What’s new for Trust Payments in 2022? What do you aim to achieve by the end of the year?
It’s been a year of innovation for our gaming solutions at Trust Payments. We’ve really strengthened our offering to the market with enhancements including:
- Accepting broader secure pay-in and pay-out options including Original Credit Transactions & Pay by Bank options
- Strengthened dynamic routing between acquirers
- More alternative Payment Methods including tokenisation, in-app game solutions, digital currencies, Buy Now Pay Later & more
- Making our AI fraud tools and chargeback management more robust
- Broadening the scale of our solutions, which now run across the UK, EU & seven US States with 24 settlement currencies available
- More rigorous onboarding & monitoring to ensure gaming payments remain risk-free throughout.
Our focus for the remainder of the year is to ensure our technology continues to assist the transition to cashless gaming, and making payment experiences as seamless as possible.
How has the new PSD2, which requires SCAs to be applied to all electronic payments, affected payment solutions companies?
It has been an education curve to get companies to adopt the need for SCA as a modern way to provide customers with a frictionless payments experience across all technological devices. We have spent a lot of time helping merchants understand how to securely process payments while protecting the card issuer from fraudulenttransactions, particularly at a time when there is a shift towards mobile and invisible commerce.
We advocate two-factor authentication where a secure passcode is used for verification to enable a real-time, secure, information-sharing process that merchants can use to send specific transactional attributes; which the issuer can use to authenticate customers more accurately without asking for a static password or slowing down payments.
Generally speaking, do the industry’s biggest operators and suppliers use established payment solutions (PayPal, Apple Pay, etc.)?
Merchants need to think about the payment methods they have the ability to offer to their end consumers; having contactless payment connectivity from the likes of PayPal as well as Apple, Samsung and Google Pay capabilities is now essential for retailers.
Approaching point of sale choices can be tricky. For example, for the bricks and mortar gaming retailers, it’s worth considering your specific POS needs. Do you take payments at the counter? A standard, wired connection will be fine. Need to move around the shop floor, or complete transactions at a customer’s table? Have a chat with your POS provider about machines with Wi-Fi, or SIM card capabilities. When something goes wrong, it’s reassuring to know that you won’t lose out on key card payments at a time when cash usage is falling drastically. Merchants should ensure that their POS providers offer round-the-clock support, including next-day swap outs to prevent downtime and lost income.
Broadly, how can you see payment solutions evolving in the future? What kinds of new technology could revolutionise the industry?
We are in a new era of money, or green paper, as private merchants need more safe and secure payment options. Central Bank Digital Currencies (CBDC) is the major buzz term in paytech, and rightly so, especially given the efficiency and profit-driving benefits partners provide.
Consumers are abandoning cash for cards, contactless and crypto. We’re seeing more and more retailers offer crypto as a payment method, giving customers more choice and flexibility at checkout. Crypto is pushing the boundaries of payment possibilities, making it well worth the hype, as the world moves towards a digital currency society and builds global trust in technology.
The QR code payment trend was all the rage over the pandemic, reducing the gap between mobile, digital and physical to meet the needs of social distancing. QR Codes are worth the hype as it has drastically improved the customer experience in a safe and secure way. Businesses are combining different value propositions to meet the demand for new sales flows. Also known as Converged Commerce, this concept is transforming the e-commerce landscape and is a worthy investment. From alternative currencies to online, offline and mobile add-ons, merchants are harnessing customer data to create powerful and intuitive ecommerce offerings. And the Metaverse will also influence this!
