Los Angeles, CA – Payment Labs, a leading fintech company, has announced that its Prize Payments platform has successfully delivered over $20 million in prize money to winners of esports and sports tournaments. Prize Payments simplifies the payment process, making it easy for winners to receive their prize money in a compliant and secure way.
Prize Payments has delivered over 12,000 payments to more than 7,100 unique payees across 87 countries. This includes countries that are traditionally difficult to make payments to, such as Brazil, China, and Turkey. Payments were made in 64 different currencies and the app is able to make payments to over 130 countries.
Recipients received their prize money in their local currencies, with proper withholdings removed and having undergone checks for fraud. This secure and compliant process also reduces the time to pay prize winners from months–sometimes even years–to days or hours. For live events, some payments were completed with winners receiving funds in their bank accounts by the time they returned home from the event.
“Prize Payments has been a game-changer for esports and sports tournaments,” said Han Park, CEO of Payment Labs. “Our compliant solution is not only faster than legacy methods of payments, we ensure that all payments are recorded and properly reported to the appropriate tax authorities. In addition, we’ve implemented easy onboarding for winners including identity verification and real-time tax ID checks to prevent fraud. It’s a better experience for both the organizers and the winners, and it’s done right.”
Prize Payments has made it easy for esports and sports tournament organizers to pay their winners quickly and efficiently. With its advanced compliance features and streamlined solution, Prize Payments is a comprehensive solution for tournament organizers anywhere in the world.