In an ever-evolving igaming landscape, the demand for innovative, secure, and frictionless payment solutions is at an all-time high. OKTO, a leader in the digital payments space, continues to redefine the gaming payment experience with its cutting-edge technology that enables instant pay-ins and payouts as well as strategic partnerships.
As the company expands its footprint across diverse markets, OKTO remains committed to delivering customized solutions that cater to the unique needs of operators and their customers worldwide. In this interview, OKTO’s Chief Commercial Officer, Simon Dorsen shares insights on the company’s priorities, the latest advancements in their product suite, and what attendees can expect at the upcoming SBC Summit in Lisbon.
SBC: What have OKTO’s priorities been for the igaming payment sector throughout 2024, in terms of both partnerships and technology?
SD: Throughout 2024, our priorities in the iGaming payment sector have focused on expanding our reach into new markets and forming strategic partnerships with both payments and gaming companies.
A key element of our strategy has been the further enhancement of our OKTO.CASH service, designed to better serve our merchants and their customers who prefer cash-based transactions. Building on this foundation, we have rolled out the OKTO.WALLET solution in multiple regions and are prioritizing its release in additional countries. The solution complements OKTO.CASH by enabling seamless instant withdrawals while offering its own instant pay-in capabilities. This strategic interconnection of OKTO.CASH and OKTO.WALLET creates a comprehensive and closed-loop pay-in and pay-out ecosystem.
Additionally, we are expanding our payment orchestration offerings to include more payment methods in Latin America and beyond. In Brazil, our local team is growing on a fast-paced and focused on making further technological advancements to enhance our platform, ensuring it meets all local market needs while staying ahead of new regulatory demands in the region.
All our priorities across different regions are driven by the goal of ensuring our solutions remain compliant and adaptable to changing market conditions. Our approach is to tackle the industry’s toughest payment challenges head-on, innovate continuously, and keep our partners ahead of the curve, ultimately driving growth and enhancing the user experience in the iGaming sector.
SBC: How do OKTO.WALLET and OKTO.CASH cater to the specific needs of igaming operators and their customers?
SD: OKTO.WALLET and OKTO.CASH are specifically designed to meet the unique needs of iGaming operators and their customers by offering a flexible and interconnected payment ecosystem. OKTO.CASH enables users to make instant cash-to-digital pay-ins easily and fast with cash. Complementing this, OKTO.WALLET facilitates seamless instant withdrawals for OKTO.CASH transactions, creating a seamless pay-in and payout experience, while also offering its own instant pay-in capabilities. This makes OKTO.WALLET an ideal solution for the current demand of both users and merchants for quick and efficient transactions. Additionally, the eWallet solution is further complemented by the OKTO Visa Card for easy access to funds anytime, anywhere. This strategic combination of OKTO.CASH and OKTO.WALLET into an interdependent offering creates a complete closed loop cash-in and cash-out ecosystem, equipping operators with the tools to meet the diverse customer preferences, streamline payment processes, and enhance the overall iGaming experience.
SBC: The OKTO Wallet tailored for the PVR market has recently achieved certification from iTech Labs in Italy. Tell us about the product and how it aids your process of cash-to-digital payments.
SD: The OKTO.WALLET is a game-changer for the Italian market, specifically tailored to meet all the requirements of the new PVR- related decree. Having recently achieved certification from iTech Labs, it complies with all the stringent standards set by the Agenzia delle Dogane e dei Monopoli (ADM), Italy’s primary gaming regulatory body. This solution facilitates seamless cash-to-digital payments, allowing users to deposit and withdraw funds for online gaming activities while managing cash transactions within the retail network. It is ideal for customers who prefer offline transactions but still want to participate in online experiences. By bridging the gap between digital and cash-based transactions, the OKTO.WALLET for the PVR market enhances user convenience and ensures a secure and compliant payment experience for Italian gamers.
We are working closely with stakeholders in the market to stay ahead of the evolving landscape. To further support this effort, we are organizing a seminar in Rome next week to cover all the recent changes in online gaming and the critical role of payments. This engagement underscores our commitment to providing solutions that align perfectly with regulatory standards and meet the diverse needs of our users.
SBC: Talk us through the technical integration process for OKTO solutions. How can clients onboard your payment technology into their platforms, and how do you streamline the process to make it simple for partners?
