Online Casino Processors in New DealBy: Shirley Spicer, Friday October 16th 2009
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Ukash, Payzone and MasterCard have pooled their respective strengths in order to create a payment mechanism that will make things much easier for players to remit funds to online casinos. This information has been released in a news item put out by Payzone on its website.
One of the drawbacks in current systems is that commercial banking organizations are required to fund e-wallet accounts or prepaid cards. There is increasing pressure on such organizations in many countries to stay away from online gambling. This has led to difficulties and insecurities in using commercial bank accounts to directly or indirectly fund online casino accounts. The system that is being worked out by Ukash, Payzone and MasterCard will totally bypass commercial banks and allow players to top up their prepaid cards using cash.
Ukash is a leading electronic payment services provider and will be responsible for the basic system on which the mechanism will function. MasterCard will provide the instrument that will be used in the transfer of funds. Payzone will provide the retail outlets where the players can top up the instruments for cash. The entire system is being labeled as MasterCard rePower. This system will be launched in early 2010 initially in the United Kingdom and will thereafter hit the European online gambling market.
Payzone has over 18,000 point of sale locations across the length and breadth of the United Kingdom. No customer is far from a Payzone retail outlet. Once this scheme rolls out players can simply walk down to the nearest Payzone point, pay cash their and swipe their MasterCard or Maestro prepaid card, which will get loaded by the amount of cash paid. The prepaid card can then be used at all outlets, online or off line, which accept MasterCard, including online casinos. The entire system is being put in place by Ukash. In Europe Ukash will be using the services of its different partners in different countries.
Bill Thomson, managing director at Payzone, pointed out that Payzone is already a leader in mobile top-ups, bill payments, calling cards, ticketing and money transfer. Topping up prepaid cards will add the range of services and result in growth for Payzone.
Ukash chief executive Mark Chirnside said, "The MasterCard rePower service is a real addition to the prepaid card segment in the UK. The prepaid market is very significant and has proved a key growth area and will continue to be an important revenue stream for Ukash as we continue to diversify our range of products."
A survey carried out in 2008 revealed that by 2015 there will be more than 20 million network-branded prepaid cards being used in the United Kingdom alone. With the launch of MasterCard rePower Ukash, Payzone and MasterCard will have first mover advantage.
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