Advantages for players
Opening a casino account usually requires a player to fill out a lengthy registration form. Then he goes through a slow and sometimes difficult verification process. Most of the time, this includes sending copies of IDs and operating expenses invoices. With Pay N Play, all of this is done with a simple deposit. He acts as a fiduciary agent who provides the operator with all the necessary KYC information. This makes the whole process both faster and much easier.
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All the player has to do is go to their favorite game website such as GoSlotty, click the “Play Now” button, select their bank to make a deposit and confirm the transfer via online banking . He can start playing within seconds and hopefully make profits. To make a withdrawal, players only need to enter the amount they wish to withdraw. The winnings are immediately transferred to the player’s bank account.
Trustly offers a number of other advantages. Use is always free, unlike some other payment methods that charge fees. You don’t have to sign up for Trustly or worry about security. The company uses the highest encryption standard available. It will never store information that could be used to access the player’s bank account.
Deposit & withdrawal within minutes
Players simply make a deposit in an online casino with a Pay N Play function by logging into their bank account via the Trustly gateway available in the casino.
Since the bank has already met all regulatory requirements related to KYC (Know your customer), it is not necessary for the player to provide an address, telephone number, utility bills, passports or other ID cards, etc.
Bank and casino create player account in the background
The accounts are created in the background by the payment provider and casino operator, so that the customer can easily deposit, play and cash out immediately to the same bank account from which they deposited. So everything is very simple and user-friendly for the individual casino player.
Pay N Play is available in two versions
The service is available in two versions – Pure and Hybrid. A hybrid version of Pay N Play is available in numerous online portals as “guest registration”. In this version, the Pay N Play option is located alongside other registration, login, and payment methods. The hybrid method requires a few extra steps to withdraw money if the player has opted out since winning.
In the pure form, the process takes place in three layers. It starts with the deposit – registration is completed simply by depositing from the player’s bank account. KYC then confidently and securely transmits relevant “Know your customer” information to the operator, who creates a player account without further input from the player.
Withdrawals
Players can withdraw immediately, even if they have opted out since winning.
The system saves players time by skipping the usual registration and account verification processes. It also saves operators time by addressing key KYC requirements.
Pay N Play benefits
Industry and operator benefits include:
- Conversion: Players begin their session with a deposit, which eliminates the possibility that a new customer will not make a deposit after registering.
- Loyalty: Immediate deposits and withdrawals have been shown to increase player loyalty
- Security: Trustly’s network is secure and works in a closed loop with the operator, effectively guaranteeing that fraud cannot occur. Deposits require two-step authentication, such as a smartphone token, username or password, etc.
- Acquisition: Registration and access to the games is instant, players only have to make a deposit.
- Compliance: KYC requirements are met by trustfully verifying the players’ identities through their regular bank accounts and electronic ID numbers.
- Storage and reactivation: Players do not have to remember individual user names or passwords for each casino and simply authenticate themselves via their bank when making a deposit.
Pay N Play conclusion and summary
Pay N Play offers players a seamless experience and instant access to top-tier games through licensed and regulated casinos. Withdrawals are processed within 5 minutes at most banks in Sweden and Finland. Most gambling websites that use this method claim that 15-minute funds are available just to be on the safe side. However, with a small minority of banks, it can take up to 24 hours for funds to be available in players’ bank accounts.
The Trustly system has the potential to dramatically change the way online casino customers register and process payments. Other innovative methods will surely emerge, but at the moment it looks like Pay N Play could be the future of the FinTech industry in online casino gambling.
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