Online gaming customers now have a new method for instantly transferring funds from their bank accounts to their iGaming accounts. Paysafe announced the launch today of “Pay By Bank,” a bidirectional accounting system that allows for deposits and withdrawals to a personal bank account from online gaming apps and websites.
The new feature is built on the Paysafe Gateway platform, which allows iGaming operators to communicate with nearly any bank or credit union to fund gaming accounts, or to transfer winnings.
According to research by Paysafe, 27% of customers have expressed a desire to use direct bank transfers for payment for online gaming. The “Pay By Bank” method allows money to flow to and from a savings or a checking account.
A press release from Paysafe on Monday explains that Pay By Bank can be “initiated through a single click” for users. Paysafe has previously integrated modules that enable payment from digital wallets like PayPal, Venmo, and others, as well as many cryptocurrencies.
Paysafe to Show “Pay By Bank” at SBC Summit North America in May
Paysafe will show off Pay By Bank at its booth during SBC Summit North America in New Jersey next month, from May 7-9. The company will be at Booth A270 during the event.
“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,” said President of Global Gaming at Paysafe, Zak Cutler. “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.”
Paysafe was founded in 1997, and is a leading payment system and payment gateway provider in many industries, including extensive experience in iGaming. The company supplies payment processing for more than 200,000 merchants. Its product is integrated into popular payment systems such as Clover and SwipeSimple, which are used by small merchants, startups, as well as retail giants.
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