AGA Releases Principles On Digital Payment Options

AGA Releases Principles On Digital Payment Options

The American Gaming Association advocates the use of digital payments in casinos. The trade groups recently issued its seven-point statement of principles on digital payment options as it aims to reduce restrictions on cashless casino transactions.

Cashless payments on the casino floor are a necessity that has long been ignored in the industry. Casinos have been using cash in transactions for decades. Operators and lawmakers were hesitant to use the casino payment method because of the lack of legislation that might regulate it properly.

The use of digital wallets and other cash alternatives has long been debated in regulatory meetings. Many regulators oppose the method because of transparency and safety issues brought by digital currencies. While people hide in their homes because of their fear of the coronavirus, digital payment became a necessity.

Digital payment goes mainstream

While the government imposed lockdowns, people relied on online services for their food and other necessities. Tech services and other internet-related sectors turned into an effective medium to transact for the needs of people trapped in their homes.

Digital payments gained popularity. Even after restrictions were lifted, people were scared to gather in groups. People avoided physical contact and digital payment options in the retail store where needed. Tech companies started developing software that allows customers to purchase and pay using their mobile phones.

Casinos saw the need to go cashless as the coronavirus continued to plague all parts of the world.

Cashless payment options were seen as a solution to lower the risk of virus transmission in the casinos. The mode of payment is aligned with the new health and safety protocols imposed by states.

However, the casino cannot implement the options in the past because it lacks back up from legislations and industry regulators. Regulators now see the need for modern payment options.

Payments Modernization Policy Principles

On Tuesday, the American Gaming Association issued the “Payments Modernisation Policy Principles” that guidelines and plans on how to introduce digital and contactless payment options in casino floors. The principle is the product of an 18-month collaborative industry effort of licensed commercial and tribal casino operators.

The operators decided to convene and discuss the impact and solutions to challenges brought by the novel coronavirus pandemic. The survey conducted by the collaboration found that more than half of casino guests wanted digital and cashless payment options last year.

The report said that 59 percent of guests last year are less likely to use cash in their daily transactions, while 54 percent wanted digital or contactless payment in casino games. AGA President and CEO Bill Miller said he advocates for an advanced opportunity for digital payments in casinos.

Miller added that the crisis made them realize the importance of advancing their efforts to offer patrons with the payment choice they are comfortable with. The CEO plans to equip gamblers with digital tools that help them monitor their gaming limits. They also plan to increase transparency in support of the government’s battle against money laundering.

The Nevada Gaming Commission is scheduled to meet on June 25 to discuss the possibilities of using digital contactless payments in gambling facilities.

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