Scott Carcillo: “Cashless is a foundational change, not a fleeting trend”

In this conversation with Koin CCO Scott Carcillo, we dive deep into exploring how cashless payments are transforming the iGaming landscape. We take a closer look at the opportunities cashless payments present for both business and patrons, and how Koin is moving forward with building solutions that are efficient, convenient, and reliable. Read on to find out more.

Q: Scott, can we start by telling us a bit more about how cashless payments has been an important solution in the gambling industry and why?

On both the customer and operator sides, cashless provides for a much more convenient and secure experience than traditional cash transactions. The gaming industry, with its unique regulatory requirements coupled with complex and diverse technologies, has lagged behind other industries that have already adopted cashless technologies. Koin, at its core, is bringing to the gaming industry a network of seamless cashless and digital wallet technologies that consumers have already become accustomed to in all other aspects of their daily lives.

Koin has rapidly advanced in the cashless gaming sector, learning from those who initially pioneered this space. Our approach has been shaped significantly by these early insights, which have been crucial in refining both our design and consumer experience. Our partnership with Euronet has been a key factor in this development, enabling us to combine their top-tier payment solutions with our own expertise. Consequently, we have crafted a superior cashless payment solution that operates seamlessly online, on property, and across properties as a single integrated, seamless payment ecosystem.

Koin allows cashless at retail outlets, slots, table games, sportsbooks, and dining and enables patrons to pay both within and across properties. Kion's approach creates an experience for players, guests, and operational teams that is second to none.

Q: Has the brick-and-mortar sector been open to the introduction of cashless gaming and what are its biggest advantages for businesses and consumers?

The adoption of cashless technology in the brick-and-mortar gaming sector, though initially gradual, is now gaining momentum with a sense of urgency. In the early stages, as with most technological advancements, there was a mix of enthusiasm, hesitation, and cautious interest. Early adopters played a crucial role, in demonstrating the practical advantages of cashless systems. Despite some early solutions lacking the seamless sophistication familiar to consumers in traditional and online retail, these pioneers have been key in convincing the initially undecided or skeptical operators about the merits of cashless technology.

As more operators witness the transformative impact of cashless gaming, the shift is accelerating. There's a growing recognition that to stay competitive and meet player demands, embracing cashless technology is not just an option, but a necessity. The advantages for businesses and consumers are compelling and multifaceted.

For businesses, the integration of cashless systems translates into enhanced operational efficiency. It allows operators to focus more on the core aspects of running a gaming business, like improving customer service and game offerings, rather than managing cash-related complexities. This shift also brings added security, reducing the risks associated with handling and storing large amounts of physical cash.

From the consumer perspective, cashless payments align with the convenience and efficiency they experience in other aspects of their lives. It addresses common pain points like long waits and high transaction fees, enabling a more seamless and enjoyable gaming experience. This alignment with lifestyle trends and consumer expectations is critical for the sector's growth and evolution.

Q: What are the biggest challenges the gambling industry faces today when it comes to payments?

Industries that are highly regulated have significant compliance hurdles (and appropriately so). This is one of the challenges for any technology adoption in the gaming industry. The broader payments world has undergone a dynamic evolution over the past decade, and many advanced features from this evolution are now being integrated into the gaming industry. We're witnessing a surge in diverse payment options, including cashless systems, alternative payments, real-time transactions, cross-border payments, credit solutions, and buy now, pay later options.

Just a few years ago, it was quite a challenge to gain momentum in the market as only the earliest innovators were exploring cashless payment solutions. However, we now have clear evidence of the benefits these systems offer to both operators and their customers. The current challenge lies in identifying and implementing the most effective strategy for each operator.

We believe that the most successful approach is one that digitally nurtures both patrons and employees, ensuring the program delivers the greatest possible impact. We achieve this by collaborating closely with our clients in a phased manner, using digital journey mapping to strategically plan for the future. This careful and deliberate method is key to ensuring the best possible results.

Q: Besides cashless, what other payment solutions are there that are currently changing the fabric of the gaming industry?

In the evolving landscape of the gaming industry, the rise of cashless transactions marks a pivotal shift, signaling a transformation in operational norms. This shift towards a cashless, digital ecosystem is not just a fleeting trend but a foundational change, aligning the gaming industry with the broader move towards a digital, mobile, consumer-first world.

The standout aspect of this transformation is the focus on emerging technologies that, like Koin, offer truly omni-channel and cross-vertical capabilities. These next-generation solutions are not just competing to dominate the market but are working towards creating a seamless, fully integrated digital payment experience that transcends traditional gaming boundaries.

By embracing omni-channel and cross-vertical solutions, the gaming industry is adopting a level of functionality that consumers have long experienced in other areas of their lives. This integration brings a holistic approach to the gaming experience, enabling consumers to interact and transact across multiple platforms and verticals seamlessly. It's a significant leap forward in creating a unified, cohesive user experience that mirrors the interconnectedness of the digital age.

Q: How will you proceed as part of the Koin team and what are your immediate plans for the future?

I'm honored to join a great company in Koin with a global, world-class investor and partner in Euronet. With strong partnerships already in place with Plaid, Shift4, and others, my goal is four-fold: firstly, to strengthen and expand our partnership ecosystem to deliver comprehensive solutions globally; secondly, to build upon our world-class sales team, ensuring we meet increasing demand; thirdly, to focus on our ecosystem of customers, partners, and prospects on a global scale; and fourthly, to continuously explore other markets for emerging trends in gaming, collaborating with our product team for continuous innovation.

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