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igaming payments
Efficient Payment Fraud management in the iGaming space 

 

The most important component of any iGaming business is to have fast and safe payment transactions. Because the main crux of these games is to make money, examples of which are poker, casino games, bingo, lottery, sports betting, etc. If one were to observe the largest iGaming markets, such as the UK, Italy and Sweden, one would see how highly competitive the industry is. With a structural change taking place in the United States, analysts at Goldman Sachs predict domestic iGaming market size growth from $1.5B today to $14B in 2033 (27% CAGR vs 18% E-Commerce benchmark). The Financial Times reported that the US States started to legalize sports betting, with New York being the largest state that has recently done so, and Michigan, New Jersey and Pennsylvania becoming one of the largest markets in the world on their own. However, these substantial market growth rates have also attracted the attention of cybercriminals.  

One-click Payment
Payment innovations in the Online Dating space

Back in the day, people only got to interact with new people through friends, family, their university, job, or some other such intermediary. However now, more and more people are beginning to find their significant other through the internet! To be more specific, on dating apps. These apps have completely transformed the way we find love, as made evident by their rapidly growing popularity. The projected revenue for the dating app market is US$ 3.241 billion in 2021. Like any other industry in this era, innovation is a necessity- dating apps must constantly look to update their services and technology if they want to remain competitive. While some dating apps are free with paid add-on features, others run on a subscription-based model. There are several advantages and disadvantages to both models, but neither is exempted from the need to keep up with payment trends.  

One-click Payment
Payment innovations in the Crypto Currency space

Given the ever-evolving nature of the crypto ecosystem, crypto merchants may struggle to grow and expand while managing to remain competitive. They are faced with various challenges while expanding, such as preventing fraud, integrating new payment methods, removing frictions from the customer experience etc. This is why partnering with the right payment platform that offers the latest innovative payment solutions is crucial for the long-term success of a crypto company. This blog aims to explore the various payment innovations crypto companies should look out for and how these solutions can benefit them. 

One-click Payment
2020 – A year of digital payments

This month marked the one-year anniversary of coronavirus lockdowns in most European countries. Since then, we had to change the way we interact, work and even pay. As a payments company, the latter is an especially interesting topic for us to address. Therefore, in this blog, we will take a look at how the coronavirus impacted peoples’ payment habits and whether these changes are long-lasting. Namely, with the pandemic’s end in sight, one needs to consider which consumer preferences and payment trends are here to stay and will become part of the new normal. 

One-click Payment
Frictionless 3DS2.2 Implementation- The Solutions

In the first part of our blogs about 3DS2 implementation (which you can find here), we discussed the key challenges and the importance of a good 3DS2 implementation. In this blog, we will turn to the solutions and take a closer look at what can be done to ensure smooth implementation. 

One-click Payment
Frictionless 3DS2.2 Implementation- The Challenges

The recent deadline for PSD2’s SCA implementation has been making headlines for quite some time now. Surely, this is a significant regulatory development in the market. However, the noteworthy amount of attention it has received can also be attributed to the arising issues of 3DS2 implementation. Although, transitioning to 3DS2 brings many new benefits when compared to 3DS1, its implementation can be cumbersome and present many challenges in itself. So let us now take a look at these key challenges and discuss the importance of a frictionless 3DS 2 implementation. 

One-click Payment
Using Payment analytics and insights to grow your business

Now more than ever, organisations have access to large amounts of data that can be leveraged to their advantage. This age of big data and analytics has allowed merchants to make more strategic and informed operational decisions. However, the domain of payments has often been sidelined in the optimisation of data. While investing in analytics for areas such as marketing is more common, one should not underestimate the potential impact of payment data and insights. Given the growth in online transactions, now is the perfect time to learn how to use in-depth reporting features for online payments. This will enable merchants to not only significantly reduce their costs but also generate higher revenues. Let us take a look into how this is achieved. 

One-click Payment
Most popular payment methods in LATAM

An acquirer specific approach is more of a traditional approach. It entails working with a single acquirer and often the merchant’s relationship with the gateway makes this mandatory. Specifically, the gateway will route all the transactions to this single acquirer with which it has partnered. Though many times well equipped in providing merchants with an efficient Payment Orchestration layer, acquirer specific gateways are highly incentivised not to do so.

One-click Payment
Multi Acquirer v/s Single Acquirer: Which to choose?

