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Is Cash Still King? The Rise of Mobile Payments in the Gaming Industry

by Global Payments Gaming Team / October 21, 2021

For years, the gaming industry has explored the idea of cashless payments. However, increasing consumer expectations and the global pandemic shifted cashless payments from an opportunity to meet patrons’ evolving preferences to a necessity. According to the American Gaming Association, 59% of past-year casino visitors are less likely to use cash in their everyday lives because of the global pandemic. This translates to patron preferences on the casino floor, with more than half of surveyors (54%) indicating that they would be likely to utilize a digital or contactless payment option when they gamble. However, this evolution is challenged by an industry that is highly regulated and still heavily reliant upon cash. 

As an industry leader, Global Payments Gaming Solutions has made great strides in developing cashless solutions to enhance the gaming experience for patrons. Global Payments’ VIP Mobility is the industry’s first mobile solution enabling true cashless gaming from funding through cash-out. The solution delivers hardened bank-grade security to casinos’ complex gaming environments while equipping patrons with a seamless and secure payment experience. VIP Mobility is built on the decades-old, industry standard for check cashing, Global Payments’ VIP Preferred® e-check network. By harnessing the flexibility and ease of Global Payments’ groundbreaking VIP Preferred account network, plus functions like eCheck and Choice 4™ deferred settlement, patrons can directly transfer funds from their VIP Preferred balance to their favorite game.

Additionally, VIP Mobility solves a number of challenges experienced with cash-based gambling for casinos. Traditionally, maintaining and updating the gaming environment has been an expensive and cumbersome process for operators.  By embracing system-agnostic solutions, like VIP Mobility, casinos can tap the flexibility needed to offer digital alternatives to traditional forms of wagering. Not only does VIP Mobility empower casinos to reduce their operating costs, but it enables them to overcome the limited capabilities of legacy technology to establish a true, consumer-centric approach on the floor.

In today’s market, there is an enormous opportunity for casinos to leverage cashless solutions to deliver the alternative, cashless experience that many guests now prefer. As cash usage continues to decline, casino operators should strive to implement cashless, contactless solutions that create an engaging experience for patrons.

VIP Mobility is a part of our vertically integrated suite of solutions that create an enhanced gaming experience at the cage, on the casino floor and online. More than 3.5 million patrons rely on Global Payments’ solutions for simple, safe, and responsible play.

Click here to learn more about how Global Payments is putting cashless payments into play or visit our Resource Center.

Tags: mobile gaming cashless gaming

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