Crypto payments debate goes mainstream at industry summit

Updated May 4, 2020 | Published May 1, 2020
[3 mins read]
With the economy disrupted by the COVID-19 outbreak, digital currencies are bound to play a bigger, more important role, crypto specialists predicted at the recent SBC Digital Summit.
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The sector to benefit the most from relying on cryptocurrency payments is likely to be gambling, as crypto payments offer quick and transparent payments without charging any additional fees or being entirely affected by global repercussions, the speakers commented.

Ayre Media chair Rebecca Liggero asked everyone present, including Funfair Technologies COO Lloyd Purser, CryptoProcessing.com CEO Max Krupyshev, Cryptopay sales manager Tom Bloor and Pinnacle head of payments Isabelle Delisle, how companies could incentivise the player base to turn to cryptocurrency as a default payment method – or in the very least, a more popular one.

Purser said that it all lied in how companies presented their products. He believed that by improving onboarding, as well as simplifying the process and the use of a dedicated crypto wallet, that players would take up crypto payments far quicker.

Krupyshev chimed in but on a rather opposing note, saying that instead of letting the onboarding process be a matter of personal choice, companies should focus on actively seeking to convert fiat players into a user base that uses cryptocurrencies.

Once a company has a good name and sufficient user base, making a push for crypto is the next logical step. He also cited the importance of completing transaction times quickly because players do not want to wait.

Understanding your customer base was another point raised by Bloor. Keeping it simple and tailored to the tastes of said player base was of the essence. While, Delisle concluded that how players perceive cryptocurrencies was of an equal importance.

Unless cryptocurrencies go mainstream, she cautioned, some players would always think that operators using crypto are doing something dodgy. She argued that people should be better educated and even speak to financial institutions about the pros and cons of crypto, which should translate into better adoption of the payment method in the igaming space.

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CGN senior journalist 

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