Crypto Gambling News talks to payments provider PXP Financial

PXP Financial senior sales and business development manager Desislava Stranska describes the payment provider’s offering in the gambling sector.

How does PXP Financial work with gambling operators?

PXP Financial is an international business with teams across six locations, and we’re proud to work with some of the biggest names in gaming, including BetMGM and Tipico. In recent years we’ve been busy developing our US business, particularly in the gaming space, which is growing strongly.

We’re an end-to-end omnichannel payment provider that helps businesses accept payments online and on-premises. We offer an online and POS solution, alternative payments, collection services, card acquiring and risk management, as well as a variety of value-added services, including checkout pages, reporting, revenue optimisation, tokenisation, dynamic currency conversion, instalments, and recurring payments across multiple channels.

What do users want in a payments provider and how is that changing?

We have a deep appreciation of the fact that, today, people want to buy what they want, when they want, and how they want, and our products are designed with that expectation front-of-mind.

To help our customers keep up with the ever-evolving changes and trends in the market, we provide a secure, flexible platform that covers multiple channels, including online, in-store and mobile, as well as multiple currencies and payment types.

Our on-premise solution lets merchants manage their payment device across many applications, from a centralised and secure managed service, while the eCommerce service allows merchants to get paid online, providing a frictionless payment experience, catering for all end-user payment needs.

We also offer an acquiring solution that lets us connect our clients to card schemes through both our own acquiring license and a wide network of acquiring partners globally.

When it comes to igaming, why should companies choose PXP Financial for payments over other solutions?

Firstly, our portfolio of igaming clients is drawn to the fact that PXP was born from the gaming operator bwin, so we have many years’ experience in running payment operations for gaming businesses. But that’s not all that sets us apart.

The PXP Financial platform caters to global and regional gaming businesses, making payments flexible, instant and global. Additionally, we work with different providers to offer our customers the choice and options to best meet their needs.

Most of all, our clients see us as an extension of their payment teams, knowing we work tirelessly to ensure the payments process never detracts from the overall gaming experience.

By consolidating relationships into one global payment solution, we help gaming businesses drive revenue, improve conversion, and increase player satisfaction. All this makes us the payments partner of choice for the gaming industry.

What is the importance of decentralised payment methods and distributed ledger technology (DLT)?

Despite the gradual rise of cryptocurrencies in igaming, we still lack a comprehensive regulatory framework. Nonetheless, the convergence of igaming and DeFi shows positive regulatory changes across different territories.

PayPal's stablecoin launch and the VISA expansion of stablecoin settlements to acquirers are two significant milestones which further underscore the shift toward digital assets like stablecoins and CBDCs in the payments landscape. This development highlights stablecoins as low-volatility payment methods that enable fast and cost-effective transactions, making them an appealing medium of exchange.

They offer consumers the opportunity to purchase goods and services globally without concerns about exchange rates, attracting more users, and the igaming sector is no exception. With appropriate regulations, stablecoins could become integral to next-generation payment systems.

What plans does PXP Financial have up its sleeve when it comes to global expansion and onboarding new partners?

Each year we work on increasing the amount of gaming licenses and expanding into different US states. The speed of our expansion is thanks to the fast and reliable integration of numerous new partners required for operations in different states and different payment options, as well as our deep understanding of regulatory setup and compliance. The US is a growing market for gaming and payment companies and the experience and talent of the team at PXP has helped many newcomers make their mark.

A major milestone came in 2022 with our expansion into the Canadian gaming market, which we are continuing to build on, having already established our footprint on local payment and banking rails.

PXP Financial currently has a significant market share in the US, and as gaming continues to grow in the region, more operators are recognising that providing the right payment solutions package plays a crucial role in driving retention and player loyalty. In fact, research has shown that 49% of gamers would deposit more with better withdrawal options. 

What is the possibility of decentralised and centralised payment methods merging in the near future?

The concept of CeDeFi, which combines centralised and decentralised finance, brings together traditional financial entities with blockchain-based applications, cryptocurrencies, exchanges, decentralised payment services, and more.

Gaming operators are increasingly adopting DLT to expand into new markets. For successful expansion, interoperability and payment solutions that support a variety of emerging markets are essential.

CeDeFi could potentially offer users a full suite of DeFi services while leveraging the advantages of CeFi. This merger could lead to increased transparency, innovation, and broader adoption.

Recent recognition of the Naira stablecoin by the Nigerian Central Bank is a noteworthy example. Centralised finance is increasingly acknowledging the programmable nature and transparency of blockchain technology.

Whether CeDeFi represents the next phase of financial system evolution is uncertain. However, such a merger could potentially introduce the best aspects of two opposing financial structures to the world of finance.

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Written by Hannah

Hannah is editor of CryptoGamblingNews.com and has almost 15 years experience in journalism, including reporting on law, TV, gambling, crypto and alternative finance. She is particularly interested in the future of money, the transition of gambling from 'vice' industry to mainstream entertainment and the application of blockchain technology to wider society.

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