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Reality can be dull and mundane, and the best way for us to escape reality is through video games. The gaming industry has witnessed a massive surge in users over the past decade, and it is one of the businesses that is flourishing rapidly. In this blog, we have discussed the developments in the gaming industry and the importance of cashless payments in it. Read this blog to learn about the six things you need to know before accepting payment for your game.
Be it a teenager or an adult, everyone is involved in one game or another. Some play professionally, and some play just to escape the boring daily routine. Whatever the reason, gaming has become a vital part of the digital world, and it will only keep growing. Playing video games has become a trend nowadays, and the number of people who spend money on these games is rapidly increasing.
As a gaming business, providing your gamers with a smooth and uninterrupted payment solution is important. Online cashless payments have grown rapidly over the years because of their positive user experience. Cashless payments don’t mean playing games cashless; instead, they mean you can offer your customers various online payment solutions. Through cashless payments, you can provide your customers with various payment solutions such as digital wallets, UPI, etc.
Gaming industry over the years
The gaming industry is going through a superior phase right now, with a large number of people having at least one game on their smartphones or desktops. Gaming has gone from being just a game to being a mode of communication for the younger generation. It’s a place where they find like-minded people and have a reprieve from their daily lives.
The scope of the gaming industry has made it a lucrative marketing platform for many corporations. The surge in the pandemic has also led to an increase in people playing online games. From being just a game that a group of people plays through TV consoles, it has developed into something that is recognized nationwide by many people.
Importance of Cashless Payments in the Gaming Industry
As someone who manages a gaming business, your main goal will be to provide a good user experience and customer satisfaction. A good user experience ensures that customers will return to playing your game again, and providing a smooth payment solution helps with that.
Most of the time, gamers prefer a fast payment solution because they don’t want to be interrupted during their game. This can be achieved by providing customers with multiple payment options from which they can choose their preferred payment method. Some of the cashless payment methods are,
- Debit/Credit card
- Digital wallets (e-wallets)
- UPI (Unified Payments Interface)
- Net Banking
- EMI, etc.
Using cashless payments in the gaming industry is more convenient for both customers and businesses. It saves time and has more security with its encryption and authentication standards. You can also save some money by getting cashback and other rewards in your games.
Things to Know about Cashless Payments in Gaming Industry
We all agree that the greatest way to improve the user’s gaming and payment experiences is through cashless payments. But it does have its complications. There are some factors you should consider before integrating your game with a payment solution. Make sure the payment solution adheres to all these factors before deciding on it.
High-Security Standards to Prevent Fraud
The increase in online payments has inevitably given rise to an increase in fraud and theft activities as well. You don’t want any accidents to occur during payments because chargebacks can cost you money and damage your reputation. Another common issue with online gaming is account takeovers. Users who provide basic login information make their accounts susceptible to fraud.
Using a PCI-compliant payment gateway is the most effective way to weed out this kind of fraud. This can prevent identity theft and potential chargebacks on your side and give you fraud-screening services like CVV matching.
Loyalty Rewards to Engage your Gamers
One of the most effective methods to engage your users and encourage future spending is through providing loyalty rewards. Offering a competitive reward-based system is your greatest option if you want to sustain gamers who pay.
Offering rewards encourages customers to play your game for longer periods of time. You can easily automate these functions and even get in-depth data on credit payouts with the help of a good payment solution.
Pricing Solutions
The majority of payment processors provide purchase plans based on the volume and quantity of transactions. However, you’ll want to double-check your calculations since if you go above that amount, you’ll have to pay more. As your business expands, be sure to opt for a provider that allows you to change plans. Regularly monitor your pricing to find any areas where you could save money.
Uninterrupted Gaming Experience
Gamers often immerse themselves in the game so that the slightest disturbance can frustrate them. So it is important to give them an uninterrupted gaming experience. This can be done by offering one-click checkout options to gamers.
You can save their payment details so they don’t have to enter them every time they make payments. By doing this, gamers can make payments easily without disrupting their gaming.
Accept International Payments
The gaming industry is a worldwide business. So ensure that your game has the ability to accept payments from different locations and in different currencies. You don’t need a specific licence to accept international payments. Just make sure that you have the payment solutions that are available in their country.
You can offer your customers the option of Dynamic Currency Conversion. This enables the customers to choose whether they want to pay in their local currency or the billing currency.
In-App Purchase Options
In-app payments let you improve the user experience by letting customers purchase while still playing the game. This way, the gamers don’t have to pause their game to make payments. Offering in-app purchase options is an effective way to raise funds for your company because it is more convenient and secure.
A look into NTT DATA Payment Services’ solutions
One of India’s major digital payment service providers, NTT DATA Payment Services, offers its customers 360-degree payment solutions. They offer their services to over 6 million clients and have over 100 payment options. They offer secure payment services through both online and offline channels, namely
- Online Payment Gateway
- POS Machines
- IVR Payments
- Mobile Application
- QR Code
NTT DATA Payment Services gives you a number of benefits, such as a high transaction rate, multiple payment options, instant settlements, etc. It complies with PCI DSS 3.2V and is 256-bit encrypted, providing high security for your business. Some of the notable features of NTT DATA Payment Services are,
- Multiple payment options
- Multibank EMI
- Auto retry option
- Bulk Invoice
- Comprehensive Merchant Dashboard
- Integration assistance
- High-security standards
- High transaction success rates
- Customizable solutions to fit business needs
Conclusion
The gaming industry has developed considerably over the years, and it is only going to continue developing. Businesses involved in gaming should adapt to the developments in payment systems and make gaming an uninterrupted and enjoyable experience for customers.
FAQs
1. How does cashless gaming work?
In cashless gaming, electronic payment mechanisms like credit cards, mobile wallets, or prepaid cards take the place of actual money and bills. Players can deposit money into their accounts to spend on gaming, easing and securing transactions.
2. How do free games get paid?
On a free-to-download game, developers can earn money through various methods, including in-app purchases, advertising, subscriptions, sponsorships, and licencing.
3. Can you get paid for gaming?
Yes, you can get paid by playing video games. Being a well-known streamer or content creator is one of the most lucrative ways to earn money playing video games.
