Motie Bring, chief commercial officer at Nuvei, granted Focus Gaming News an exclusive interview to talk about Nuvei’s proposition to the industry.
Exclusive interview.- On the eve of a new edition of G2E Las Vegas, Focus Gaming News spoke with Motie Bring, chief commercial officer at Nuvei about the company’s attendance at the event, and to know his vision regarding the gaming expansion in the US market, the rapid changes in payment solutions and the regulation of the industry.
With regulated gaming expanding across the US, what do operators need to look for in payments providers?
Payments have never been one-size-fits-all technology, especially in a regulated industry like iGaming. It is a differentiator that can accelerate a digital business’ growth and revenue when it is optimized to support specific needs.
iGaming operators must look for the most customizable technology in the market to maximize the impact of their payments solution, and this technology must be reinforced by industry expertise and experience to guide the development of a tailored payments platform for each iGaming brand, and in each market.
Has the pandemic resulted in changes to the payment solutions required?
For payment trends generally, the pandemic definitely had an impact. For example, we saw a move from cash-based payment methods to digital methods including e-wallets such as ApplyPay or GooglePay. We also saw a shift from retail to eCommerce in many industries, including iGaming.
Overall, the North American iGaming industry has grown rapidly in the past three years. We’ve seen many significant U.S. states launch a regulated online sports betting market, including New York which is already the largest market in the country by revenue. And regulated iGaming launched in Ontario earlier this year, the first market in Canada. This evolution has brought changes as the industry matures. So the needs of operators did change during this time.
“The most significant impact is that, with more new players to win, operators must offer a broad range of deposit and payout options to match their expectations.”Motie Bring, chief commercial officer, Nuvei.
Over the past few years, consumers have become much more familiar with alternative digital payment methods, and preferred online payment methods are developing alongside card payments. Operators need to recognize and react to that trend.
How important is localization in the payment space? Do iGaming companies still need to consider the particularities of payments in different markets?
Localization is incredibly important, for several reasons. The first is that local payment methods are in many cases the only payment methods that consumers are aware of or have access to. The consumer payment ecosystem is diversifying, reliance on card payments is, of course, critical but it is also fading, and consumers are more willing to try and continue using new payment methods, and they expect these payment options to be made available to them.
This is especially true in countries where consumer access to banking is lower, or card acceptance rates online tend to be lower, such as Latin America.
At Nuvei we enable our partners to offer more than 570 local and alternative payment methods all through a single integration, and the payment methods offered can be customized for each individual market.
Another factor that can have a significant impact on payments is local acquiring solutions. By optimizing payment acceptance via a local acquiring partner rather than processing internationally, operators reduce card declines and minimize the cost of accepting payments.
“At Nuvei, we offer local acquiring to our partners in more than 45 local markets as well as connecting to additional local acquirers.”Motie Bring, chief commercial officer, Nuvei.
What are the main products that Nuvei Technologies will be highlighting at G2E this year?
We’re excited to be attending G2E to join other industry leaders and share ideas about how we will continue to build on the success we have seen in North American iGaming. Nuvei’s proposition to the industry is that we are the most customizable and extensive payments technology provider in the market, complemented by an unparalleled level of service, and underpinned by an unmatched heritage of experience and expertise in providing payment solutions for iGaming operators in regulated markets.
The key to succeeding in the iGaming market is to have the best in class, fastest payment infrastructure for both pay-ins and pay-outs. That is why Nuvei was the first payment provider to bring real-time payouts to the North American iGaming industry in 2021.
We’re already hearing the same level of interest and excitement about real-time deposits. so it is only fitting that one of the new products that we’re super excited to be sharing with the industry at G2E is our new real-time deposit function for Nuvei Instant Bank Transfer.
Enabling funds to settle instantly once a player deposits is an industry first for North American iGaming. This evolution puts the customer at the centre, ensuring that they have the fastest access to their money, when they wish to use it, or when they wish to withdraw it.