OKTO.CASH, the cash-to-digital payment method of OKTO, has been granted approval by the German gambling regulator Gemeinsame Glücksspielbehörde der Länder (GGL), becoming an approved payment method for igaming in the country.
This regulatory clearance has been hailed as a “significant milestone” by OKTO and allows igaming merchants in the German market to leverage the advantages of OKTO.CASH, offering an enhanced payment experience to their customers.
GGL’s approval of OKTO.CASH comes after a lengthy evaluation process, during which three different operators submitted applications to utilise the payment method, with OKTO.CASH emerging as the preferred choice for operators.
Operators now have the option to utilise the OKTO.CASH branded solution or opt for a white-label version, providing flexibility in catering to their specific customer base and brand identity.
OKTO has an expanding network of POS locations in Germany, which covers over 40,000 points of sale, including supermarket chains, kiosks, gas stations, and potentially German post offices.
This strategy enables customers to conveniently access OKTO.CASH, opening up new opportunities for customer acquisition and revenue generation that were previously unreachable through traditional payment methods.
Mikhail Ovsepyan, Head of Germany at OKTO, commented: “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 a wide network of points of sale.
“This is a game-changer for the industry, as there are currently no comparable solutions available.”
As the igaming industry in Germany continues to evolve, OKTO.CASH is also evolving in this same trend. The approval by GGL underscores the importance of digital payments and customer-centric solutions in the rapidly expanding German market.