SD: We’ve made integrating OKTO solutions as smooth as possible, allowing our clients and partners to onboard our payment technology with minimal friction. The process begins with a quick yet comprehensive consultation to identify needs and requirements. From there, clients and partners benefit from a fast, hassle-free integration using our powerful API suite, which facilitates seamless integration with existing systems. Our tech is designed to plug into various platforms without major overhauls, ensuring operators can adopt our solutions with minimal modifications to their infrastructure.
To offer even greater flexibility, we are integrating with multiple PSPs and gateways, providing our merchants with a wide range of integration options—whether they prefer direct or indirect method of integration. We are continuously adding new partners to expand these options further. Throughout the integration process, we work closely with our partners, offering dedicated support and technical assistance to ensure a smooth and efficient go-live experience. The result is a streamlined onboarding process that allows our partners to quickly leverage our payment technology with ease.
SBC: In terms of markets, where have you been prioritizing this year? Latin America and Europe appear to be of importance, but is there anywhere else that OKTO is targeting?
SD: This year, our primary focus has been on expanding our footprint in Latin America, Europe, and India, driven by their dynamic growth in the iGaming sector and high demand for innovative payment solutions. We are also actively exploring opportunities in Asia and North America, where the diverse regulatory landscapes, increasing adoption of digital payment methods, and significant growth potential make these markets particularly appealing. We are proud to share that by the end of the year, we will operate in over 15 markets across three continents, which is a significant achievement for us. Our success in these regions is supported by our smart and efficient new market entry process. Additionally, we remain open and flexible regarding new markets, selecting them based on their appeal for our services with a data-driven approach or at the request of our strategic partners, with whom we build strong relationships supporting them with a robust payment platform and services.
SBC: What are the key differences between the markets that you are active in, and what localized considerations must you make to ensure clients in each region are satisfied?
SD: In Latin America, the focus might be more on providing multiple fast, secure, and cost-effective local payment options that cater to the diverse audiences of the market.
Every market has its unique nuances, from regulatory frameworks to payment preferences. Key differences between the markets we operate in often involve varying regulatory standards, consumer behaviors, and preferred payment methods. For instance, in Europe, compliance with stringent regulations such as GDPR and AML (Anti-Money Laundering) requirements is crucial, demanding robust data protection and compliance measures. In contrast, in Italy, there is a significant focus on addressing the cash-centric nature of the market by facilitating cash-to-digital payments. In Latin America, our priority is to offer a range of fast, secure, and cost-effective local payment options that cater to the region’s diverse audience.
Our approach is localized—customizing solutions to meet each region’s specific needs, including integrating local payment methods, ensuring regulatory compliance, and providing support in the local language. Additionally, we adapt to special cases, such as when collaborating with major strategic partners, by offering white-label solutions tailored to their specific demands. Our goal is to be agile and ensure that our clients can deliver the best possible experience to their customers, regardless of the market.
SBC: How does OKTO’s payment orchestration platform work, and what are the key features that make it so appealing compared to plugging in several different pieces of tech?
SD: OKTO’s payment orchestration platform simplifies managing multiple payment providers by consolidating them into a single system. This centralization streamlines transaction management and supports a wide range of local and global payment methods. It offers flexibility for merchants to easily switch or add new payment options without complex integrations, enhancing customer satisfaction and conversion rates. Our platform eliminates the complexities and inefficiencies of handling multiple payment systems, providing a seamless, integrated payment experience.
SBC: What can attendees at SBC Summit in Lisbon expect from OKTO, and what are you looking to achieve there?
SD: At the SBC Summit in Lisbon, we’re bringing our A-game. Attendees can expect to experience at our booth E161, our latest payment innovations, including our advanced eWallet solution, OKTO.WALLET, and OKTO.CASH, our embedded cash-to-digital solution as well as the interconnection between the two which is key offering a seamless, integrated payment experience for instant pay-ins and payouts. We will also showcase our cutting-edge payment orchestration service and our tailored offerings for Brazil, including our banking solutions and PIX line-up.
We’re looking to connect with industry leaders, explore new partnerships, and demonstrate how our solutions can enhance payment processes and drive growth for operators. Our goal is to further establish OKTO as the go-to provider for innovative, secure, and seamless payment solutions in the gaming industry. We’re excited to share our vision and collaborate on shaping the future of payments, ultimately supporting market expansion for both us and our operator partners.
