Praxis Cashier has recently had a substantial upgrade. Could you talk us through that?
Of course, and thank you for the opportunity to discuss our premier product Cashier, which represents a significant part of our portfolio, that also includes Praxis Direct and Hosted Payment Fields (HPF). Cashier is an all-in-one payment solution that offers iGaming providers a holistic user interface with a full-stack comprehensive functionality in handling their payment forms, checkout, deposit and withdrawal processes across their desktop, mobile, and automated payment experiences.
It’s a payment orchestration platform that’s designed to simplify the ability for online merchants to accept payments from anywhere in the world in the most efficient manner. It comes pre-integrated with a substantial range of Payment Service Providers (PSPs) and Alternative Payment Methods (APMs), and is already compatible with the iGaming industry’s most popular Customer Relationship Management (CRM) platforms.
What is Praxis Tech working on? Are there any new developments or launches on the horizon?
We’re working on plenty of exciting products and feature announcements, as we continue to refine and evolve our current offerings. One area we’ve focused on recently is the expansion of our Decline Recovery feature suite, which is tailored to address common issues in online transactions, such as declines due to incompatible currency conversions and insufficient funds.
A recent addition to this suite is our 3DS Cascading feature, which intelligently re-routes payments that encounter issues without requiring the user to go through Strong Customer Authentication (SCA) checks repeatedly. This feature, alongside our cascading with open banking feature for card payments and our work to apply the latest AI advancements to our smart routing methods, ensures Praxis is at the forefront of payment innovation.
By addressing common causes of transaction declines, our feature-suite supported merchants to recover 20% of payments that would have otherwise been lost last year. We expect our 3DS feature and our soon-to-be-released Risk and Fraud engine, which will be powered by Visa’s CyberSource solution, to add to this recovery capability substantially.
What other global markets do you aim to enter?
As we continue to grow our global footprint, which now consists of over 140 employees across two continents, we’re actively deepening our partnerships in Southeast Asia and the LatAm regions in response to growing demand. With evolving local market dynamics and legislative developments, particularly in countries like Brazil where instant payment methods such as Pix have become a necessity, Praxis’ pre-integrated and ready-to-deploy payment solutions enable us to serve a growing number of iGaming operators in these regions.
What are Praxis’ overall aims for 2024?
Looking back at 2023, we are proud of what we achieved, including approving a record $4.5bn in transaction volume, signing 150 new contracts and integrating with 112 new PSPs. For 2024, we’re setting even higher goals and plan to exceed these already figures, and aim for consecutive and sustained growth.
Part of this plan involves investing more on internal development and talent growth, while also continuing to enhance our product and feature suits, to support an ever-growing number of iGaming providers and online businesses to offer local payment options to a global audience.
