OKTO.CASH, the cash-to-digital payment method of payment solutions provider OKTO, has been granted approval by the GGL and has been officially recognized as an approved payment method for iGaming in Germany.
GGL's approval of OKTO.CASH comes after a thorough evaluation process, during which three different operators submitted applications to utilize this payment method. "OKTO.CASH has emerged as the preferred choice for operators seeking to enhance their payment offerings," says OKTO.
Operators now have the option to utilize the OKTO.CASH branded solution or opt for a white-label version, providing flexibility in catering to their specific customer base and brand identity.
Mikhail Ovsepyan, Head of Germany at OKTO, said: "We are glad to have received GGL's approval. OKTO.CASH is a revolutionary payment method for the German market, allowing direct real-time cash top-ups for iGaming accounts at a wide network of points of sale (POS). This is a game-changer for the industry, as there are currently no comparable solutions available."
OKTO has built an expansive network of POS locations in Germany, which will encompass over 40,000 points of sale, including supermarket chains, kiosks, gas stations, and potentially German post offices. According to the company, this strategic proximity ensures that customers can conveniently access OKTO.CASH, thereby opening up new opportunities for customer acquisition and revenue generation.
The company highlighted that one of the key differentiators of OKTO.CASH is its payment journey, complemented by an embedded eVoucher payment method, which improves the customer payment experience. This innovation reduces abandonment rates for consumers, as cash payments significantly reduce friction, leading to higher conversion rates.
"As the iGaming industry in Germany continues to evolve, OKTO.CASH stands at the forefront of payment technology, offering operators a competitive edge and providing customers with a convenient and efficient payment solution," said OKTO. "The approval by GGL underscores the importance of innovation and customer-centric solutions in the rapidly expanding iGaming market."