A cashless gaming solution for all

The Gambling Business Group (GBG) in the UK has its own EFT protocol to provide a cashless system for operators, put together with software company Okto.

The system will permit players to use, move and collect funds instantly, on a slot, at the bar or even in high street shops.

Okto, is a financial technology provider and has teamed up with the GBG. Its director of gaming, Simon Dorsen, believes that his company’s strict financial licenses and technological expertise gives Okto’s cashless solution an advantage.

“Cashless and digital payments in the UK is the norm now and today’s consumers demand the digitisation of payments across the economy – and in gaming as well. We have tailored our wallet towards the unique requirements of gaming, but we’re not just a gaming wallet. Money in the Okto ecosystem can be moved or spent anywhere that accepts digital payments, whether it’s pubs, bingo clubs or high street shops – and our licenses, upholding the strictest of security standards, mean that any funds with us are always fully protected. The fact that we are financially licensed is very important, as it means both merchants and users can be confident that OKTO is backed by central banks across Europe.”

An electronic funds transfer (EFT) protocol made available by GBG, has given Okto the edge in cashless solutions, the group said. There is no need for additional hardware or up-front costs; the protocol makes it possible for Okto to bring any digital gaming machine into its payments ecosystem.

GBG’s CEO Peter Hannibal, whose open EFT protocol permits payment providers to “talk” to any connected digital gaming machines, believes that Okto’s entry into the retail gaming sectors has come at the perfect time. Not only has the protocol made it so much easier from a technical perspective, but with Covid-19 creating a sentiment of fear around the use of cash, the increasing trend of cashless payments is affecting all sectors of the industry more than ever.