OKTO.CASH Receives German Gambling Regulator Approval

BERLIN, Germany (November 16, 2023) — OKTO.CASH, the innovative cash-to-digital payment method of OKTO has been granted approval by the GGL and has been officially recognized as an approved payment method for iGaming in Germany. This significant milestone allows igaming merchants in the German market to leverage the unique advantages of OKTO.CASH, setting them apart from competitors and offering an unparalleled payment experience to their customers.

GGL’s approval of OKTO.CASH comes after a rigorous evaluation process, during which three different operators submitted applications to utilize this innovative payment method. OKTO.CASH has emerged as the preferred choice for operators seeking to enhance their payment offerings.

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, expressed his enthusiasm about this achievement: “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 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 a rapidly expanding 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. This strategic emphasis on proximity ensures that customers can conveniently access OKTO.CASH, thereby opening up new opportunities for customer acquisition and revenue generation that were previously unreachable through traditional payment methods.

One of the key differentiators of OKTO.CASH is its seamless payment journey, complemented by an embedded eVoucher payment method, which elevates the customer payment experience to best-in-class standards. 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. The approval by GGL underscores the importance of innovation and customer-centric solutions in the rapidly expanding iGaming market.

Operators who choose OKTO.CASH can anticipate not only differentiation from its competitors but also the opportunity to attract a unique customer segment that values the convenience and reliability of cash-based payments.

About OKTO

Digital Payments for the Real World

OKTO powers digital payments for every entertainment, leisure, and gaming environment. Our unified payment platform combines secure, real-world transactions with the most powerful payment technology to create immersive payment experiences for both merchants and their users.

Since 2019, OKTO has been improving payment interactions for online and retail gaming and introducing frictionless digital payments with its local knowledge, sector expertise and international capabilities. This includes supporting customers across various regulatory landscapes with an embedded omnichannel approach.

The expanding business now employs over 150 payment experts, gaming insiders and software engineers, serving some of the most exciting international markets including Brazil, Romania, Italy, Greece, Germany, the UK, and Spain.

By enabling responsible real-time transactions, we remove the friction and risk associated with traditional payments and deliver digital transformation opportunities for our customers and millions of consumers around the world.

Find out more about OKTO: www.oktopayments.com

SOURCE: OKTO.