OKTO.WALLET authorised as payment method for online games of chance

Functional reliable payment methods are extremely important for a relaxed and smooth online experience when playing games of chance. It is not rare that relevant services choose or prefer a specific means of transaction from those that are available. From time-to-time new players like the E-Wallet from OKTO are introduced into the market. This solution has passed the specifications of the ZAG and is really user friendly.

According to their own statement, OKTO is thought out to provide a simple and safe payment method. Thus, a system which is based similarly to QR- Codes transactions was developed. The German authorities, along the lines of the Payment Services Supervision Act, (Anwendung des Zahlungsdienstaufsichtsgesetzes, (ZAG) have taken a special look at the provider to check its security.

OKTO.WALLET complies with the Payment Services Supervision Act

According to the valid ZAG guidelines, OKTO ensures that transparent payments and flawless processes are guaranteed. The OKTO would also provide all the important instruments to support responsible gambling. This includes especially the possibilities of cooling periods, the adjustments of limits, i.e., control functions for winning and losing as well as a complete transaction history.

These factors were crucial for receiving the authorisation of the GGL, the Glücksspielbehörde der Länder (GGL). Besides, it was pointed out that no anonymous deposit or disbursements are possible with OKTO.WALLET. This is very important in view of the State Gambling Act, (Glücksspielstaatsvertrag 2021, (GlüStV).

Even if it is not concretely mentioned in the official statements as well as in other press reports, we can assume that OKTO also (at least) fulfils all the common standards for encryption and data protection. Otherwise, it would not have already received a licence to be issued for electronic money in Europe.

And how user friendly is it?

Besides providing the best security, OKTO focuses on making it as easy as possible for the customers to pay with the E-Wallet solution. At the same time, it aims in providing a high measure of flexibility. One can basically use the service to carry out transactions for all types of business: from making local errands to B2B procurements of traders and suppliers.

The process is actually very simple. How does OKTO function in games of chance? As follows:

• One must first download the App of OKTO – this is available for iOS and Android in the relevant App-Stores.

• An account is created by giving typical personal details and the verifying mechanisms are run through.

• The wallet is then ready to receive the first balance – According to OKTO the main payment possibilities are credit cards and the classical bank transfers.

• When the balance is available, one can register with a cooperating gambling provider, navigate to checkout, and choose OKTO as a payment option.

• After the desired amount has been entered and confirmed, a QR-Code is shown- and it will be scanned through the App.

• The sum will be transferred through the app, and one must finally verify by pressing the confirm-button.

• The account at the gambling provider should then be accordingly credited.

OKTO.WALLET also makes it possible to pay at stationary betting terminals or slot machines. It functions similar to the online gaming. OKTO explains the procedure in different videos on its YouTube channels, as for example the following:

OKTO welcomes the German market

The manager of OKTO for Germany, Mikhail Ovsepyan, described the authorisation of the Wallet for the German market as an important milestone. OKTO now wants to become an important participant in the German iGaming branch. It was therefore introduced at a large German betting provider, Bet3000. Further other gambling sites will also be partnering with OKTO.

Conclusion

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