20 May, 2024

Company profile: Praxis Tech

Being payments ready in Asia - A call to action for iGaming merchants

Here is something we can all agree on – when it comes to iGaming payments, the simple truth is that if it’s easier to pay, it’s easier to play. For iGaming merchants operating in the Asian market, where alternative payment methods (APMs) like mobile wallets and QR codes are as preferred as card payments, depending on where in Asia they are operating, offering players their choice of payment option is not just a nice-to-have, it’s a necessity.

Offering geo-relevant local payment methods to players is a must, as is presenting a native checkout form to build trust.

There is incredible payment diversity for iGaming merchants operating in Asia. Some countries have continued the trend that started in the early 2010s, now favouring alternative mobile wallets and QR Codes to traditional card payments, while others still hold cards near and dear to how they prefer to make online payments. Whether you’re accepting a credit card payment, integrating Alipay in your Chinese checkout forms, UPI in India, Prompt Pay in Thailand, or MoMo and ViettelPay in Vietnam, it’s clear that one size does not fit all. But there’s more to optimising payment operations than just providing options to your players. Navigating compliance, especially with new licensing requirements for Payment Service Providers (PSPs) in aforementioned countries Vietnam and Thailand, adds another layer of complexity.

At the end of the day, maximising payment approval rates is the ultimate goal for online merchants.

Achieving high approval rates involves a delicate balance of selecting the right PSP, intelligent routing, and continuous optimisation of payment processes. This is where Praxis Tech’s software plays a crucial role.

Streamlining transactions for merchants and their players

The payment experience is crucial for conversion and retention, particularly in iGaming, where constant deposits, withdrawals, and balance top-ups are more frequent than in other industries. Our Payment Orchestration Platform, pre-integrated with over 540 PSPs and 1000 APMs, ensures that your players can pay their way, regardless of their preferred method. 

Our flagship product Cashier is an all-in-one solution that provides a holistic user interface for payment forms and checkout, deposit, and withdrawal functions.

It also adapts to these differences by intelligently displaying the relevant payment methods based on the player’s location. The payment forms can also be branded, with support for multiple languages and currencies ensuring a local payment feel across the region. Alongside our other products, Direct API, and our credit card-focused Hosted Payment Fields (HPF) solution, Praxis Cashier also comes bundled with a comprehensive suite of features aimed at Decline Recovery. This is crucial for increasing transaction approval rates for card payments among our clients.

Our powerful tools like Smart Routing rules, Background Dynamic Currency Conversion (BDCC), Retry with Open Banking, Retry on Insufficient Funds, and 3DS Cascading significantly enhance card approval rates and provide frictionless user experience. Aside from these user-facing features, which prompt the player to try again using an alternative method if the initial transaction was declined, our platform also includes backend tools to support analytics and other payment operational processes.

This includes our Abandoned Transaction Events feature, which alerts merchants of dropped checkout sessions, supporting them to re-engage customers. Alternatively, iGaming merchants can incorporate our Merchant Initiated Transactions (MIT) feature suite to add tired account subscription payments, automatic balance top-up functions and gamified one-click payment buttons, keeping the players in their game environment. 

As the iGaming landscape continues to advance, the need for a sophisticated, secure and highly adaptive payment orchestration platform becomes more apparent.

Being payments-ready in Asia today requires iGaming merchants to have multilingual payment and support experiences that are both user-friendly and adaptive to geography, payment method preferences, and to incorporate solutions for different types of tiered account subscription offerings. For merchants seeking higher payment approval ratios and looking to benefit from our extensive range of features, all available from day one with our vast PSP network and checkout theme options, get in touch with us to power your payments. 

Learn more about Praxis Tech‘s Payment Orchestration Platform by visiting www.praxis.tech or get in touch with their team at [email protected] to see a demo.