Internet Payment Solution for i-Gaming Combines Instant Bank Account and Bank Issued Visa Cards

Thursday 10 February 2005 17:54 CET | News

Global Cash N.V., a provider of e-commerce solution services to provide licensed Internet gaming companies a payment option called The Solution.

Global Cash N.V. offers a complete Internet payment system for the casino and sports book industry. The Solution allows pre-qualified Merchant establishments to offer their Players an Instant online Bank Account that can be funded by any Visa® or MasterCard® regardless of geographic location of the issuing-bank. Merchants customers can fund the opening of an Instant Bank Account with any Visa® or MasterCard® and immediately transfer amounts on deposit to the sponsoring Merchant establishment. Banking customers will be issued a choice of a Visa Electron® Card or Maestro®/Cirrus® Card which will provide immediate access to funds at over 900,000 24-hour automated teller machines (ATMs), 30 million outlets in 220-plus countries. Sponsoring Merchants can transfer funds directly from Player gaming accounts to Players Instant Bank Account without the necessity of checks or wire transfers. Integration into Merchants website and software platform is relatively easy. The Solution is a complete bank-provided e-commerce payment system — handling payments via an electronic bank wallet and closed-loop Merchant transfer system. Customers deposited funds are held in their own bank account providing the utmost security. A real-time online banking system allows Players to control the movement of funds between their Instant Bank Account, Merchant and Bank-issued Card. The Bank offers complete online banking statements and 24 x 7 secure online banking. Immediate withdrawal of funds is provided via the Bank-issued cards which can be used at ATMs and POS devices that accept Visa®, Maestro® or Cirrus® products. Global Cash N.V. expects U.S. revenue from online gaming to be $1.8 billion in 2005 and $38 billion is expected to be spent on online entertainment in Europe with online gambling comprising the largest industry segment. The ability for Players to open an Instant Bank Account with their present Visa® or MasterCard® will eliminate current funding issues. Players will have immediate access to winnings rather than waiting for payments by check or wire. This will eliminate many back office problems for Merchants. The Solution incorporates business rules of the Merchant mirroring all deposit and withdrawal limitations presently in place.

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Categories: Payments & Commerce | Payments General
Countries: World
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