The world of payments is constantly evolving and staying up to date with the latest developments can provide a significant challenge.
However, at Payment Expert we have you covered with a breakdown of the key digits from the week’s major stories, as black market betting operators fall under the spotlight and a new agreement could provide a solution to cashless-sceptic UK consumers.
Sonect and Lottomatica could turn 35,000 UK lottery terminals into ATMs
An agreement between financial platform provider Sonect and Italian lottery firm Lottomatica could enable the former to adapt 35,000 of the latter’s UK lottery terminals to serve a double function as ATM machines.
Sonect has noted that 500 bank branches have closed since the onset of the COVID-19 pandemic, whilst a total of 4,000 bank branches have shut down over the previous six years, and the UK has become the fourth most cashless society in Europe.
Despite this, only a small number of British consumers are supportive of an increasingly cashless market, and 95% live within one mile of a lottery terminal – providing the rationale for Sonect’s plans.
Eight promotional sites removed by Australian authorities
The Australian Communications and Media Authority (ACMA) has requested internet service providers (ISPs) to block designated affiliate advertising websites presenting themselves as ‘independent reviewers of gambling services’.
An expansion of the ACMA’s efforts against unlicensed black market operators targeting Australian bettors, the Authority will now block websites that promote and drive traffic towards ‘online casino type services’.
Sites targeted by the Authority include Aussie Casino Hex, Australia OK Casinos, Aussie Online Pokies, Pokies, Australian Casino Club, Australian Gambling and True Blue Casinos.
Adex finds that 34% of gaming and betting traffic comes from invalid sources
Adex has published the findings of its recent report, examining ad campaigns of four key gambling sector operators over a five month period as they engaged with new traffic sources at that time.
The report discovered that over 34% of gaming and betting traffic came from invalid sources, in comparison to the ecommerce sector,where 24% invalid traffic was identified.
Noting the impact of mobile betting on traffic, the research revealed that mobile traffic fraud peaked at 36% in comparison to 28% for desktop verticals.
Revolut seeks to simplify cross-border payments in response to $4.5 billion US-Mexico remittance
Revolut aims to simplify its US-Mexico cross-border payments structure through the international remittance corridor.
The decision comes as remittance flows between the US and Mexico increased dramatically in 2020 and 2021, with the figure reaching over $4.5 billion – a rise of 31% – in May 2021, with many US-based migrant workers sending cash to family members in Mexico to alleviate the financial impacts of COVID-19.
Revolut aims to allow its customers to spend and transfer money globally, leveraging 28 exchangeable currencies via its app, and allowing users to offset fees of up to 11% charged by most major money transfer providers.