Gaming
With security and fraud being a huge factor, how can gaming e-tailers protect their consumers? Fighting fraud in gaming is a tricky balancing act of preventing fraudulent transactions without stopping legitimate ones. Te best protection is advanced fraud prevention solutions
enabled by Payment Orchestration. Transactions can be analysed in less than a second, evaluating data from current and past transactions to see if they are genuine or fraudulent. We use the latest fraud management technology and data from
141 billion+ transactions to help global social gaming companies increase acceptance rates, lower review rates, and boost their bottom line.
How rapidly has the gaming market changed over the last 5 years? In terms of growth, it has changed very quickly. But payments technology in the gaming space still lags behind other sectors. While retailers who sell video games offer a wide range of alternative payment methods (APMs) and can manage cross-border payments, the direct platforms for purchasing video games vary in terms of the options available. According to Statista, there will be three billion video gamers by
2023, and many of them will be using APMs. It’s so important for merchants to understand which payment
methods are used in different types of gaming and how they vary between regions to ensure payment doesn’t interfere with play and supports the immersive player experience.
Did the pandemic affect the industry at all? Te pandemic has shiſted behaviours and the role of home entertainment and games themselves. Spring usually shows a dip in activity for PC and desktop gaming,
with daily active users dropping on average 5%. With COVID-19 conditions keeping many at home, the difference in 2020 was stark, with a 41% increase compared to the 2019 baseline. Mobile platforms also saw growth compared to 2019, as audiences
who don’t normally play games found themselves looking for new forms of entertainment. Almost everyone these days has a smartphone, so more people than ever are turning their phone into a gaming device. Simultaneously, the pandemic permanently changed how we pay,
with new purchasing behaviours affecting all sectors. In addition to using payment methods they were already familiar with during COVID-19, many consumers (59%) also started to use a new payment method for the first time in the same period. More than half (55%) now have at least one new preferred online payment method, and where consumers have a single preferred payment method the most popular (23%) is digital wallets.
What challenges are you foreseeing as more companies head into the metaverse? Creating truly secure payments in the metaverse, without compromising the immersivity of the experience, will present a big challenge. Te whole point of the metaverse is to create an evolved version of the web, where physical and digital personas blend into one cohesive
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experience. Ideally, this means less context switching and fewer accounts and passwords. But this idea is at odds with the reality of payments today, as many payment processes involve multi-factor authentication to confirm your identity. Security will be front of mind for many businesses entering the
metaverse, because while it is difficult to impersonate a person on online gaming platforms, in metaverse gaming it is not only possible to impersonate a person and commit fraud using their identity, it is also possible to do it “physically” by hijacking their avatar.
With all the changes happening in the gaming world, do you see gamers having a seamless gaming experience when it comes to payments? Te payment process can make or break a successful player’s experience. Simplified, one-click checkouts, a tailored set of APMs, local currencies and other features that reduce friction all help drive transaction conversion while gaming. Te good news is Payment Orchestration technology makes
it easy to integrate all these elements, giving gamers a seamless payment experience. What’s more, because the gaming community is generally more
open to new technology, online gaming is the perfect ground for merchants to test new payment methods. Tis includes QR codes, which are becoming an increasingly popular tool to engage players thanks to their ease of use and reliability.
What innovations can be expected in the world of payment technology? We’re already seeing just how important blockchain is in the gaming industry; crypto games are proving effective in earning digital currencies while they play. As more gamers accept crypto, gaming companies have a vast market opportunity to reach crypto gamers worldwide. Now is the time for gaming merchants to think about how they
can integrate cryptocurrencies into their payment systems. Payment Orchestration is designed to offer a single integration
into the payments infrastructure they might need over time. It’s a no-fuss, no-muss way to add functionality like accepting cryptocurrencies. Essentially, it puts all the connectivity tools directly into the merchants’ hands.
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