A cross-platform payment solution could boost the gaming industry
The gaming industry has grown considerably in recent years. However, providing players around the world with an easy way to pay has proven to be one of the main issues that still needs to be addressed. Fortunately, a new payment solution launched by trading company Xsolla could prove to be an important step in helping game developers manage payments more efficiently.
Why are payment solutions so important in games?
The growing popularity of free games has been one of the key factors lately, as more and more developers have decided to give their games free access, up to a certain point. This means that players can start playing without paying anything, but then have to find a way to pay to deepen the game or unlock new sections.
The various payment methods for games are essentially the same as those used when transacting e-commerce purchases or transfers. Currently, bank cards, e-wallets and cryptocurrencies are among the most popular means of payment as they move the user’s money instantly and with little or no risk of anything going wrong. or the transaction is hacked.
We can see an example of how paying for a game session can work smoothly on a online casino site for a well-established and legitimate brand like William Hill. Players can fund their accounts here using popular options such as Visa, MasterCard, PayPal, and Skrill. Once received, the funds can then be used to play a range of slot machines like Book of Dead, Secret Pyramids and Big Bass Bonanza, as well as classic casino table games such as poker, baccarat and roulette. Through the provision of popular and modern transaction methods, William Hill has ensured that the predominant majority of players are supported with convenient and reliable options.
New methods on the market
It is a fluid industry, where the emergence of new technologies has enabled the recent appearance of new solutions. These new money transfer methods tend to start with traditional payment methods such as bank cards or wire transfers, but then use advanced technology to improve the overall process for both the customer and the developer receiving the money. .
For example, we’ve seen startup Sanlo make moves in this space recently. This tech company gives developers access to a dashboard where they can track a game’s cash flow and financial status in one place. They recently received $10 million in their Series A funding round, which suggests some big investors think they could fill a gap in the market that currently exists.
ECOMMPAY is another major player in this industry, and they say they offer more than 100 regional payment methods in different channels. With e-wallets and bank cards accepted in any currency, this is the type of payment solution we are likely to see more of in the future.
Yet, not all game developers are able to offer their players a smooth payment method using the chosen method. This can lead to frustration and cause players to look elsewhere if they are unable to pay in a way that suits them and can be completed without any problems.
In fact, it’s worth noting that gamers seem to prefer sending money from one game rather than using another site, as other types of consumers often do. When buying goods online or paying for a service, we are used to being directed to third party sites to pay, and this is not a problem, as long as the site is reliable and easy to use. .
However, the Xsolla product is largely based on the idea that games want to see the whole process happen with the brand of the game on screen. This is an important difference and helps explain why a bespoke product like this is needed in the gaming industry.
An alternative method of game monetization is offered by Google Stadia, which pays developers based on the level of engagement a title achieves with its players. However, many gamers still prefer to play directly rather than paying a subscription fee to join a cloud gaming site like this.
What is the new solution?
Xsolla’s new payment solution promises to be the only cross-platform branded payment option for video games. They mention improved mobile experience and customizable user interface among the benefits it offers. It supports mobile wallets globally, so gamers can fund their games, but it suits them best.
They say their payment services are used by over a thousand game developers, processing transactions in over 200 countries using over 700 different payment methods. This means that developers have a way to bring their games to more countries and let more people pay to play them.
Anton Zelenin is the global head of commerce at Xsolla, and he said they provide a “simple shopping experience” with a streamlined process that looks and feels like part of the game on any platform. The end user will not know that they are using Xsolla’s services, but they will benefit from a simple and smooth process that will allow them to pay quickly.
How can easier payments allow the industry to grow?
The success of the pay-per-play model suggests that this approach could be the perfect way for game developers to earn money for their hard work. In the past, these companies were geared towards a certain release date for their games, when the vast majority of the revenue generated by it would be collected in a relatively short period of time.
However, the huge success of the free-to-play model gave them a different way to monetize their games to produce a more stable and recurring income over a longer period. The best example so far comes from Honor of Kings, known as Arena of Valor in some markets.
This game is ranked as the highest-grossing mobile title of all time, grossing over $13 billion to date. Players can enter for free but also have the option to purchase skins, crystals, and other items. Interestingly, players who don’t spend money on the game have an equal chance of winning as someone who spends a lot.
Most of the best mobile games use the free pattern, and this approach has also reached console and Windows games. It seems certain that this approach to earning money will become the most popular in the gaming industry, so more payment methods like this will be needed.
This kind of innovative solution should help gamers around the world play the games they love without any offers or payment issues getting in their way.
This article does not necessarily reflect the views of the editors or management of EconoTimes
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