New OKTO.CASH payment system approved by GGL

The Greek financial services provider OKTO wants to expand its market strength, especially in the gaming segment for Germany. In addition to OKTO.WALLET, which has been officially approved since spring 2023, a new payment system, OKTO.CASH, is being made available to fulfill this plan. This offer has now also been given the go-ahead by the Joint Gaming Authority of the Federal States (GGL). And how does it work?

Anyone who wants to play in an online casino or place digital sports bets will sooner or later (usually sooner) have to deal with the various payment options for the respective stakes. It quickly becomes apparent that there are many more options than PayPal, bank transfers and credit cards. Almost all methods and services have their own advantages and are regularly used by a large number of players.

OKTO.CASH will also find its "customers". Especially as the system is described by the provider as truly innovative and unrivalled. The Greek financial services provider OKTO has just entered the German market with its OKTO.WALLET.

The company has now announced in a press release that its other payment system, OKTO.CASH, has also been approved by the GGL, taking another step towards strengthening its presence in the local online gaming market. In connection with its WALLET, OKTO has already made it clear that it intends to be "an important player in the German iGaming industry" in the future.

What is OKTO.CASH?

OKTO.CASH is a so-called prepaid or cash-to-digital payment system. This means that you can use it to buy goods or services in the digital space, i.e. online, and pay for them in the real world or with cash. The business focus of this method (as with OKTO.WALLET) is primarily on the entertainment, leisure and gaming sectors.

The company behind it announced in mid-November that it had received approval from the Joint Gambling Authority of the federal states following a test phase and a lengthy evaluation process with three gambling providers:

"OKTO.Cash has been officially confirmed as a recognized payment method for iGaming in Germany. This important milestone enables iGaming providers in the German market to leverage the unique benefits of OKTO.CASH, differentiate themselves from the competition and offer their customers an unparalleled payment experience."

How does OKTO.CASH work?

The provider itself sees one of the key advantages of OKTO.CASH in its simple payment processes. A casino account can be loaded in the following steps.

1. First, go to the OKTO.CASH online casino cashier.
2. There you have to select OKTO.CASH for the deposit.
3. Now you can enter and confirm the desired amount.
4. This will generate a barcode for the respective payment.
5. You can then use the store locator to find a nearby payment point.
6. Show the barcode there and pay the corresponding amount.
7. The casino account should be filled immediately.

Anyone who is perhaps a little skeptical about the chances of actually finding a nearby store in Germany is immediately reassured in the press release: "OKTO has built up a rapidly growing network of sales locations in Germany, which will include over 40,000 points of sale - including supermarket chains, kiosks, petrol stations and possibly also German post offices."

One question remains: Is it possible to make withdrawals with OKTO.CASH?

Unfortunately, this does not work. Theoretically, it would be conceivable to transfer credit back to an OKTO.CASH account and then go back to the OKTO branch with a barcode to have the proceeds paid out in cash. However, this option is not yet in sight.

Is OKTO.CASH really new?

OKTO itself describes its new prepaid method as a "game changer" for the German market, as the option is currently unique.

Mikhail Ovsepyan, Head of OKTO Germany, says specifically:"We are delighted to have received approval from the GGL. OKTO.CASH is a revolutionary payment method for the German market, enabling real-time direct cash top-ups for iGaming accounts at a wide network of outlets. This is a game changer in the industry as there are currently no comparable solutions."

However, the latter is not entirely true. OKTO.CASH is unique when it comes to online games of chance with a German license. However, the principle is also used elsewhere. Probably the best-known cash-to-digital provider for casinos and sports betting is CashtoCode. In fact, not only does the system work according to identical patterns. On top of that, even the interface looks quite similar to that of OKTO.CASH. However, CashtoCode works primarily with Curaçao casinos. German gambling providers are not served.

Conclusion

Image source: Screenshot von https://www.oktopayments.com/okto-cash/