Payments Focus: How providers are still combatting the illegal market
The payments industry’s black-market indifference has been increasingly scrutinised. But just how possible is it for the sector to take the fight to illegal operators?
The average human being makes around 35,000 decisions each and every day. Indeed, most of those small decisions are made while we’re completely unaware of the depth and potential consequences of those choices. One example of these seemingly innocuous decisions is, say, a player depositing funds into an online wagering platform. A small, simple and quick process that is made by millions across the globe each day, with little to no observable impact on the patron’s daily routine at all.
Yet, what most people don’t realise is that behind this interaction sits one of the most heavily regulated financial ecosystems on the planet. While the consumer may see only a phone, a bank account and a balance changing on a screen, the transaction itself can pass through operators, payment service providers, banks, card networks, e-wallets and other financial intermediaries. All with the click of a button.