IGT extends banking deal via Global Payments for IGTPay
International Game Technology Plc (IGT), a provider of casino-floor technology and online game content, says it has extended by a minimum of five years, the group’s deal with an outside commercial partner to continue use of an automated clearing house system to make bank-funds transfers via IGTPay.
The arrangement is in order to “provide players with digital access to funds for cashless wagering,” said a Tuesday press release from IGT.
IGT mentioned in a previous announcement its growing focus on cashless technology for land-based as well as online play, as part of its response to the challenges wrought to the casino industry by the Covid-19 pandemic.
The latest deal is through an IGT subsidiary, IGT Global Solutions Corp, made with Global Payments Gaming Solutions, a division of Global Payments Inc.
It ensures players have “secure access to bank accounts for online, mobile, and land-based cashless gaming.”
According to the announcement, once a player registers with Global Payments’ “VIP Preferred” service via IGTPay, they can transfer funds digitally between their bank account and cashless wagering account in a single step, without having to enter their information for each transaction.
“Players are more likely to embrace cashless technology when the experience is simple, convenient, and offers a wide range of funding sources, including direct, secure access to their bank accounts,” said Ryan Reddy, IGT vice president for video lottery terminal, systems and payments products, in prepared remarks contained in Tuesday’s release.
IGT’s relationship with Global Payments began in 2016 as a digital-funding transfer method for IGT’s iLottery products.
In 2018 IGT and the outside partner began working through IGTPay, for the gaming brand’s digital PlayLottery offering and has since expanded the collaboration across IGT’s digital services.
IGTPay is now also available for land-based cashless gaming through IGT’s Resort Wallet range of products. The latter is part of the IGT Advantage casino management system.
“More than 3.5 million patrons” across relevant businesses “rely on Global Payments’ VIP Preferred for simple, secure, and responsible play,” said Christopher Justice, president for Global Payments Gaming Solutions, as quoted in Tuesday’s release.
The Global Payments group, said to process approximately US$5 billion in transactions each year, provides the IGTPay platform access to three other types of player funding aside from a bank account. The other routes are: credit card, debit card, and e-wallet.
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