An acquirer specific approach is more of a traditional approach. It entails working with a single acquirer and often the merchant’s relationship with the gateway makes this mandatory. Specifically, the gateway will route all the transactions to this single acquirer with which it has partnered. Though many times well equipped in providing merchants with an efficient Payment Orchestration layer, acquirer specific gateways are highly incentivised not to do so.

One-click Payment
6 things you need to know about payment integrations

Since many participants are involved in online transactions, quality integrations are vital in setting up a successful payments strategy.

Chetan Chadha is leading the Integration Team at WLPayments. His team is responsible for integrating with different merchants, acquirers, alternative payment methods, and other third-party solution providers. The team is well revered and respected in the industry for carrying out integrations of the highest quality and speed. We interviewed Chetan to give us more insight on this topic, and here is what he had to say:

One-click Payment
Things to consider when expanding to different countries

As the economy becomes more digital and interconnected across borders, the trend towards global eCommerce steadily grows. Merchants are looking for new ways to build trust among their global audiences, who demand fast, reliable, and accessible payments. While on the surface this process may seem simple, a lot of effort actually goes into optimizing cross-border transactions. Namely, this entails adding local payment methods, a robust fraud solution, integrating with multiple acquirers, and setting aside time for cumbersome reconciliation. 

One-click Payment
Most popular payment methods in the Nordics

The Nordic countries in Europe are widely recognized as being extremely modern and digitally savvy nations. In fact, a popular opinion in the payments space is that the Nordic countries will become the first “cashless” societies, clearly conveying the importance of digital payments in the region. This is also illustrated by the fact that 84.65% of Swedes shop online, making it the number one e-commerce embracing population in the world. According to the same report,  Norway ranks as the second largest e-commerce market in terms of revenue per shopper. Therefore, it is no surprise that the Nordics are an attractive region for cross-border merchants and knowing about the local payment methods is imperative for expanding into these digital nations. 

One-click Payment
Split Payments; Going Dutch

Considering the recently increasing shift from physical to online stores, customers are looking for ways that allow them to pay for their individual share when making a group purchase. In particular, when contributing towards gifts or group travel, the cost may be too hefty for any one individual to carry alone. Hence it’s essential for merchants to implement a way that allows dividing payments for a single transaction among multiple people. This is where our innovative solution comes into play- Split Payments; Going Dutch.  

One-click Payment
One-click Payment in the Modern E-commerce Ecosystem

In this day and age, everyone is constantly looking for the quickest, most convenient way to execute a task. We see this trend applying to payments as well, from online shopping purchases to gaming top-ups. The younger generation of consumers demands a frictionless experience in their online shopping, and the e-commerce players are expected to deliver thereby. This is why merchants should consider optimizing their check-out experience with One-click Payment.  

5 Key Steps to facilitate the security of a payment platform

WLPayments, a trusted white-label global payment platform, allows merchants to run and manage a platform without the complexity of building the infrastructure themselves. Besides providing many conversion-boosting solutions, one critical feature of our payment gateway is its security. Due to the high interest in providing a secure payment process, we recently interviewed Lovepreet Singh, the Infrastructure Lead, to discuss the challenges of maintaining and securing a payment platform’s infrastructure.

The Evolution of Cashless Payments

E-commerce activities have been on the rise since the pandemic hit the world. According to Adobe, e-commerce growth has been massively accelerated by 4 or 6 years and expects to continue during the so-called ‘’second COVID-19 wave’’. Salesforce’s Shopping Index data have also indicated that global online sales revenue has grown up to 71% year-over-year in the second quarter of 2020. On the one hand, this change in buying behavior has impacted most traditional retail stores, still struggling to survive.

What you should know about Intelligent Transaction Routing (ITR)

In 2021, e-commerce is predicted to account for 18.1% of the global retail sales, one of the highest percentages in a single year, according to Statista. As international e-commerce offers many opportunities for global business expansion, it also presents a highly competitive market. Optimizing payment success rates, decreasing the cost of transactions, and maintaining redundancy during the payment process are just a few challenges that any online merchant might face. One solution is the use of Intelligent Transaction Routing (ITR), a technology of growing interest in the last few years.

Why you should care about Digital Wallets

According to the Worldplay annual payments report, digital wallets are set to be the most popular online payment method by 2023, with a 52% market share. This change is mainly driven by growing digitalization and smartphone penetration.

