The gaming sector is booming, and there are no signs of it slowing down anytime soon. This expansion brings with it a variety of revenue prospects as well as its own set of obstacles. You will need a reliable payment gateway that allows gamers to make payments quickly and easily for online gaming. 

Fast performance is one of the most crucial factors for online gamers throughout the game and the payment process. Merchants can also take advantage of more advanced gaming credit card processing options if they have the necessary tools and processes in place.

Changing market trends, laws, and regulations, as well as an increase in fraud and chargebacks, are just a few of the problems that the gaming industry is facing. What about payment processing in the gaming industry? How can the appropriate payment provider help you increase your profits? Learn more about the trends in gaming payment that are here to stay.

The Need for New Trends: Payment-Related Challenges in the Gaming Industry

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Because of the global nature of the gaming industry, ensure that you can collect payments in numerous currencies and send money straight to recipients’ cards in multiple nations and currencies.

A High-Risk Venture

Due to a variety of international laws, high-volume turnover, age limitations, and the significant danger of chargebacks, gaming merchants are deemed high risk. To avoid your account being frozen or terminated, look for payment providers who service high-risk businesses, such as gaming and gambling, while looking for a merchant account. This way, you won’t be unable to conduct your business.

Chargebacks

Chargebacks can very effectively harm your company’s reputation. It’s an inherent risk of online gaming and gambling for players to lose a lot of money. Chargebacks from disgruntled customers can significantly impact a company’s financial line; therefore, online gaming companies should be prepared.

Look for a payment processor that not only understands your industry’s demands but also gives the proper tools, advice, and complete support to help you win as many chargeback disputes as possible.

Another thing to keep an eye on is when a cardholder seeks a chargeback for an otherwise valid purchase.

A cardholder filing a chargeback because a family member used their card without their knowledge is one example of friendly fraud. It’s not uncommon for youngsters to charge things to their parent’s credit cards without their permission.

Fraud

The fast expansion of the online gaming industry has come at a cost: a rise in cybercrime. One out of every 20 new online gambling accounts is fake, according to ThreatMetrix’s Gaming and Gambling Cybercrime Report. Suspicious behavior must be monitored, and online providers must enable a smooth user trip free of unpleasant shocks, particularly takeovers, which are the most common concern.

When looking for a gaming merchant account, see if the supplier offers a set of fraud protection measures to improve your company’s security and protect your customers’ information. It’s important to remember that these tools and solutions must do more than just flag questionable transactions—cybercriminals are becoming increasingly inventive in their attacks.

Trends That Are Here to Stay

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1. Alternative Payments Provide Players with Enticing Features and Perks

Many players are already using alternative payment methods, but this figure is likely to skyrocket.

According to certain poll results, gamers prefer to use alternative payment options that allow them to make purchases without entering their credit card information each time. 

According to the poll results, alternative payments gave gamers fast access to incentives such as loyalty points and awards. They avoided the risk of lost or stolen cards, and they provided easy access to tickets for things like movies, buses, and planes.

More than half of all survey respondents said they were “interested” or “extremely interested” in these characteristics, indicating that mainstream customers will adopt them.

2. In-app Purchase Domination

Mobile apps radically impacted the price structure of the gaming business when smartphone and tablet games became ubiquitous. In many circumstances, selling $1.99 for a single game would earn developers more money than charging $10 in the past. This model, however, is rapidly crumbling.

Only one of the top ten highest-grossing apps on the iPhone App Store (Angry Birds) is not available for free. In-app purchases account for 91 percent of Android and iOS game income, according to Newzoo, a gaming industry market research firm.

According to a Statista report, global gaming consumers have spent approximately 54 billion USD on new in-game content in 2020. The market value of in-game purchases is expected to exceed 74.4 billion USD by 2025. Every developer who wants their game to be commercially successful will have to include in-app purchases by that time.

3. Digital Wallets Are Gaining Popularity

Gamers are increasingly accepting digital wallets and smartphone payments, in addition to other types of alternative payment. In fact, according to studies, 77 percent of gamers are now open to the concept of using digital wallets like V.me by Visa for online and point-of-sale purchases.

Finishing Up

All in all, gaming has taken a dominating seat on the airship of entertainment since we were all locked in, and it has resurrected for good. Consequently, many ongoing issues will have solutions along with other upgrades, thanks to all the new trends.