With progress in iGaming and sports wagering regulations, the forming of significant partnerships, and advancements in gaming and payments technology, 2021 was an important year for the online gaming industry. During this progressive year, Mazooma, a Nuvei Company, made noteworthy contributions in payments technology that will shape the future of the online gaming industry.
In April, Mazooma partnered with Fifth Third Bank to launch Instant Withdrawals through the RTP® network from The Clearing House for the iGaming and sports wagering industries of the US. An integral feature of Mazooma’s Instant Bank Transfers product, Instant Withdrawals would be the first real-time payments offering in the U.S. online gaming industry. Instant Withdrawals would go on to be valuable for players and merchants. Through Instant Withdrawals, players can receive payouts immediately into their bank accounts, safely and securely, 24/7/365. Merchants benefited from a better user experience than any other payment method available. The groundbreaking Instant Withdrawals feature earned Mazooma the Payments Solution Provider of the Year award at the 2021 Global Regulatory Awards hosted by VIXIO Gambling Compliance.
In August, Nuvei completed its acquisition of Mazooma. The acquisition would be a crucial one as Mazooma’s merchants would be able to access Nuvei’s extensive payment offerings. Also, Nuvei’s existing portfolio of North American payment options would be expanded with bank-to-bank payments for pay-ins and payouts and real time payments. Additionally, the acquisition would give Nuvei the vendor registration, compliance, and operational infrastructure to address merchant requirements in the highly regulated U.S. gaming industry.
And finally in September, Mazooma’s Verified Withdrawals went live for U.S. iGaming operators. Much like Instant Withdrawals, Verified Withdrawals would also be advantageous for both merchants and players. Offered through Instant Bank Transfer, verified instant withdrawals offer an enhanced user experience. With Verified Withdrawals, players are guaranteed secure, instant withdrawals, regardless of what method they used to deposit the funds. Plus, Verified Withdrawals reduce manual reconciliation, which benefits operators both in time and money.
2021 was a big year for us. In 2022, our team will continue to offer innovative features that will be an asset to the online gaming industry. Nuvei’s Chair & CEO, Philip Fayer, said it best, “Our goal is to offer the best payment experience in the industry.”