Svenska Spel, IGT Pave the Way for Cashless Gaming

Gaming News Gaming News

By Jerome Garcia

Svenska Spel has said it will further innovate the VLTs retail sector in Sweden with the help of IGT and the firm’s cashless payment technology, IGTPay.

IGT and Svenska Spel Introduce Cashless Payment Solutions for Retail Venues

IGT and Svenska Spel have teamed up to turn a new leaf in gaming, introducing cashless technology with the help of Svenska Spel’s retail venues across Sweden. IGT has deployed its propriety IGTPay technology, enabling Svenska Spel players to make deposits safely from their handheld devices.

The technology dovetails with Intelligen and Quasar VLTs which enables players to use their Digital BankID, one of the banking options to deposit at a retail venue in Sweden, and register as well as to conduct safe transactions. Both IGT and Svenska Spel want to usher in a wider adoption for cashless gaming, and the current development is the first step in this direction.

Magnus Lannersund, head of VLT operations at Svenska Spel, commented on the development, pointing out the benefits of adding IGT’s cashless product. As a result, players can now benefit from a cutting-edge solution connecting directly with the Swish mobile app, and “boosting efficiencies,” as well as the overall customer experience, he noted.

Lannersund didn’t miss to note that IGT has been instrumental in Svenska Spel’s development as a company, specifically through such products as Quasar VLT and the Intelligen central system, and now the IGTPay cashless technology.

During its Q1, 2020, IGT executives said that cashless technology is an opportunity to extend beyond the digital world. According to the report published on Tuesday, such tech will become of even greater importance to resorts and land-based casinos in light of the COVID-19 outbreak, and potential big disruptors of business in future.

Bringing Innovation Online and in the Retail Sector

Lannersund was pleased with IGT’s technology. Enabling “a retail business owner to return funds to a consumer’s bank account via a consumer’s mobile app” has been one of the pioneering moves towards cashless retail payments in the brick-and-mortar gaming segment. He didn’t miss to note that in the post-COVID-19 world, the demand for cashless payments is likely to increase.

Commenting on the same event, IGT SVP and COO of International, Declan Harkin, praised Svenska Spel’s ability to stay at the forefront of innovation and adopt new technologies, and specifically IGT’s cashless gaming solution. Harkin described the technology as “ground-breaking,” and a way to innovate the retail gaming experience.

He further hailed the Swedish people’s ability to adopt new solutions and introduce innovation where others haven’t thought of. “The combination of IGT’s Intelligen and IGTPay products builds upon our payment expertise in the digital gaming and lottery segments to create a solution that enables players to enjoy the convenience and security of cashless gaming in retail,” Harking continued.

The alliance between the two companies has been forged over a decade, with IGT and Svenska Spel first inking a deal back in 2006 for the retail sector. Since that time, IGT has provided the Swedish operator with over 4,700 VLTs, creating one of the most vibrant and far-reaching VLT segments in the world.

The pair has been working on various projects together, including an extended multichannel poker enhancement which is due to expire in 2021.