Visa and MasterCard change the rules. How will gambling operators cope with new laws?

Visa and MasterCard change the rules. How will gambling operators cope with new laws?

On March 12, 2019, the 3rd annual conference of the Prague Gaming Summit will be held in Prague, where the main topic of discussion for 100 delegates from different countries will be the trends in the development of the gambling industry in Central Europe. The program includes panel discussions reviewing the growing role of the millennial generation in eSports and fantasy sports, as well as the updated rules of payment giants Visa and MasterCard for online companies representing high-risk industries.

A large-scale struggle is brewing between merchants and issuers of bank cards which are transnational financial corporations Visa and MasterCard, which require from online merchants of high-risk industries to provide legal opinions from IMGL (International Masters of Legal Lawyers) and STEP (Society of Trust and Estate Practitioners) lawyers, accredited in jurisdictions where they are active.

The requirement is becoming known along with the introduction of a new technical infrastructure of online transactions, which both large companies borrow from the jointly owned global EMVCo group organization in the context of growing competition for mobile and other digital payments, as well as against the background of the growing influence on the payment giants’ digital online wallets market, namely Visa Checkout and MasterPass.

Visa prompted CyberSource, Adyen, Rambus, G+D Mobile Security, SecureCo, Ezidebit, eWay and Bambora payment companies to connect to tokenization technology (tokenization is a technology that ensures the security of electronic payments through a reliable encryption system) credential-on-file (COF) acting as a gateway when connecting to Visa Token Service. The transition, which will save online companies from having to store the details of their customers' payments in their own systems, will lead to the expected effect over the next few months and will be implemented around the world.

MasterCard announced plans to begin introducing new tokenization and authentication services through EMVCo Secure Remote Commerce (SRC) technology in the second half of 2019. At the same time, the company aims to make possible the functioning of tokenized services for all cards by 2020.

In the framework of the 3rd conference of the Prague Gaming Summit, leading experts from CFD, FX, gambling and cryptocurrency industries will participate in the discussion of important issues raised by gambling operators. For example, how will companies be able to meet new requirements and which solutions will be most effective for gambling operators, CFD and FX brokers, as well as cryptocurrency exchanges?

Answers to this and many other questions will be received by representatives of companies and leading market participants in a special panel discussion “New Visa and MasterCard Payment System Requirements for Online Companies”.

The organizer of the Prague Gaming Summit conference - European Gaming Media and Events - is known as the leading organizer of major media events in Europe. Among the significant summits prepared by him are CEEDG (Central and Eastern European Gaming Conference), CEEG Awards (Central and Eastern European Gaming Awards), EGC (European Gaming Congress) and others.