In the dynamic world of payment solutions, OKTO shines as a beacon of innovation and reliability. Since its inception, OKTO has been leading the charge in providing cutting-edge payment solutions uniquely tailored to the needs of online, retail and omnichannel gaming businesses.
In this exclusive interview with Simon Dorsen, Chief Commercial Officer (CCO) of OKTO, we delve into the company’s transformative offering for igaming, the cash-to-digital approach, the brand’s expansion into multiple geographies and its goals for the upcoming SBC Summit Barcelona.
SBC: How does OKTO’s diverse range of payment solutions cater to the unique needs of gaming and betting organisations in today’s competitive landscape?
SD: OKTO specialises in delivering comprehensive payment services that empower organisations to thrive in today’s competitive gaming and betting landscape. From eVoucher cash-based payment methods and payment gateways with local payment methods to cross-border transactions and cashless gaming solutions, we offer a diverse range of payment solutions customised to meet the specific requirements of our clients while considering regional nuances.
By leveraging the latest payment technologies and industry best practices, our goal is to help merchants streamline their payment operations, boost productivity, and achieve sustainable growth through digital payments.
SBC: Can you tell us about OKTO’s cash-to-digital payment solutions and how they are revolutionising the gaming industry?
SD: Certainly. OKTO is at the forefront of enabling cash-to-digital transformation for gaming businesses. We understand that some players prefer cash payments, so we provide seamless solutions that bridge the gap between physical and digital transactions. OKTO.CASH, our eVoucher payment method, is a prime example. It allows players to convert cash into digital, facilitating easy online gaming transactions while respecting their payment preferences.
SBC: Tell us more about OKTO.CASH, the eVoucher payment method. How does it work, and what benefits does it bring to online gaming operators?
SD: OKTO.CASH is designed to simplify the cash-to-digital transition. OKTO.CASH is a game-changing payment method that allows users to seamlessly top up their online gaming accounts with cash in real time.
Currently, it’s available in markets including Italy, Greece, Romania, and Cyprus. With further expansion of our reach imminent in Germany, Spain, Brazil, India, Serbia, and other regions worldwide.
Our goal is to offer an extensive network of physical points where users can convert their cash into digital funds, making online gaming more accessible and convenient for everyone. This method not only enhances player convenience but also allows operators to tap into a broader customer base, including those who prefer cash transactions.
Alongside, we’re taking things a step further to meet the demands of our merchant partners. We’re combining our eVoucher method, OKTO.CASH with our OKTO.WALLET solution for online transactions. This will provide instant withdrawals and Card-as-a-Service, addressing our partners’ needs.
SBC: Could you shed some light on OKTO’s payment gateway for online operators and its significance in the gaming landscape?
SD: Our payment gateway for online operators is a pivotal component of our offering for LatAm. It ensures secure, efficient, and compliant payment processing for online gaming platforms. With features like real-time KYC and AML integration, we help operators maintain responsible gaming standards while providing a frictionless payment experience for their customers.
OKTO goes beyond conventional payment solutions by simplifying payment aggregation across multiple geographies. With a single integration, gaming operators can tap into a wide range of local payment methods in regions like Latin America, including Brazil, Mexico, Argentina, Chile, Peru, and Colombia.
This not only streamlines financial operations but also offers players a more inclusive and convenient gaming experience by accepting familiar payment options. It’s a win-win situation that minimises complexity and maximises efficiency.
SBC: On the other side there is the cashless transition. As countries continue the journey towards becoming cashless societies, or at least majority cashless societies, what do betting operators have to do to adapt their offer?
SD: The transition to cashless societies presents a significant opportunity for retail betting operators to enhance their customer experiences and streamline their operations. To adapt their offer successfully, operators should focus on several key areas. First and foremost, they need to provide convenient and secure payment options that cater to the preferences of modern consumers. This might involve integrating digital wallets, retail payment gateways, or embedding wallet functions within existing mobile payment apps across all customer touchpoints.
Furthermore, operators should invest in omnichannel solutions that enable a seamless transition between physical betting locations and online platforms. This means ensuring that customers can access their funds and place bets effortlessly across different channels. Implementing robust customer authentication and verification processes is crucial to maintain security and regulatory compliance.
SBC: In which markets are you seeing the greatest demand for OKTO’s omnichannel cashless solutions or even for wallet solutions online? Could you elaborate on the advantages of these wallets and how they cater to diverse geographies?
SD: We’ve been observing strong demand for our omnichannel cashless solutions across various markets, particularly in regions where there’s an increasing shift towards digital payments and convenience. Some of the key markets that stand out include Europe, where countries like the UK, Romania, Germany, Spain, Italy, and others are progressively moving towards cashless transactions. Additionally, regions in LatAm and North America are also showing significant interest in adopting our cashless payment offer to modernise their betting and gaming experiences.
Our OKTO.WALLET is a versatile solution that caters to diverse gaming markets. It provides a secure and convenient way for players to manage their funds online. What sets it apart is its adaptability to local payment preferences and regulations, making it a reliable choice for both online and retail operators expanding into new geographies. It’s all about offering a localised experience while ensuring global compatibility.
SBC: What are OKTO’s primary goals for SBC Summit Barcelona, and how do you plan to contribute to the industry’s growth and development?
SD: Our primary objectives for SBC Summit Barcelona revolve around showcasing our comprehensive payment solutions tailored to the diverse needs of online and retail operators worldwide. Our team of 12 experts, spanning commercial, compliance, product and marketing disciplines, will be present to facilitate discussions with industry stakeholders.
At the heart of our agenda is the introduction of our cash-to-digital offering, our payment gateway, as well as OKTO.WALLET for online and Card-as-a-Service to new markets. We’ll also explore the evolving landscape of cashless payments within the betting and gaming sector. Moreover, we will emphasise how OKTO’s offerings can empower operators to enhance their customer experiences and maintain a competitive edge in this swiftly changing industry.
Our overarching goal at this event is to establish connections with fellow professionals and actively contribute to the continued growth and development of our industry. We eagerly anticipate engaging with the community and making a meaningful impact at SBC Summit Barcelona.