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LeoVegas to introduce open banking payment solution

| By Daniel O'Boyle
LeoVegas will allow open banking transactions for its customers, starting in the UK, becoming the first gaming operator to do so.
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Open banking – which allows consumers to share their transaction history with businesses – will be implemented through LeoVegas’ own platform. The operator said it anticipates this will facilitate “more secure and faster payments” as well as lower transaction fees and less dependence on third-party payment providers.

The payment method became an option through the Second European Payment Services Directive (PSD2). So far, the operator said about 10% of customers have chosen to use open banking for their payments. 

“Secure, seamless and fast payments are incredibly important, and the fact that we now – through PSD2 – have the opportunity to directly integrate with many European banks, will provide a superior customer experience offered by security and speed,” Gustaf Hagman, LeoVegas’ group chief executive, said.

“Conducting transactions via open banking is also considerably more cost-effective compared with traditional payment methods.

Hagman added that he expected open banking to seriously change payments in the gaming industry.

“There is a high level of activity in our product and technology development organisation, and it is exciting to see all of the innovations we are delivering to our customers. We are first out in the industry with this pioneering payment solution, which will change the entire payments industry in the years ahead.”

After the UK launch, LeoVegas intends to roll out the solution across the rest of Europe.

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