EUROMAT Unveils Payment Report Showcasing Industry Innovations in Alternative Payment Systems
The Payments Taskforce of the European Gaming and Amusement Federation (EUROMAT), representing the interests of the amusement and low-stakes gaming machine industry, released a new report showcasing the range of innovative payment solutions in use across Europe in the amusement sector. The report features case studies from The Netherlands, the UK, and Spain, demonstrating how the industry balancing innovation with legal obligations in the field of payments.
The most recent study conducted by the European Central Bank reveals that, in 2022, consumers opted for cash in slightly over half of point-of-sale (POS) transactions, a significant decrease from the substantial 79% observed in 2016. EUROMAT is concerned that regulation in many parts of Europe is not keeping pace with market reality with rules either prohibiting payment by means other than cash or making it practically difficult to roll out.
Reflecting on the final version of the Payment Report, the Payments Taskforce Chairman, Greg Wood of BACTA, remarked: “There is already a lot of emerging practice across Europe which are adding value for players and venues. However, we’d like more cooperation from regulators to work with us to see what more can be done to ensure that we can offer players the best experience. This means keeping pace with the rest of the leisure world and give customers the variety of options that they would expect anywhere else.”
EUROMAT President Jason Frost added: “We are a cash-based business and we should always be able to offer this option to players but we have to move with the times and like any other legitimate business, we should be able to offer customers the convenience of other payment methods. We are in danger of becoming the only venues on the high street that can only accept cash at a time when the public are carrying less of it.”
