Recent studies conducted by PYMNTS Intelligence have unveiled a significant opportunity that gaming and hospitality companies are missing out on — the chance to monetize instant payouts.
As noted in a recent study conducted by PYMNTS Intelligence, “Generation Instant: Gamers and Winnings,” reveals that gaming companies are not fully capitalizing on the strong consumer demand for instant payouts, and as a result are missing out on the opportunity to enhance customer satisfaction and loyalty.
The study, developed in collaboration with Ingo Money, leverages insights from a survey of more than 2,600 consumers across the U.S. to examine consumers’ satisfaction with the disbursements they receive from government and nongovernment entities.
According to findings detailed in the report, nearly 80% of consumers prefer instant disbursements when given the option. However, only 49% of consumers who received winnings payouts were offered the choice of instant payments.
The survey emphasizes the importance of delivering winnings payouts quickly and with guaranteed good funds. It also highlights the opportunity for gaming companies to offer free instant, digital payouts to their most loyal customers to enhance customer satisfaction and engagement.
This missed opportunity to monetize instant payouts in the gaming space is quite similar to what is seen in the hospitality sector.
A recent survey conducted by PYMNTS Intelligence sheds light on the disconnect between employee preferences and employer practices when it comes to instant tip payouts in the hospitality industry. The study, also an Ingo Money collaboration, reveals that 82% of hospitality workers would choose instant payments if given the option.
However, only around 48% of hospitality workers have access to instant tip payouts, leaving a substantial portion of the workforce without the ability to receive their gratuities instantly. It’s even worse for 44% of workers who are not given any choice in payout methods, causing frustration and dissatisfaction among employees.
Moreover, instant digital tip access has been shown to boost employee morale and job satisfaction, a particularly key benefit for firms operating in a fast-paced and competitive service industry where staff retention is often a challenge.
This is all the more reason why hospitality firms will need to embrace the trend and enable quick and efficient digital tip access for their employees. By doing so, they not only improve their workforce’s well-being and job engagement but also gain a competitive edge in the market.
In today’s service-oriented world, where customer expectations are constantly rising, strengthening customer loyalty and retaining a skilled and motivated workforce can be key in setting businesses apart from stiff competition. Consequently, embracing these evolving dynamics becomes a key driver of success, enabling companies, whether they’re in the game or hospitality spaces, to thrive in a highly competitive marketplace.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More