Focus on Koin: A forward-thinking payment solution that is efficient, secure and user-centric

March 15, 2024 8:00 AM
  • Buck Wargo, CDC Gaming Reports
March 15, 2024 8:00 AM
  • Buck Wargo, CDC Gaming Reports
  • United States

Koin Payments is elevating the gaming experience by building a unified payment ecosystem for players and operators alike, according to COO Bob Woodbury.

In October, Woodbury joined the Las Vegas provider of digital wallets for casinos to further drive financial results by encouraging innovations in the company’s proprietary technology and by leading a dedicated team toward the unifying goal of introducing the technology to more markets and partners across the country.

An industry veteran with deep knowledge of and experience in long-term planning, payments innovation, and P&L initiatives, Woodbury joins Koin after leading the network and security division at FIS Global, and serving as senior vice president and general manager at NYCE Payments Network. Woodbury helped deliver the first mobile transactions in an American debit network in 2009, partnered with e-retail giants to help facilitate domestic networks’ first ecommerce transactions, and managed the deployment of the largest real-time loyalty redemption network in the country.

“What I saw in Koin was their advanced technology as being a key to bringing all of my background in a focused way into the gaming industry,” said Woodbury. “Koin is not just about doing payment transactions but about transforming how players make payments in a way that complements and enhances the entertainment experience. Our vision is to create a payment ecosystem that is both engaging and seamless. Convenience, security and innovation are at our forefront, and we plan to elevate the entire gaming experience and set a new standard.”

With Koin, patrons can utilize a digital wallet to fund and access their accounts in any way they choose – including ACH transfers, debit cards, Venmo, and others. Simultaneously, operators who partner with Koin can access a complete account management system, while reducing merchant processing fees for all cash-out and similar activities.

Woodbury shared that their primary goal at Koin is to bridge the gap between gaming and financial services by creating a unified payment solution that embraces operational efficiencies for the operators as well as improving the user experience for players.

“We’re focused on creating a platform that’s robust, adaptable and forward thinking,” he said. “We’re not only keeping pace with the industry around payment trends, but actively shaping them for the gaming community.”

When looking at the personnel that make up Koin, you see people with a deep understanding of both the payments industry and unique needs of the gaming industry, Woodbury said. Using advanced technology, the Koin platform is designed to be flexible and allow for easy integration over a wide range of systems. That seamless integration ensures that users can enjoy a frictionless payment experience whether at the casino or out shopping. At the same time, they provide operators with connected data to optimize their offerings and build lasting loyalty that extends beyond the gaming floor, he added.

“Koin offers a suite of advantages, primarily among them is the increased operational efficiency and enhanced customer loyalty,” said Woodbury. “Our solution reduces the complexity and costs associated with managing multiple payment sources. We provide a single streamlined platform that handles everything from transactions processing to security. Initially, we offer a more efficient and engaging payment experience combined with the data insights that extend beyond the casino. Operators can attract and retain more customers and ultimately drive more revenue and growth.”

Koin transcends the traditional payment methods by focusing on the player journey from start to finish and not just facilitating transitions, Woodbury said. It’s about enhancing the whole experience, such as offering instant deposits and withdrawals, loyalty rewards integration, and seamless play and payments for slots, tables and online sports. In addition, it’s the same for purchases at property retail merchants and with a Koin Mastercard made available players can conduct transactions anywhere.

“User-centric design is at the heart of everything we do at Koin,” said Woodbury. “We prioritize user experiences with every decision we make, from product deployment to customer support, by continuously listening to and incorporating customer feedback. We ensure that the solutions not only meet their current needs but also anticipate future trends and preferences. This approach drives innovation and excellence across our operation.”

Koin’s innovative technology serves as the backbone for a new era of gaming experiences, Woodbury said. They change that by allowing patrons to access additional funds without leaving their game. By facilitating effortless payment integration, the platform lays the foundation and groundwork for the next generation of payments, he explained.

Security and compliance are foundational to Koin’s operation. The company employs a multi-layer security strategy to protect user data and transactions and compliance is equally as critical to Koin, which adheres to the strictest regulatory standards ensuring solutions meet all the requirements, Woodbury said.

“Our commitment to security and compliance not only protects our users but builds trust with our partners,” he noted.

Koin believes the gaming industry is at a crossroads with digital transformation, regulatory changes and evolving consumer preferences changing its future. The company is positioned to lead this dynamic environment with its innovative technology, user-centric approach and a dynamic all-star team of experts across gaming and payments, said Woodbury.

“We’re not just responding to trends but anticipating them,” he said. “We’re ensuring Koin remains a trusted partner for operators and an integral part of the gaming community’s future. Our solution in this space is going to transform the gaming industry.”