Heading into 2023, how would you describe the popularity of eWallets? Is the ‘average’ bettor now typically aware of eWallets?
The popularity of eWallets has been nothing short of revolutionary in the iGaming industry. The MiFinity eWallet is a case in point. It’s rapidly grown in popularity over the last two years. Earlier this year, we surpassed 500,000 customer accounts and it’s quickly become the preferred payment method for many of our users and partners. The reasons behind this include the Covid-19 pandemic, which accelerated the adoption of digital payment methods. In this context, MiFinity’s eWallet undoubtedly experienced increased traction as people shifted from traditional cash transactions to safer digital payments.
Other factors that make eWallets attractive for businesses and users include reduced transaction costs, heightened security and the convenience of fast transactions without the usual delays associated with traditional methods. MiFinity’s eWallet also offers transparency and visibility into the ePayment process, enhancing customer trust and satisfaction. Improved merchant relationships through ePayments highlight how eWallets contribute to more positive interactions between consumers and businesses.
How does a payments company achieve the perfect user experience? Is ‘perfection’ possible here?
At MiFinity, we strive for perfection, but the market is continually changing, so we’re constantly adjusting the goalposts to meet the evolving needs of our users and partners. This year, for example, we launched our new app and desktop experience, which uses the latest app architecture to deliver intuitive features, personalised offers, biometric authentications and a faster sign-up process for new users.
For a payments company that always needs to innovate and keep up with technology, what is next on the roadmap?
We’re developing new features across the MiFinity app, desktop and iFrame. These are geared towards further enhancing the overall user experience and elevating our services to a new level of excellence. They will be introduced in the latter half of 2023 and early 2024. Further integration of open banking is also on our roadmap. We already leverage open banking for some of our payment services and we’ll be rolling out additional solutions to make purchases on mobile devices, remittances and currency conversions even more convenient.
Additionally, we’re working on customising our products to offer personalised services so users can access multiple accounts through a single app, with the ability to monitor their financial status and purchases effortlessly. We’re also exploring integrating AI-driven solutions into our products, aligned with our users’ needs and the value the technology offers.
Talk us through your key markets and products right now.
European markets are growing exponentially, with increased market share gaining each day. Other markets MiFinity is getting traction include LatAm, whose regions have a strong iGaming demand, but payments can be challenging. Our wide range of payment methods is integral to addressing these challenges and providing tailored solutions to businesses and players in these markets.
IGaming is always going to be a key focus for MiFinity. We developed our eWallet specifically for this market. However, we are also gaining traction in the travel industry and eCommerce. Our users increasingly want to use their MiFinity eWallet for transactions other than iGaming, so we are partnering with a wide range of merchants.
Forex is another important industry for us. Our expertise in providing payment services for heavily regulated industries, facilitating cross-border industry transactions and offering multiple payment methods means MiFinity is a very attractive proposition.
Could 2024 see your key markets and products change?
Absolutely. The fintech landscape is characterised by constant evolution and 2024 could indeed bring about change. This volatility stems from our industry being closely tied to regulatory requirements, which can significantly impact our markets and products. Being prepared for these often unknown changes is a fundamental aspect of our approach.
Trends such as the widespread adoption of digital payments, the surge in mobile banking and the demand for financial services in emerging markets mean we must have an agile mindset at MiFinity. Consumers are actively seeking new and convenient ways to manage their finances; and we’ll continue to meet this demand by offering forward-thinking products and services.
