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How developers and publishers can thrive as payments in video gaming evolve
As payments in gaming evolve, here’s how video game developers can meet changing player needs to flourish.
Video games have changed in recent years. And as far as understatements go, this is like describing the sun as a bit toasty.
From the growth of streaming to mobile gaming, mixed reality (XR), virtual reality (VR), and more, the industry is very different to the days of popping a coin in a slot to beat up a pixellated bruiser. This level of change extends to payments in gaming, too, with players embracing alternative payment methods (APMs) like digital wallets and online cash to pay for games, in-game transactions and more.
As discussed in our whitepaper, Taking payments to the next level for video games’ new era, developers, publishers and streamers now have an opportunity to embrace these changes to deliver a greater payments experience for gamers. Here’s how they can do this.
How are video games changing?
The growth of gaming is unlikely to slow any time soon, with new, unexpected sources driving change in the industry. In 2022, mainstream news media took note of the sector’s success, with The New York Times buying Wordle as it sought to expand its gaming vision.
Meanwhile, streaming giant Netflix launched its own gaming service in 2021 before partnering with video game publisher Ubisoft a year later, and continues to build its library.
In addition, the explosion in smartphone usage has seen the proliferation of the ‘hyper-casual’ gamer, a demographic which enjoys a quick entertainment fix during commutes, other travel periods or whilst relaxing at home. Now, video gaming’s growing prominence in consumers’ lives can catalyse new technologies that will shape how we enjoy media for years to come.
The technology shaping payments in video gaming
Apple’s Vision Pro, marketed as an XR headset, feels like the next great leap in this regard, and developers and publishers will need to ensure users of the device can seamlessly make transactions, without hindering the immersive experience.
Meanwhile, others in the space have sought to establish blockchain technology as the foundational framework for the metaverse and the future of gaming. EVE Online studio CCP Games is making a blockchain-based game, for example. And Epic Games, the developer and publisher behind Fortnite, has been forthright abouts its ambitions to help form the metaverse, also known as Web 3.0. Video gaming, as always, refuses to stand still.
As the industry embraces and shapes these technologies, it’s essential that publishers and developers ensure their payment systems keep pace and lower any unnecessary friction for players across all devices and platforms.
The role of payment platforms in the future of gaming
When it comes to payments in the future of video gaming, publishers and developers must be able to provide the flexibility, security and convenience demanded by modern players. A platform that offers a variety of alternative payment methods (APMs) can help meet these demands.
Take eCash, or online cash, for example. eCash solution paysafecard offers a friction-free, secure way of meeting players’ payment expectations, enabling them to make payments using a 16-digit code from a pre-paid voucher or by inputting a username and password from a myPaysafe account. This means they don’t need to input their bank details, delivering peace of mind regarding security, and helping them control spending – an important point in a world of easily-purchased microtransactions.
Digital wallets like Skrill and NETELLER can also help developers and publishers meet gamers’ changing needs. Instead of keying in debit or credit card details, the player logs into their digital wallet and confirms payment – offering friction-free, encrypted, secure payments. In fact, our latest Lost in Transaction research found that 63% of respondents who make online gaming purchases think digital wallets are the most convenient way to pay.
Finally, it’s important to note that video gaming is a global pastime. With this in mind, developers and publishers must ensure that any payment mechanism has built-in versatility and is accepted worldwide.
With the right platform in place, publishers and developers can reach players’ specific needs, wherever they are in the world, and achieve a number of benefits including access to a new segment of players, better conversion rates and a decrease in checkout abandonment. As a new era of video games beckons, payments pave the way for a better player experience.