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Canadian fintech Nuvei Corp. is partnering with iGaming operator 888 Holdings Inc. to provide card acquiring and payment in the United States. The deal expands both companies’ footprint in the U.S. market
Montreal-based Nuvei will enable 888 to accept deposits into iGamers’ accounts. In addition, iGamers will be able to instantly withdraw funds from their 888 account and have them deposited directly to their bank card or to a Nuvei Instant Bank Transfer account. Nuvei Instant Bank Transfer supports instant account-to-account deposits and payouts.
“Enabling players to deposit and withdraw funds from their iGaming accounts seamlessly and securely is critical to the overall platform experience,” Noam Klivitzky 888 vice president of U.S. marketing, says in a statement.
Nuvei has provided payments services to 888 in Europe since 2017, and in the province of Ontario, Canada, since April 2022.
In related news, processing giant Paysafe Ltd. has expanded its partnership with The Mill Adventure, a Germany-based iGaming platform, to include acceptance of Paysafe’s eCash app, a barcode-based payment solution. Acceptance of eCash is expected to appeal to iGamers who prefer to budget and pay for their gaming transactions in cash, Paysafe says.
A recent study by Paysafe reveals consumer demand for digital cash is growing. More than one-third of the more than 14,000 customers surveyed who have used Paysafe’s eCash within the last 12 months said they were paying with it more often than they were a year ago, compared to just 13% in 2022. In addition, 30% of those who have used eCash in the previous 12 months said it was their preferred way to pay online.
“A smooth payments process is an important player acquisition and retention tool for operators, and it’s key to ensure that different consumer preferences are catered for, especially when it comes to payment security and trust,” Zak Cutler, president of global gaming for Paysafe, says in a statement.
In yet other iGaming news, Innovative Payment Solutions Inc. (IPSI) has invested $500,000 in IPSIPay Express, a limited-liability company joint venture between IPSI, OpenPath Inc., and eFinityPay, the latter two of which provide payments technology to e-commerce merchants. IPSIPay Express plans to initially pursue clients in iGaming and entertainment. The company will also offer traditional credit card processing.
The investment gives IPSI an 11% equity interest in the joint venture. That stake is expected to increase to 33% upon additional funding rounds. The two additional tranches are due by Sept. 30 and Oct. 31, respectively.
“To be able to own 11% of this compelling company with world-class joint-venture collaborators in OpenPath and eFinityPay, in the red-hot gaming markets, presents a great opportunity for our shareholders. We look forward to providing additional updates as the year progresses,” IPSI chairman and chief executive William Corbett says in a statement.
