At the SBC Summit Barcelona – Digital industry experts gathered to discuss customer journey, adoption of new payment methods within the US.
The panel underlined the US market’s reluctance in adopting new forms of payment methods.
Lee Terfloth, Vice President of Online Gaming Product, Hard Rock Hotel & Casino stated: “The unlawful internet gaming act as well as the wire act and having payments cross-state line, that holds things back for Bank of America and for Chase, the two largest banking institutions in the United States.
“Without them willing to truly support online gaming you’re never going to see the true wider acceptance online gaming needs. It is getting better, TD Bank launched in 2013 and took some time out for four or five years and we saw a significant rate of acceptance rates following that.”
The issue of the US banking system was raised by Genia Gurevitz, Head of Payments, Tal Ron, Drihem & Co., Law Firm, blaming it for the slow acceptance of payment methods within the region, describing it as ‘falling behind’.
Robert Haggan, Senior Advisor iGaming at Nuvei, revealed his belief that a frictionless customer journey is needed in order for alternative payment methods to be considered: “The primary payment option that firms start with is quicker. If the credit card is going to be declined you need to offer a solution that is going to be as simple as possible compared to a credit card.”
Terfloth echoed the sentiment: “The infrastructure here in the United States for the end process is fundamentally archaic and you just see very low adoption of new technologies in the payment sector. It’s going to take time for everything.”
You can click here to watch the complete presentation from the event, or find the video embedded above.