings directly from their bank accounts.
This new feature boosts Paysafe’s Gateway, which acts as a complete payments solution for U.S. iGaming operators that brings together various payment methods. With over 25 years of experience in iGaming payments, Paysafe added Pay by Bank in response to a clear demand for more payment options among U.S. players.
Pay by Bank joins other Paysafe services like card payments, Skrill digital wallet, Paysafecash online cash solution, and third-party payment products in the Gateway. This addition could draw more users since, according to Paysafe’s research, 27% of bettors prefer direct bank transfers.
Zak Cutler, President of Global Gaming at Paysafe, said: “We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for U.S. operators, with the product’s impressive transactional speed and robust security. Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”
Pay by Bank simplifies the deposit process for first-time users by allowing them to link their bank accounts in seconds for real-time, secure funding. Returning users can make one-click payments from their linked accounts. Withdrawals are equally streamlined, enabling quick payouts directly to the players’ bank accounts with one click.
For operators, Pay by Bank minimizes risk with indemnified transactions, reducing liability in case of defaults. Coupled with faster transactions and improved security, this feature is designed to help operators boost both player acquisition and retention.
Paysafe deepened its collaboration with Visa last year, integrating the latter’s network tokenization service. With the integration, merchants using Paysafe’s platform can now facilitate various types of transactions including payments and refunds more securely across Europe, thanks to Visa’s network tokens. These tokens are intended to be stored and transmitted securely, potentially reducing the risks associated with data breaches and interception attacks.
