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Payment modernization has had a significant impact in the iGaming industry over the last decade. Having more than one payment system and better systems is a perfect way to make it more convenient for customers to complete transactions anytime. Digital payment systems have more pros than cons compared to traditional methods.
Modern payment systems come with transaction solutions; they also give customers gaming tools for responsible gambling. Having the option to monitor your gaming activity, such as getting insights into your spending data and setting limits, is a feature that gives you control over your whole gambling life.
It offers benefits to customers and regulators, and compliance teams to keep up to date with the emerging advances in redesigning such platforms. Having capabilities such as anti-money laundering (AML) and Know Your Customer (KYC) is an added advantage to any party involved in adopting modern payment systems. The systems, designed to work with the relevant authorities within the gaming market, ensure the process runs smoothly. Any illegal activity that may affect the industry is restricted as much as possible.
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Transparency is also an excellent feature for modernized payment systems. Having a network solemnly designed for digital transactions makes it convenient to streamline currency transaction reporting (CTR) within the iGaming tech industry. The tools are getting better with time, enhancing all forms of digital payments since the development is strictly focused on keeping the systems free from fraud or other malicious activities. High-risk transactions also get a high level of security like other significant transactions. The systems cut out any third parties that may negatively influence any issue between the regulators, customers, platform developers, and customers.
Jurisdictions and iGaming Industry
Gaming jurisdictions have different ways of implementing any form of system modernization. Hurdles are always there due to security reasons, but the more information the regulators have, the better to progress in introducing modern payment systems to the iGaming industry. Adapting to the market trends is necessary and cannot be avoided if the iGaming industry remains relevant.
Principles of Modernization
Contrary to what customers may think, payment modernization does have its own set of core principles. This is a framework for regulators to use to develop any modern payment systems for online casinos. Even with these principles, innovation is still encouraged as they are not too stringent to have limitations on better ideas. The principles are perfect for educating any of the geolocation regulators of online casinos on accepting and having modern payment systems.
Trustly Pay n Play
Trustly Pay n Play is an excellent example of a new payment modernization system. New games are constantly emerging within platforms such as Trustly Pay n Play due to the increase in demand and its advantages.
The use of the latest technology has set a bar in the iGaming industry. The payment system integrated with an online casino seems to be attracting a broad market, especially within Europe. The platform has upgraded to different models, which provide several functionalities and features advantageous to every party that embraces it.
The benefits of modernizing payment systems are endless, especially with better systems coming up often. You are bound to see so much more in the future with revolutionary payment systems from around the iGaming industry to other economic sectors.
(Disclaimer: The article is sponsored and hence promotes some commercial links.)
A hacker identifying himself as John Wick has claimed to have accessed the network of popular streaming service ZEE5, allegedly stealing over 150GB of user data along with the source code of the website as per tech News.
According to a report in cybersecurity news portal Quickcyber, the hacker who appeared to be from a Korean hacking group is now planning to dump the data in the public domain for open sale.
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The hacker told the publication that the stolen database of Zee5.com contains private details of the subscribers including their recent transactions, passwords, emails, mobile numbers, messages, etc.
ZEE5 was yet to comment on the report.
The breach may have occurred between February end or March.
Ralph Wagner, CEO of software development firm Axinom that provides ZEE5 “software to manage content,” told Quickcyber that they “do not manage Zee5 database” and “nor do Axinom system uses the mentioned MySQL database” which is part of the hacking.
“Additionally, we will investigate this case, and will release a statement as soon as our investigations are complete,” Wagnerwas quoted as saying.
ZEE5 has over 150 million subscribers worldwide. (IANS)
As the Yes Bank fiasco hit UPI-based transactions last week, PhonePe that was solely using Yes Bank’s services worked overnight with the National Payments Corporation of India (NPCI) and ICICI bank to ensure all its services were up and running within a day.
PhonePe, with close to 20 crore users, saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5, lasting for nearly 24 hours. The company worked with the NPCI and ICICI bank, its new UPI partner.
All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm, the company said in a statement. All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles.
“Friday was an extraordinarily difficult situation with little precedence. We are grateful to the RBI, NPCI, Yes Bank, and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary,” said Sameer Nigam, Founder and CEO PhonePe.
PhonePe employees had to work for 36 hours straight to achieve this. The platform processed transactions of over Rs 4,000 crore in 24 hours and saw its largest ever volume of user traffic in a single day (with over 70 million app sessions).
Several petrol pumps rejected most of the UPI-based transactions over the weekend, including Paytm, PhonePe, and GooglePay.
Even BharatPe, which deploys QR codes at small merchant outlets, stopped functioning. Millions of users failed to make or receive payments because of curbs imposed on Yes Bank. (IANS)
Paytm Payments Bank Announces Artificial Intelligence Driven Security Measures To Protect Transactions
Paytm Payments Bank on Monday announced Artificial Intelligence (AI)-driven security measures to safeguard users from fraudsters and protect their transactions.
One of the new features analyses ‘rogue’ apps on user devices which might trigger fraudulent transactions and advises users to uninstall them.
The bank is also leveraging AI to instantly detect suspicious transactions.
Depending on the identified threat level of a transaction, the AI either slows it down or completely blocks the payment from getting completed, the company said in a statement.
“This security feature will scan the apps installed on the user device and will pop-up a security alert whenever a dangerous app is found that may put the users’ accounts at risk,” said Satish Gupta, MD & CEO of Paytm Payments Bank.
No transactions will be possible until the user uninstalls that fraudulent app.
“A large number of our users have welcomed this move. We have already seen cases where these features have stopped attempts to defraud our customers,” Gupta added.
The company said it has a dedicated team of over 200 cybersecurity experts and industry stalwarts to ensure round the clock security of every user transaction.
The teams are closely working with all state and central police forces and cyber-cells as well as telecom companies to detect, prevent and report fraudulent transactions for immediate action, informed the company.
The bank has submitted a comprehensive list of 3,500 phone numbers involved in SMS and call scams to authorities.
It has filed an FIR against these criminals with the Cyber Cell for an immediate action to stop the scam. (IANS)