LONDON – Monday February 2016 – After the acquisition of prepaid voucher stalwart Ukash by its rival competitor Paysafecard, a new Australian-based entrant called “Flexepin” has hit the market spurring competition in the established prepaid voucher deposit payment space.
Flexepin – launched in Australia during November 2015 – has jumped from the starting gates by signing on and launching with two industry icons, Ladbrokes (Australia) and bet365 and inking merchant deals with Malta based Betway Group, and other large egaming brands in both Australia and the United Kingdom.
Just like Paysafecard, the new Flexepin voucher works exactly like cash which is ideal for gaming operators looking to extract the most value from their customers – especially as more punters are playing everywhere they go on their mobile. Flexepin vouchers are available to purchase in Australia in seven denominations ranging from AUD$20 to AUD$500.
Customers can simply purchase a Flexepin voucher with cash from over 7000 retailers across the epay network in Australia (including newsagents, supermarkets, petrol stations, convenience stores and other independent retailers) and then simply redeem them as a deposit option using the 16-digit activation PIN – starting with Ladbrokes and bet365 as the first two local Australian wagering operators that are actively accepting Flexepin on their cashiers.
According to Darren Pollard, a leading gambling industry consultant that worked closely with Flexepin to enable the onboarding of Ladbrokes and bet365 – punters love cash top-up vouchers because they are easy to use and ensure privacy. “Many punters in Australia have been wanting to use cash for their deposits into their corporate bookmaker accounts and now with the launch of Flexepin, they can – and their privacy is assured and it’s as good as cash in your hand”, explained Darren Pollard, “as more players gamble on their mobile devices it is these types of alternative land based payment methods that complement the always-on mobile player”, he added.
“Historically, punters in Australia have always been able to place bets using cash so it’s no surprise that we’ve seen strong uptake in cash deposits”, commented Dean Shannon, CEO of Ladbrokes Australia who understands the real value of the cash customer after recently launching a new “Cash-In” product at over 1000 newsagencies around Australia, “the Flexepin cash-in voucher deposits complement our Ladbrokes Cash Out card along with our mobile strategy as this type of deposit method is especially convenient for punters that are on the go and we are very happy to support Flexepin as it makes inroads across the sector”.
Flexewallet Pty Limited, which operates the Flexepin product and is a wholly owned subsidiary of Novatti Group Limited (ASX:NOV), saw a gap in the market when UK based Ukash was acquired by its rival Paysafecard (part of the then Skrill Group now Paysafe Group PLC) and felt there was enough impetuous in both the local Australian market and the greater global markets to launch an alternative.
In the Australian market is that the Financial Services industry is heavily regulated with all financial instruments requiring either an exemption or an Australian Financial Services License (AFSL). “When we saw the market open up after the acquisition of Ukash, we decided that it was strategically important for us to operate our new Flexepin voucher product under an AFSL in Australia”, explained to Peter Cook, CEO of both Flexewallet and its parent the Novatti Group, “this meant that we could provide merchants and their customers peace of mind by offering a regulated product and in practical terms we can advertise and promote a legitimate deposit option for end customers across a wide range of denominations, right up to $500 vouchers”.
Flexepin is now expanding internationally to allow international gaming and gambling operators and Payment Service Providers (PSPs) – operators should visit stand N7-454 at ICE Totally Gaming (2–4 February) at London ExCeL to find out more about Flexepin deposit vouchers and how they can help access the mobile cash gaming customer.
Ladbrokes Australia and Bet365 have integrated the new Flexepin topup voucher into their respective cashiers to allow their customers to deposit using cash across the Australian market.
