The iGaming industry has experienced unprecedented growth, transforming from a niche entertainment sector into a global powerhouse, on track to be worth $107.3 billion by 2024. In 2023 in the US alone, the industry generated a substantial $6.537 billion in gross win, marking a 22% increase compared to the previous year. And all of this—thanks to the increasing adoption of mobile devices, that has further fueled the expansion, as players seek convenient access to a vast array of games. So, in order to succeed in this fast-paced market, you need to know how to navigate the intricate regulatory environment.
The Evolution of iGaming Payments
The way players fund their iGaming accounts has undergone a drastic transformation. Traditional payment methods, while familiar, presented challenges in terms of speed, security, and overall user experience. The emergence of digital payment technologies has reshaped the industry, offering faster, more secure, and convenient options for both players and operators.
Traditional Payment Methods
Credit cards and bank transfers used to be the primary payment methods in the iGaming industry. While these methods offered a familiar approach, they presented several limitations. Processing times were often lengthy, particularly for withdrawals, leading to customer frustration. Additionally, chargebacks and disputes were common, creating financial burdens for operators. Security concerns also plagued these methods, making players wary of sharing sensitive financial information.
The Shift Towards Digital Payments
The limitations of traditional payment methods paved the way for a paradigm shift towards digital payments. The increasing adoption of smartphones and the growth of e-commerce accelerated this transition. Digital wallets, prepaid cards, and online banking emerged as viable alternatives, offering faster transaction speeds, enhanced security features, and a more seamless user experience. For example, the rapid growth of mobile wallets like Apple Pay and Google Pay has transformed the payment world, with a significant portion of iGaming transactions now processed through these channels.
Corytech: A Pioneer in Paytech Solutions
Corytech is an innovative payment orchestration platform that specializes in connecting iGaming businesses with regulated payment service providers. Our advanced technical solutions streamline the integration process, allowing merchants to access a wide range of payment options through a single interface.
Company Overview
Corytech is an innovative paytech provider that specializes in developing and implementing advanced solutions for highly efficient payment systems. The company is all about making it easier and safer for businesses to handle money. Its focus is on the iGaming industry, where fast, secure payments are essential. Corytech’s goal is to revolutionize the way people pay for online games.
Global Reach
Corytech’s services extend to a vast global audience, with a presence in strategically located offices across Europe. This international footprint allows Corytech to cater to the specific needs of businesses operating in diverse regulatory environments.
Key Offerings
Corytech’s platform provides a comprehensive suite of tools to streamline payment management for businesses. From mobile payment solutions that cater to on-the-go players to secure digital wallets for convenient funds storage, Corytech ensures a seamless experience. The company is committed to security, employing robust anti-fraud measures to protect both businesses and customers. Additionally, Corytech offers essential back-office support, including comprehensive reporting and analytics, to optimize business operations.
Beyond these core services, Corytech, with the help of payment service providers integrated into the platform, specializes in payment processing, and handling transactions efficiently and securely. For businesses seeking to expand their offerings, Corytech’s white-label PSP solution empowers them to create a branded payment platform, providing customers with a seamless and customized payment experience.
Innovative Features of Corytech’s Payment Solutions
Corytech’s platform offers a range of cutting-edge features designed to streamline payment processes, enhance customer experience, and boost revenue for iGaming businesses.
Seamless Integration of Fiat and Crypto Payments
Corytech’s platform stands out by offering a unified approach to both traditional fiat currencies and cryptocurrencies. Through seamless integrations with regulated payment service providers, Corytech enables iGaming businesses to accept a diverse range of payment methods, including both fiat and crypto options, all within a single interface. This interaction eliminates the need for multiple payment processors, streamlining operations and reducing costs for businesses. By accommodating a diverse range of payment preferences, Corytech empowers iGaming operators to expand their customer base and increase revenue.
Multi-Currency Merchant Account with Internal Conversion
Through our extensive network of regulated payment service providers, Corytech’s platform enables access to a wide range of financial services, including multi-currency merchant accounts that provide unparalleled flexibility for businesses operating in global markets. With the ability to hold and manage funds in multiple currencies, operators can effectively mitigate exchange rate fluctuations and optimize their financial performance. The platform’s robust internal conversion capabilities further simplify cross-border transactions, ensuring smooth and efficient payment processing.
Enhanced Conversion Rates
Corytech’s innovative cascading routing technology significantly boosts transaction approval rates. By intelligently distributing payment requests across multiple banks, the platform increases the likelihood of successful authorization. This optimization not only enhances the customer experience by minimizing declined transactions but also drives revenue growth for iGaming operators.
Security and Compliance
Protecting players’ money and ensuring regulatory compliance are paramount in the iGaming industry. Corytech is committed to providing a secure and trustworthy payment environment.
Advanced Anti-Fraud Measures
Corytech employs a sophisticated suite of anti-fraud tools and technologies to safeguard transactions from malicious activities. Advanced fraud detection systems, including machine learning algorithms, continuously analyze transaction patterns to identify anomalies indicative of fraudulent behavior. Real-time monitoring and response capabilities help Corytech to proactively mitigate risks, protect sensitive data, and ensure the integrity of the payment ecosystem.
