New solution from open banking provider Noda, what is that?

Well-known that gaming industry stimulates development of payment services — large volumes of payment processing motivate payment providers to develop and offer better services than their competitors. Where this lead us? Today, we will discuss a new development from the UK payment system Noda. 

Noda is a relatively new provider in the payment processing market, but in just a few years, it has built a portfolio of strong clients, particularly from iGaming industry. Company became widely known for creating open banking solutions, which remain its core offering in the fintech sector.

However, recently, Noda announced the launch of a new product called Pay&Go, and Monoup decided to find out more about it. Pay&Go announced as a function that combines user registration, verification, and the first payment into a single session. 

For using this feature, merchant needs to add a Pay&Go button to the registration form on their website, which will redirect user to a verification page. After entering basic personal data, Noda can verify its validity through the direct integration with several banks. The user also needs to choose their bank, which will be used for the first deposit. Then, information is checked by KYC providers — GBG or SumSub — and if everything matches, user can make payment through open banking flow. This process takes a couple of minutes and reduces actions required from the player when getting acquainted with new gaming project.

Considering the details of this development, we can assume that this is a full-fledged analog to Trustly's Pay N Play, which has been operating in the Nordic countries for a long time and has shown excellent results. The success of Pay N Play was tremendous, with entire products being built around it with retention strategies centered to convenience of payment method. Will Pay&Go achieve similar success? Well, it may require strong marketing in the desired markets and partnerships with major gaming operators for promotion.

We will be keeping you updated on this case and more news you can find at Mono Talks section. Honestly, such a solution was really expected on the market and it clearly shows that company has serious plans for the industry future.