Tales of Pay N Play®: The origin story
Here's part one of our ongoing series on the story of Pay N Play®. In this installment, we look at the inspiration for this groundbreaking solution.
- Pay N Play® was the first solution to provide operators with KYC data via a player's deposit
- The solution has revolutionized player onboarding journey in multiple European markets
- In 2021, we're continuing to improve the Pay N Play® user experience
When Pay N Play® hit the market in 2015, it was an innovation that gaming operators didn’t yet know they needed. Times have changed since then — Pay N Play® now sets the industry standard in a number of markets, and we're continually refining the user experience.
Part of our optimization efforts is the rollout of support for PSD2-based APIs. We're also on top of meeting new regulatory requirements and improving coverage across Europe.
Leveraging the power of Open Banking, we went beyond payments to build a complete solution that includes instant player verification and lightning-fast payouts. By putting the player experience front and center, operators have made conversion as friction-free as possible.
Removing friction from the player experience
Around 2013, we began noticing a trend in e-commerce. Sites began offering 'guest accounts', allowing customers to make a purchase without going through the process of creating an account with the shop.
Online retailers realized people were not interested in signing up for an account. People came to the site to buy something, and the sign-up created friction.
Addressing these changes in consumer behavior and expectations was the inspiration for the Pay N Play® concept. If we could help operators remove the friction related to account creation and KYC, while still helping them to stay compliant, the effect on conversion could be astoundingly positive.
With the traditional set-up, a player has to register, verify their identity externally (via phone, email or other methods), and deposit. We saw an opportunity to improve the customer experience by providing instant KYC using bank data that’s already been verified.
At the time, the electronic identification method BankID was already established in Sweden, allowing consumers to easily identify themselves across digital channels including government websites, healthcare providers and payment services.
Since the consumers’ bona fides had already been confirmed by their bank's due diligence, we could leverage BankID to combine identification and deposit into one seamless flow.
As we now were able to securely identify a player as they made a transaction with Trustly, there was no longer a need for that player to go through a sign-up or sign-in flow first. Both of these processes are conversion-killers, so eliminating these steps was a game-changer for the merchant.
Continuing to deliver real results for operators
Operators who have adopted Pay N Play® have realized a number of benefits. First, the solution eliminates user-error and fraud that can occur when players enter data themselves. Trustly’s internal data from early-adopters of Pay N Play® shows that, on average, Pay N Play® results in 44% more deposits per user*.
Secondly, ineligible players, such as minors, are out of the game immediately. While Trustly doesn’t assume the risk for compliance, we make it much easier for the merchants to remain compliant.
Additionally, instant validation allows operators to provide a superior CX, greatly reduce player drop off and increase loyalty. According to Trustly research, players who have tried Pay N Play® divert up to 75% of deposits from traditional gaming sites to Pay N Play® sites.
Trustly is dedicated to providing a future-proof solution
Trustly operates in a highly-regulated market in which both local and global financial regulations must be considered. AMLD4, GDPR, PSD2, and Strong Customer Authentication (SCA) are always topics of conversation at Trustly (yes, we're an exciting bunch).
Our merchant base in online gaming is increasingly moving towards a locally licensed structure. Several markets in the EU already have this in place. So, while keeping up with these regulations can be a challenge, it keeps us flexible and on our toes.
Trustly has been at the forefront of Online Banking Payments for nearly 13 years now. As regulation drives changes, we’re ready to support operators with future-proof solutions.
In 2021, we will continue to focus on innovation that delivers even more value to our customers.
Next time: In Part Two of the series, we'll take a closer look at the components and capabilities of Pay N Play® and share some operator success stories. Stay tuned!
*As of June 2021
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Trustly PSD2 update: Spring 2021
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