In an exclusive interview with Yogonet, Mikael Lijtenstein, CEO of AstroPay, explained the differences between the different markets that comprise Latin America from the point of view of payment gateways, he analyzed the main demands from operators, and highlighted the importance of these alternatives for the younger audience: “The younger the population, the more likely they are to use digital wallets since their world is an extension of their cell phone”.
The growth of online gaming in Latin America has generated a great challenge for operators, who in several markets still find it difficult to offer efficient payment methods to their customers. How does Astropay offer alternative solutions in the region?
Each of the countries that make up the continent requires an in-depth look and analysis to identify the needs of that population and their current reality. At AstroPay we specialize in understanding the particularities of each region and, based on that, we adapt our offer.
The payment scope is very diverse and dynamic, but we have over thirteen years of experience in listening to our users and understanding their needs. We offer more than 200 local payment methods, making sure that we have available the most recognized ones from each region so that users can easily identify them.
What are the main demands from operators today when incorporating an alternative payment solution, such as Astropay, into their gaming operation?
Operators are looking for cross-border payment solutions that allow them to grow their business globally, and that comply with three fundamental principles: speed, simplicity, and security.
Furthermore, we have teams dedicated to developing the best payment experience to ensure an increase in the conversion rate, which is one of their main concerns. This has enabled us to acquire more than six million users globally, a number that increases every day.
What characteristics do the main Latin American markets share in terms of payment methods, and how does the involvement of a local partner influence when launching a new gaming operation?
Unequal access to the traditional financial system is a characteristic of the region, as well as the fact that cash is still commonly used. A large number of these populations do not have a bank account, which leaves a large margin for alternative means of payment such as digital wallets, QR codes, and payment links, which have gained great relevance in these countries.
Although the trend is to continue the trend towards these options, each country has its own particularities. For example, PIX in Brazil and OXXO in Mexico are very popular local payment methods that are part of the idiosyncrasies of those countries.
To what extent does the variety and number of payment methods influence the loyalty and range of players or customers? Are there alternative payment methods specifically targeted to a specific demographic or age group? Basically… can you grow an audience, or lose it to the competition, based on the payment methods that are available to them?
Offering a wide variety of payment methods helps to reach different segments of the market from an age point of view. The younger populations are, the more likely they are to use digital wallets, as their world runs as an extension of their cell phone.
At AstroPay we understand this dynamic and know the relevance of offering a wide range of payment methods to ensure conversion at checkout. With so many options at your fingertips, it is important to ensure that the user completes the purchase at first contact.
In which countries of the region do you currently have the largest presence, and what number and type of payment methods do you offer on your platform?
AstroPay is a global brand with a presence in Latin America, Asia, Africa, and, since last year, Europe as well. We currently offer more than 200 payment methods that vary by country.
What are the company’s plans for the remainder of 2022, and what products or services do you see as the most important for the betting sector in the coming months?
To continue expanding our business to new markets and to continue strengthening our already established ones. Add more payment methods to our offer and increase the number of operators we work with, which today exceeds one thousand. Digital wallets will continue to increase their acceptance among users and cryptocurrency payments will probably begin to play a more prominent role.