AML & KYC Compliance
Demonstrating a steadfast commitment to regulatory adherence, Corytech strictly implements Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. By conducting thorough identity verification and due diligence checks, Corytech effectively prevents the misuse of its platform for illicit financial activities. This commitment to compliance fosters trust among customers, partners, and regulators, solidifying Corytech’s reputation as a responsible and reliable payment provider.
PCI DSS Compliance
Corytech prioritizes the protection of sensitive payment card data by adhering to the stringent Payment Card Industry Data Security Standard (PCI DSS). This comprehensive security framework encompasses a range of measures, including data encryption, access controls, network security, and vulnerability management. By maintaining PCI DSS compliance, Corytech safeguards customer information, reduces the risk of data breaches, and builds confidence among cardholders and issuing banks.
Success Stories
Mobile Game X—Boosting Revenue with In-App Purchases
Mobile Game X, a popular free-to-play title, sought to maximize revenue through in-game purchases. By leveraging Corytech’s platform that allows seamless integration with multiple payment service providers, Mobile Game X was able to set up a complete in-app purchase SDK, giving players a seamless buying experience for virtual goods and premium items. This strategic move led to a substantial revenue increase, driven by higher conversion rates and increased player spending.
Online Game Y—Thwarting Fraud and Protecting Revenue
Online Game Y, a subscription-based multiplayer game, faced challenges with fraudulent transactions and chargebacks. Implementing advanced fraud prevention tools, including machine learning, dramatically reduced these issues. This not only protected revenue but also enhanced player trust and satisfaction, leading to increased player retention and subscription growth.
Game Z—Expanding Globally with Localization
Game Z, a PC-based strategy game, aimed to conquer international markets. By localizing the game with multiple languages, region-specific payment options, and tailored pricing, they successfully expanded their player base. This strategic approach optimized player acquisition and retention, resulting in significant revenue growth in new territories.
Strategic paytech adoption in the gaming industry is shown to have transformative power through these case studies. By tailoring payment solutions to specific game mechanics and player demographics, developers unlock additional revenue streams, enhance player satisfaction, and solidify their market position.
The future of gaming is intertwined with the evolution of payment technology. As the industry continues to expand, innovative paytech solutions will be essential for driving growth, mitigating risks, and delivering exceptional player experiences.
The Future of iGaming Payments with Corytech
The world of iGaming payments is constantly growing, and Corytech is at the forefront of this change. Here’s a glimpse into some future trends and how Corytech plans to stay ahead of the curve:
- Increased Focus on Open Banking: Open Banking allows players to share their financial data directly with payment providers, bypassing traditional methods like credit cards. This trend offers several advantages, including faster transactions, lower fees, and enhanced security. Corytech is actively exploring Open Banking solutions to incorporate them seamlessly into its platform.
- Rise of Alternative Payment Methods: The popularity of cryptocurrencies and other digital payment methods, like e-wallets, will continue to grow. Corytech’s existing solutions already support various payment options, including cryptocurrencies like Bitcoin. Their API 3.0 update further strengthens this by simplifying the adoption of new payment methods as they emerge.
- Artificial Intelligence for Fraud Prevention: As payment methods become more sophisticated, so do fraudsters. Corytech is committed to utilizing Artificial Intelligence (AI) to develop even more powerful fraud detection and prevention systems. Their advanced tools will learn from experiences and identify suspicious activity in real-time, safeguarding players and businesses.
- Streamlined Payment Processing: Corytech’s recent launch of API 3.0 underlines their commitment to streamlining the payment process. This new API offers features like cascading transactions across multiple payment service providers (PSPs) and flexible routing for optimized processing. These features will ensure faster transaction speeds, fewer declines, and a smoother experience for both players and businesses.
- Enhanced Merchant Control: The upgraded Merchant App empowers iGaming businesses with more control over their finances. Features like easy currency exchange, efficient refund management, and over/underpayment handling offer greater flexibility and transparency. This improved control fosters better financial management and simplifies operations for businesses.
By staying ahead of these trends and regularly innovating, Corytech positions itself as a future-proof solution for iGaming payments. Their commitment to offering a wide range of secure and efficient payment options, coupled with advanced features like API 3.0 and the Merchant App, makes them a valuable partner for any iGaming business looking to thrive in the digital arena.
What’s Next?
The iGaming industry is moving fast, and how people pay to play is a big part of that. To stay ahead, businesses need a payment system that’s fast, safe, and easy to use. Corytech offers all of that and more.
Corytech operates in several key regions, including Europe (United Kingdom, Spain, Portugal, Ukraine), Latin America (Brazil, Argentina, Mexico), Asia (Philippines, India, Japan), and Africa (South Africa, Nigeria). This global presence allows Corytech to provide tailored payment solutions to businesses operating in diverse markets.
Corytech’s expertise in navigating complex regulatory environments, combined with its innovative payment solutions, makes it a trusted partner for iGaming businesses worldwide. As the industry continues to expand, Corytech is poised to lead the way in shaping the future of iGaming payments.
Read More: Best trading platform for beginners
