The digital world is having an increasing impact on all of our lives. The fact that smartphones have become an indispensable everyday tool for most people is an impressive illustration of this development. Offline and online are becoming increasingly intertwined. This multidimensionality is also reflected in the OKTO.CASH payment method, which enables cash transactions for online gambling. The idea is not new, but has not been widespread in Germany to date. Interwetten recently introduced corresponding cash-to-digital payments.

OKTO.CASH, a payment system from the Greek financial services provider OKTO, bridges the gap between traditional cash payments and digital transactions. OKTO had already set the course for entry into the German market in spring 2023 with the launch of its OKTO.WALLET and approval from the Joint Gaming Authority of the Federal States (GGL). Just a few months later, OKTO.CASH also received a licence, paving the way for its use in online casinos and by betting providers. It was made clear at the time that OKTO wanted to be ‘an important player in the German iGaming industry’.

The OKTO.CASH system offers a simple way to make online deposits with cash: Users select it as a payment method at their favourite casino or betting provider, receive a barcode on their smartphone and then present it at a local payment point, such as the kiosk around the corner. After paying the amount on site, they can start gambling.

The first partner announced at the time was Bet3000 - however, the bookie is still not back onlineafter its licence was revoked this summer. OKTO.CASH was also introduced almost quietly at Betano and bet-at-home. Interwetten is now also part of the small circle of OKTO.CASH betting providers and OKTO.CASH casinos.

Expansion of presence in Germany ‘marks an important milestone for OKTO’

In the official press release, OKTO once again emphasises its desire to establish itself in the domestic market and underlines its undoubtedly very ambitious aim to ‘revolutionise the gaming payment experience with unparalleled convenience and security’.

The introduction of OKTO.CASH is seen as part of a comprehensive strategy. The declared aim is to make transactions safer, faster and more convenient for online users - an ambition that reflects the ongoing digitalisation of the gaming sector. With the integration of OKTO.CASH, the company is effectively positioning itself as the sole provider of cash-to-digital solutions in Germany and consolidating its competitive position.

OKTO cites its extensive network of retail locations through which payments can be made as a key advantage. With over 14,000 acceptance points in Germany - including large petrol station chains such as Shell, Esso and OMV as well as lottery retailers - the aim is to allow users to easily top up their gaming accounts with cash. This infrastructure can be crucial to success - especially in a market like Germany, where cash traditionally plays a strong role. The seamless linking of physical payments with digital services not only fulfils the requirements of many German players, but also gives Interwetten a competitive advantage.

The next step for OKTO is clear: following the expansion in Germany, further European markets are to follow. This strategy shows that OKTO is not only pursuing short-term goals, but also wants to help shape the entire European gambling landscape in the long term.

What advantages can cash-to-digital payments have for gambling?

Inspired by the community contributions to the last OKTO.CASH article and the press release, which clearly states that the aim is to ‘revolutionise the gaming payment experience with unparalleled convenience and security’, some of the advantages of cash-to-digital payments should be highlighted here.

Whether the payment option suits your own preferences is ultimately up to you to decide. The approach is certainly not entirely unjustified - especially as many people in Germany still generally like to pay with cash. The GGL is likely to have had the special security factors in mind when granting authorisation.

  1. Cash remains relevant: In Germany, many people still prefer cash transactions - and cash-to-digital solutions offer the ability to easily convert physical money into online credit.
  2. Everyday availability: With a network of over 14,000 retail locations in Germany - including petrol stations and kiosks - deposit points are easily accessible and offer players great flexibility.
  3. Data protection and security: Although registration is required for legal reasons and players cannot play completely anonymously, OKTO.CASH at least eliminates the need to send bank details directly to the bookmaker or casino. Withholding such sensitive information creates a certain additional level of security.
  4. Compliance with strict regulations: The system fulfils the stringent requirements of the State Treaty on Gambling (GlüStV) of 2021, particularly with regard to the prevention of money laundering and the traceability of transactions.
  5. Cost control: Players have the option of making their transactions flexibly and in small amounts. This supports the requirements of the GlüStV to limit gambling expenditure and minimises the risk of uncontrolled deposits.
  6. Prevention of gambling addiction: By maintaining a certain separation between physical cash and online funds, players can be more conscious of their deposits. Transferring real notes or coins literally keeps the expenditure more clearly in view, whereas digital transactions harbour a higher risk of losing touch with the sums.
On the other hand, it can of course be argued that cash-to-digital payments give gambling platforms the chance to literally take every last penny out of their customers' pockets. In addition, some will ask themselves how many methods are still needed in general?

This is what those responsible at Interwetten and OKTO have to say about the new partnership

René Hartl, Head of Payment Operations at Interwetten, emphasises the importance of the partnership for the betting provider:

"Our collaboration with OKTO underlines our commitment to providing innovative and user-friendly payment methods. With OKTO.CASH, our players can easily deposit cash from known locations into their Interwetten account, offering them unrivalled convenience and flexibility."

Mikhail Ovsepyan, Head of Germany at OKTO, emphasises the great strategic value of the cooperation:

"We are delighted to partner with Interwetten to launch OKTO.CASH in Germany. This collaboration underlines our commitment to establishing ourselves in the region and beyond, while offering innovative payment solutions that meet the needs of iGaming fans. Our goal is to revolutionise the gaming payment experience with unparalleled convenience and security."

Interwetten also recently announced another interesting partnership with the New England Patriots, making it the first German-speaking bookie to sponsor the NFL.

Conclusion

It remains to be seen whether OKTO.CASH will actually have the lasting impact on the German market that the company has planned.Distribution is still limited.In addition to Interwetten, there are currently only two other partners - and compared to established payment providers such as PayPal, it will certainly be difficult to present real competition.Nevertheless, OKTO.CASH's focus on cash payers and its specific advantages could enable it to serve a niche that is well received in the German gambling competition.

Image source: https://pixabay.com/photos/smartphone-money-finance-business-4877094/

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