Koin Payments can enhance the player experience in the cashless-gaming environment.
The Las Vegas-based provider of digital wallets designed for casinos helps the gaming industry focus solely on improving the player experience by emphasizing the importance of user-centric design and service in the cashless gaming environment, according to Maner Puyawan, chief innovation officer for Koin.
The casino industry has lagged behind other industries when it comes to cashless payments, but has been making strong progress following the pandemic, Puyawan said. “The evolution of cashless in the gaming space will continue to gain momentum. It will begin to be adopted quite quickly by consumers already accustomed to using cashless payments today. At Koin, we’re focused on making sure that the experience will be as familiar and seamless as possible.”
People use their phones for all their cashless transactions today and expect to have the same ease and convenience when they go to the casino, Puyawan said. Offering a cohesive omnichannel experience, meanwhile, is critical in the gaming industry.
“Our vision is to provide a seamless application for the players to sign up for one account they can use for all gaming activities they want to engage in, including slots, table games, and online sports betting,” Puyawan said.
Koin is not only for gaming, but is equally available for other amenities in the casino, such as entertainment, dining, and shopping.
“We ensure it is one seamless experience for a customer, avoiding multiple applications that have to be opened every time they want to gamble or pay for a meal or make a retail purchase,” Puyawan said.
In the highly regulated gaming sector, Koin ensures compliance with security with strict adherence to all regulatory standards.
“Gaming regulations need to be supported, along with rigorous financial-industry compliance requirements,” Puyawan said. “Koin’s wallet and payments are linked with banks that allow payments for gaming, so security and compliance are paramount to us. It’s imperative that we make sure the payers get the best value, while ensuring they can transact securely with total compliance.”
To create an optimal player experience with best-of-class compliance and security, Koin established a strategic relationship with Euronet, a provider of electronic-payment services globally. Euronet has become an equity investor in Koin.
“Because of their sheer size and experience in the payment space, we’re leveraging a lot of Euronet’s experience, skills, and tools in terms of security and compliance,” Puyawan said. “We follow their lead for global best practices.”
Gaming-industry experts have joined Koin and are guiding jurisdictional compliance. There are some key challenges in integrating diverse and advanced payment options in the gaming industry and Koin has a strategy to overcome these challenges, Puyawan said.
“When you think about gaming and payments, there are going to be challenges,” Puyawan said. “They are two separate industries and have separate regulations and compliance requirements. Technical challenges take the form of integration with vendors and casino operators. We need to adhere to complex regulatory and compliance challenges. But nothing eclipses the challenge of ensuring the end user is happy through an experience that’s both intuitive and fluid as possible. We’re constantly focused on these critical customer-facing requirements and are confident we’re well equipped to face these challenges, not only today, but well into the future.”
Koin is playing a strong role in future-proofing the gaming industry. As it evolves with the use of cashless gaming, the company is committed to making the user experience as seamless as possible, Puyawan said. Koin is not just a payment instrument for the gaming industry, but also a payment solution for day-to-day activities.
“Our focus is also on future-proofing the product,” Puyawan said. “We understand where the market is shifting and are constantly viewing experiences through the mindset of the player.
“Having 20 years of experience in mobile wallets and mobile payments outside the gaming industry, I see that the future of Koin in the industry is bright, because of our collective experiences in gaming and payments,” Puyawan said. “We have an opportunity to provide the best cashless product in the gaming industry.”
