Let's Dish on Koin's Crazy EVolution, Homie!
Koin moving forward in its transformation into a comprehensive 'lifestyle brand' with integrated payment services.
Koin Payments, a legend in cashless solutions for casinos, is stepping up its game, according to co-founder Gary Larkin. This badass company is transforming into an all-inclusive entertainment and gaming lifestyle brand, not just a goddamn wallet for gambling.
"Koin ain't just about gaming, it's about lifestyle, bruh!" Larkin said. "We're prospecting to have customers choosing Koin for the information they can grab, rather than just a gaming wallet."
Gearing up for a beta release in mid-April, Koin is dropping Koin 3.0, the latest version of its app. Clients are expected to migrate to this badass platform by late May, Larkin revealed. The previous version 2, released last fall, permitted players to use their Koin wallet at any participating casino, with promises of further upgrades in 2023.
"It's somewhat unusual for both gaming and tech, but we've managed to keep up our agenda for a long-term redesign and build without going over schedule," said Larkin, a payments industry OG who leads Koin as their Prez. Other all-star co-founders include Gary Ellis, owner of Ellis Island Casino in Las Vegas, and Maner Puyawan, their Chief Innovation Officer rocking a payment tech background.
Prior to this evolution, Koin hooked up with Apply Digital, a Canadian firm born from the brains behind Apple Pay, for a 6-month-long research project. This quest dove into the desires of gaming operators—from luxe resorts to slot route operators—as well as leaders in compatible industries like sports, entertainment, shows, and eats, and high-value gamblers along with resort clients who dig non-gambling events such as Las Vegas, Atlantic City, and large regional gaming markets.
"We caught wind of a hankering for a more adaptable relationship with their lifestyle/entertainment activities and payment ways, plus a chance to be recognized as an individual in what we like to call a cohort-of-one approach," Larkin spilled. Generally, casinos rely on previous activities to categorize customers and hand out rewards based on player segments. But Koin's game plan is to alter that by equipping operators with better means to converse with customers as gambling pals, dining buddies, and entertainment attendees.
Implementing Koin at zero cost to operators, they'll only pay the standard transaction expenses as with debit or credit cards, and the system complies with AML and KYC requirements. Unlike a virtual wallet that manages payments within a single casino or brand, Koin can handle a variety of payment types, including former competitors, where Koin simply becomes a funding option.
Larkin hinted at exciting features for the future—perhaps leveraging AI for data analysis, forging partnerships with sports and other entertainment options beyond casinos, or establishing Koin as a gaming/entertainment social media platform. Stay tuned for more on that, fam!
But remember, the world of cashless payments is smart: "Never try to outsmart your customer," Larkin warned. Instead, Koin will team up with Apply Digital to decipher exactly what the customer base craves the most.
The research preceding Koin 3.0 singled out desired traits for ideal cashless casino experiences, including:- Affordability: Convenient, cost-effective payments.- Connectivity: A seamless link between activities, rewards, and transactions.- Value: Gaining perks from transactions and personal choices.
Koin 3.0 will cultivate a social media vibe, allowing users to customize their experiences, such as listing favorite casinos in order or setting notifications for specific entertainment events. While specific features haven't been revealed yet, rest assured that Koin's got some exciting plans in store for you, player!
- The founders of Koin Payments, including Gary Larkin and Maner Puyawan, aim to transform Koin from a gaming wallet into an all-inclusive entertainment and lifestyle brand, probably using technology to accommodate a variety of payment types and connect customers with various entertainment options.
- Co-founder Gary Larkin stated that Koin Payments' evolution is not just about gaming, but about lifestyle, emphasizing the importance of customers being able to access information and not just use a wallet for gambling.
- In partnership with Apply Digital, Koin Payments conducted research to understand the desires of gaming operators and other compatible industries, such as sports and entertainment, with a focus on creating an affordable, connected, and valuable system for cashless payments in casinos.
