Paysafe USA Development | Skrill 2.0

Paysafe is a global payments platform and digital wallet that was first established in 1999. They were there at the start of the iGaming industry and, from the payments perspective, a major innovator in the market, pioneering the enablement of online credit card processing globally and inventing one of the first online digital wallets Neteller.

While the company may have had a slightly tumultuous history in the US, entering, withdrawing, and re-entering the market, it’s been there for all the key moments (like the repeal of PASPA) and ready with a payment solution for players.

Paysafe is currently the go-to payment option for 75% of the US iGaming market. Recently, the company has revolutionized its iGaming e-wallet, Skrill (which they acquired in 2015), and has partnered with Bitrise to automate the core mobile processes for its Digital Wallets. This, along with the development of Paysafe in the USA, is what we’ll be taking a closer look at in this article.

Paysafe North American Timeline

1999: The company established and developed the first digital wallet for online payments aimed at iGaming, known today as Neteller.
2006: The company withdraws from the U.S. market to comply with the Unlawful Internet Gambling Enforcement Act (UIGEA). Paysafe now focuses on the Canadian market.
2010: Paysafe wins RFP to provide payment solutions to Loto Quebec. From here, the company expands its reach across CAN iGaming platforms.
2013: Legislative changes begin to occur in the US, with New Jersey and Delaware becoming the first to legalize online gambling. Paysafe returns to the market.
2015: Paysafe acquires Skrill.
2018: PASPA is repealed, and Paysafe offers their services to US sportsbooks.
2020-2021: Paysafe focuses on designing Skrill 2.0 aimed at faster payments and VIP players.
2021: Paysafe partners with Bitrise to revolutionize mobile payments.

The US Challenge

Paysafe is currently the payment provider for the majority of US gambling operators, that’s 75% of the market, but it’s not a new player in the US, and the company was first active in the market from 1999 until 2006 when UIGEA came into force.

UIGEA or the Unlawful Internet Gambling Act outlawed all online payments related to gambling, effectively preventing gambling deposits and withdrawals (restricting the offshore market, which at that time considered a legal grey area). This resulted in Paysafe withdrawing from the market and focusing its efforts on Canada, becoming the payment solution for Loto Quebec.

In 2018, the US market significantly changed with the repeal of PASPA (PASPA prevented sports betting from being legal outside of Nevada and was in force from 1992-2018), and as many states legalized sports betting, Paysafe re-entered the US market.

The company was quick to respond to the needs of the US market and offered a payment solution that solved ongoing issues with players’ credit and debit card payments (caused by the lasting effect of UIGEA). It delivered a payment platform that provided players with card, cash, online transfer, and eCash payments.

Enhancing Paysafe for the US Market

In early 2019, Paysafe delivered their new payments platform, equipt for diverse payments options, and a single streamlined online integration just in time for the launch of online gambling in Pennsylvania. Using Paysafe’s platform, operators could offer a range of APMs like the Skrill USA Inc digital wallet and eCash solutions like Paysafecard and Paysafe Cash, plus third-party products and credit and debit cards.

By reducing the barriers for paying to play, Paysafe offered operators a streamlined payments plugin and helped maximize customer conversions by ensuring smooth and effortless digital payments.

We’ve maintained our position as the payment leader helping drive forward North America’s iGaming evolution. Even before online sports betting emerged in the U.S. and now Canada, we were first movers in the nascent daily fantasy sports (DFS) space, where we played a critical role in advising early entrants on payments and the importance of self-regulation.
Greg Kirstein, VP of Business Development for iGaming at Paysafe.

Looking Forward: Payment Solutions 2.0

In 2020 Paysafe undertook market research surveying 2000 bettors. They found that:

Three-quarters of bettors would change their payment method if it meant a faster payout.
Being able to withdraw funds from their account quickly and efficiently is more important to players than promotional offers or odds when choosing where to place sports bets.
Every second matters to players for mobile and app payments.

This research has led Paysafe’s development efforts since and led to two significant product developments in the last year that will have a big effect on players.

Firstly, they’ve redesigned Skrill for users and honed in on same-day and instant payments, and secondly, they’ve partnered with Bitrise for next-level, cash app casino payments.

1.) Skrill 2.0: The NextGen Digital Wallet

Paysafe acquired Skrill in 2015; one of Europe’s leading e-wallet and digital payment solutions. This month, Paysafe has launched Skrill 2.0, offering an enhanced UX, service, and faster, easier online payments for gambling brands. For players, this means instant deposits and withdrawals, plus an optimized UX just in time for the 2021 NFL season.

Gambling Payments in Seconds

Responding to the fact that players focus on payment speeds over all other factors when picking a US online casino or sportsbook and payment method, Paysafe has increased its value proposition in the market by focusing on lightning-fast deposits and withdrawals.

Thanks to PaySafe’s efforts, operators have begun offering same-day and instant withdrawals via gambling platforms through Skrill, making it easier and faster than ever before to lay a bet and claim a cashout, making Paysafe Casinos one of the best options for online gamblers.

We’re excited to roll-out a major product upgrade for our digital wallet. Players using Skrill USA to wager with U.S. iGaming brands will enjoy the wallet’s sophisticated user experience and find it’s faster than ever before to make a deposit and to receive payouts of their winnings.
Paul Jardon, CEO, and CFO of Skrill USA, Inc.

New State of the Art Look and Feel

User experience is everything, and Skrill 2.0 is designed for ease of use and fast, frictionless payments that meet the needs of both casual and VIP players. With the new streamlined platform, users can sign up in minutes, link their bank account or credit/debit details, and make instant online gambling transactions.

When it comes down to cashing out, Skrill 2.0 users have the option of withdrawing to their Skrill account in real-time, spending the winnings using their Skrill Visa Prepaid Card, withdrawing directly to a cash point, or even opting to invest in crypto using Skrill’s integrated crypto exchange.

The Skrill platform features a smooth new design, providing all the information users need to understand the service quickly.

2.) Paysafe and Bitrise: Next-Level Mobile Payments

Mobile casino payments need to be fast and streamlined in a market that processes $132 billion in transactions yearly and where seconds can change a player’s choice over whether to use a platform and which payment method to go for.

To meet the needs of mobile players, Paysafe has partnered with Bitrise (mobile app developer), which has allowed them to automate and scale operation processes, leading to a better and faster app experience for users. The collaboration has eliminated manual troubleshooting and allows Paysafe to update and fix app errors in minutes rather than hours and pre-release.

Moving fast is the only way to succeed in iGaming. And with mobile payments accounting for nearly $132 billion of all digital payments over the last year, the payments part of the mobile process is a very expensive place to be slow.
Barnabas Birmacher, CEO of Bitrise.

Paysafecard USA Online Gambling Sites

Paysafe and its subsidiary digital wallets continue to drive innovation in the US and global gambling payments industry. As one of the top payment solutions for the US iGaming market, Paysafecard casinos and Skrill casinos are widely available and provide secure, fast, and easy transactions. Discover more about Paysafe USA, including which online casino USA is our top choice for gamblers, by clicking either of the links above.

Other Payment Methods Similar to Paysafe

Cash-app: Cash-app provides quick, easy and safe fiat and crypto casino transactions.
Venmo: Venmo is a US e-wallet designed for gamblers.

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