A digital wallet is a payment system for making e-commerce transactions. Usually, individuals’ bank accounts are linked with digital wallets, which securely stores user credentials and banking information. One can utilize digital wallets to both make payments online or also in-stores that accept mobile payments. Examples of the most popular digital wallets are ApplePay, Google Pay, Paypal, Venmo, and AliPay.

Most popular payment methods in the five largest EU e-commerce markets

The e-commerce sector is growing at a rapid pace in Europe, with 13% growth in 2019 compared to 2018 and 23% of e-commerce being cross-border. Moreover, the coronavirus crisis further illuminated the importance of digital payments, forcing companies to evaluate their online presence.

This digital growth and external pressures present many opportunities to expand. Yet it is crucial to be aware of the most popular payment methods in other markets, as customers ultimately need to be able to complete the transaction and pay with their preferred method.

Frictionless payments vs Fraud mitigation

As the E-commerce sector is evolving, fraud is also becoming more prevalent and sophisticated.

Evidently, fraud management is of growing importance to businesses that attempt to break the cycle of this constant cat and mouse game. In this article, we will discuss the main challenges associated with fraud prevention and the relevant tools your business can adapt to mitigate the risks.

The Journey Doesn’t Stop at the Payment Page

A lot of effort goes into getting visitors to the payment page.

In the e-commerce space, companies are (and should be) continually working on improving conversion rates. Testing the most beneficial Google Advertisements, designing the most frictionless and appealing landing pages, writing compelling and converting content are key tasks of content writers, online marketeers, SEA specialists, among others.

5 things a CTO wants to know about outside solutions

The Chief Technology Officer (CTO) of WLPayments discussing the role of the CTO in maintaining a high-quality payment platform

The payments landscape is evolving quickly and thus the CTOs are under more pressure than ever to keep up with the changes while performing their regular tasks simultaneously. We got a chance to talk to the CTO of WLPayments, Chinmay Jain, about these new challenges presented to CTOs and discuss what the payment platforms can offer to make their jobs easier.

Reconciliation and its importance

No matter the size of your business, reconciliation is one of the principal accounting issues for finance teams that takes a life of its own.

Let’s find out why reconciliation is important for your company and what are the fundamental challenges associated with this internal control mechanism.

Superfast Integration of a Payment Platform for Financial Institutions

WLPayments is officially launched at the Webwinkel Vakdagen. “Over the last 3 months, we have already welcomed 4 new partners”

We knowingly speak of partners instead of customers, because we think of solutions and implement them in complete co-operation.

MOTO 2.0: Pay-by-Link and QR Code help manage payments during the coronavirus (COVID-19) pandemic

Corona is closing shops. Millions of companies feel the fall out caused by the handling of the Coronavirus pandemic.

Although most countries have their own policy in containing and battling the spread of the virus, most of them result in the closure of shops and factories unless they have been labelled as essential. Ensuring the companies’ survival during this pandemic, their owners are looking at alternative ways to keep servicing their customers while minimizing the risk of getting and spreading the coronavirus.

WLPayments is a ‘Start Up to watch’ in The Paypers report: Who’s Who in Payments 2020

In the last edition of Who’s Who in Payments we had the honour to be named as one of the ‘Start Up’s to watch in 2020. They interviewed our CEO, Sunil Jhamb and learned how WLPayments is changing the market for managed payment platforms for PSP’s, ISOs, acquirers and banks.

With a focus on seamless integrations and customization to the client’s needs, WLPayments is a perfect partner for the IT department that is usually swamped with long term projects. With all the necessary API’s, plug-ins and wrappers, IT departments can play a fundamental role in creating the solutions that product managers need in growing the company.

WLPayments adds 10 new processors within 4 months

In WLPayments has achieved a significant milestone in providing merchants with a complete acquirer agnostic payment gateway platform. The company has integrated the following global processors to their payment gateway solution:

GDPR 101: The Basics

GDPR stands for General Data Protection Regulation, Europe’s new framework for data protection laws. GDPR emphasizes on responsible handling of personal data by companies and authorities in order to protect citizens’ privacy and personal data from misuse or exploitation. It replaces the previous 1995 Data Protection Directive. The Data Protection Directive wasn’t written with the contemporary uses of data enabled by the internet and services – such as Facebook and Google – in mind, therefore it is now replaced by GDPR. GDPR emphasizes on the handling of personal data, and focuses on designs that center around data subjects.
It will cover all EU and non-EU companies, organisation that process European citizens’ data.