The industry backed cashless payments app is now ready for site testing following agreement with a Tier 1 UK bank. The pioneering move is one that could revolutionise payment processes in the UK industry.
The Game Payment Technology (GPT) cashless payments App will undergo its first site tests following completion of the payment acquiring agreement with one of the top three UK acquirers. This concludes months of intensive work led by the payment’s team from GPT’s JV partner, Polar Moment and represents the first such deal with a Tier 1 UK bank for cashless gaming in pubs and other venues.
GPT Director John Rozek believes the agreement represents a major endorsement of Bacta’s cashless payments solution which has been under development since Summer 2019. He stated: “As we anticipated, we have secured card processing services with one of the top 3 UK acquirers – a nationally recognised brand. This is a testament of the acquirer’s confidence in GPT’s business plans including the product, the financial structure, the skills within our team and our ability to professionally manage a gambling e-wallet.
“Financial directors understand the expectations and obligations a Tier 1 acquirer demand and it will give potential customers both here and internationally huge confidence in GPT. It is a major achievement and one which demonstrates that we are a professional payments organisation, respected in both the gaming and payments sectors, and able to manage the complexities of a gaming e-wallet service. It confirms we are ready for real players to start enjoying playing without cash in their local pub!”
The four month process involved scrutiny of the GPT business and financial plans, confirmation of directors backgrounds and experience in both the gaming and payments sectors, risk assessments, compliance reviews as well as anti-money laundering and counter terrorism policies control and procedures.
Rozek concluded: “Of course it’s fantastic to have secured a Tier 1 acquirer ahead of ICE which represents the last hurdle before we go live. It will provide visitors with great confidence in the GPT brand as well as the strength of the infrastructure and the people behind it.”