Could Blockchain and Cryptocurrencies Revolutionize Payments in the Gaming Sector? [Q&A]
ACI recently partnered with Nextpayway, a company offering a specialist payment solution for the gaming industry. The Israeli start-up is implementing ACI’s UP eCommerce Payments solution to deliver next-generation payments and fraud prevention. We spoke with Nextpayway’s CEO Angela Behar just after the GES World Gaming Summit in Barcelona.
Katrin Boettger: Blockchain was one of the big buzzwords at GES; is the world of gaming ready for it?
Angela Behar: Absolutely. Every other panel sessions at GES covered the topic of blockchain in one way or another; its benefits, the implementation, challenges, etc. The buzz around blockchain is immense, I always compare it to the arrival of a new baby: everyone is excited and wants to be part of the celebration, but they’re apprehensive about holding it. There is another aspect that’s important: Many people in the industry remember the arrival of the internet and the fact that they maybe didn’t take its disruptive power seriously enough. Today everyone in fintech understands that the potential of the blockchain is massive and wants to position themselves to benefit from a first mover advantage.
KB: Let’s talk about Nextpayway; would you say you are at the forefront of the blockchain revolution?
AB: What we are offering is a blockchain-based personal e-wallet that uses its own cryptocurrency (NXP), providing additional ways for gamers to pay, and to receive near-instant cash-outs. We are relying on ACI’s UP eCommerce Payments solution for global connectivity to a network of more than 350 card acquirers and alternative payment methods. As part of our relationship with ACI, we also use the ReD Shield real-time fraud management solution, which screens all transactions utilizing advanced data analytics, adaptive machine learning and customer profiling techniques. We believe that we have a unique proposition that could revolutionize the payments experience in the gaming sector and beyond.
KB: Looking beyond the gaming sector, where else do you see use cases for your payment solution?
AB: It’s the ideal payment solution for a highly connected digital world. It is 100% secure and enables instant transactions between participants anywhere in the world. The use cases and opportunities are endless. It’s the ideal payment option for any digital platform-based business, whether in gaming, the travel industry or other digital goods sectors.
KB: What made you become a Fintech Entrepreneur?
AB: I was born in Latvia, but moved with my family to Tel Aviv in Israel when I was five. Israelis are adventurous, inquisitive and curious. I started out as a real-estate entrepreneur, but a friend of mine introduced me to the word of fintech and I was immediately hooked. I truly believe fintech is more than an industry, it’s a disruptive movement that is changing the way business is done in many areas of our lives and the economy. It’s a truly global and inclusive movement and I think there are many opportunities for women to excel.
KB: What are your plans for the future?
AB: I am really passionate about educating women around the world about the opportunities of fintech and the way technology can change their lives. There is a societal mindset that needs to be changed for a significant impact to take place. Along with educating young girls and women about professions in STEM and the opportunities in fintech, our society and the parents of young girls need to be educated on the importance of including women in such professions.
Download our report "What Turns Players Into Payers: Understanding the Gaming Payments Experience," which reveals the payment preferences, motivations and experiences of gamers in the largest games markets in the world – or get in touch with our team to meet at Gamescom in Cologne, Germany, August 21-23.
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