LONDON, Feb. 5, 2019 /PRNewswire/ --
After a successful launch in Austria and Germany in 2017, CashtoCode (C2C), the instant cash payment service for online goods, today announced its availability in several new European markets including the UK, Greece and Italy. This expansion means that players can now make physical cash deposits into their iGaming accounts from more than 60,000 retail locations in Europe.
C2C is the only closed-loop, single purpose instant redemption cash payment service of its kind. It enables players to deposit money directly into their iGaming accounts without additional online registration or sign-up processes. Players don't even need a credit card or bank account, but instead make physical cash deposits at one of C2C's many point of sale (POS) retail locations.
Designed and operated as a closed-loop scheme, C2C is the only mobile cash option that meets the strict anti-money laundering regulations (AML 4 and AML 5) required by major iGaming operators. Players simply select a deposit amount within the app and a barcode is generated that can be presented at their chosen point-of-sale, allowing them to pay in cash and instantly have their gaming account credited.
Success in Austria and Germany was achieved by partnering with large retail and convenience chains, allowing customers to make C2C payments across many popular locations such as newsagents, grocery stores, gas stations, retail shops and drug store chains. C2C is adopting the same approach in its new European markets where cash remains among the most popular methods of payment.
"Cash remains a hugely popular payment method in Europe and will always have a seat at the table," said Seth Iorio, CEO at CashtoCode. "iGaming operators that ignore cash are missing out on a huge market opportunity which is only set to grow in the years ahead. CashtoCode is perfect for any iGaming operator that wants to introduce a smart, closed-loop cash deposit alternative. The fact that CashtoCode is not transferrable between people like any other cash voucher out there, also adds an important layer of integrity to the transaction. We were able to team up with several Tier-1 gaming operators last year, but we also saw an impressive uptake in the online entertainment and retail sectors. I'm confident that this trend can continue and that we'll be able to announce even more additional geographies later in Q2 and Q3 2019. It promises to be an exciting year for cash in iGaming."
CashtoCode is operated by Berlin-based Fintech Funanga AG. Launched in 2016, the CashtoCode platform connects a vast network of online merchants and service provider with tens of thousands of retail locations across Europe. CashtoCode enables customers to simply pay for their online purchases with cash at their chosen retail location. As such CashtoCode technically manages through its vast networks of partners the secure, convenient and compliant collection and settlement of cash from customers in currently 5 European countries.
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