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Paysafe launches “Pay by Bank” for US iGaming

The solution allows players to fund deposits at online sportsbooks via their online bank accounts.

Paysafe launch
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Paysafe has introduced “Pay by Bank” for iGaming, a move that aims to enhance payment options for online bettors in the United States.

This new solution allows players to instantly fund deposits at online sportsbooks directly from their online bank accounts.

The Pay by Bank product expands the capabilities of Paysafe's Gateway, the company’s iGaming payments solution that connects US operators to a range of traditional and alternative payment methods.

This launch intends to respond to the increasing demand from US players for a greater range of payment choices.

By offering Pay by Bank, operators can now cater to the 27% of bettors who prefer transacting via direct bank transfer, according to Paysafe research.

This new payment option allows first-time users to sync their checking or savings accounts and fund their player accounts in real-time. Additionally, returning bettors can benefit from one-click payments from linked accounts.

Withdrawals of winnings are also hoped to be smooth, with Pay by Bank facilitating payouts directly to linked bank accounts with a single click.

Importantly for operators, all Pay by Bank transactions are indemnified, reducing liability if a player's deposit from their bank account defaults.

Zak Cutler, President of Global Gaming at Paysafe, commented: “We’re delighted to unveil our new Pay by Bank product for our iGaming solution, which will almost certainly prove very effective in both converting and retaining players for US operators, with the product’s impressive transactional speed and robust security.

“Through Pay by Bank, we continue to grow the Paysafe Gateway by providing American operators and their customers with unparalleled payment choices, all through a single integration.”

In related news, Paysafe also collaborated with Fanatics Sportsbook at the back end of 2023.

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