Paysafe adds Pay by Bank to igaming payments solution

Paysafe has launched Pay by Bank for its US igaming payments solution to enable US online bettors to instantly fund deposits at operators’ cashiers directly from their online bank account and cash out winnings.

The solution builds on the existing capabilities of Paysafe’s Gateway, which is an igaming payments solution that connects US operators to a range of traditional and alternative payment methods via a single integration.

The addition of Pay by Bank is in response to the growing demand from US players for payment choice, according to Paysafe.

Through ‘Gateway’, operators’ cashiers are already connected to Paysafe-processed card payments, the Skrill digital wallet, the Paysafecash online cash solution, and third-party payment products.

With Paysafe’s ‘Gateway’, US online gaming operators can now offer Pay by Bank to their customers, meaning that first-time users can sync their checking or savings account in “just seconds” and then fund their player account securely in real-time, while for returning bettors Pay by Bank supports one-click payments from linked accounts.

Pay by Bank also enables rapid payouts directly to linked bank accounts.

Zak Cutler, president of global gaming at Paysafe, said: “We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for US operators, with the product’s impressive transactional speed and robust security.

“Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”

Paysafe said that Pay by Bank provides operators’ customers with another payment option that is “particularly appealing to the 27% of bettors who prefer transacting via direct bank transfer”, as revealed by its own research.

Juniper Research has projected that the instant payments market will grow by 161% to surpass $58 trillion globally by 2028, in its latest report, ‘How Open Banking is Energising P2P Instant Payments’.