Which payment trends are shaping the gaming business today, and how can you optimise your payment processes to stay ahead this year and next? Here we share a snapshot of payment trends that are changing the gaming business.
Mobile payments for mobile gaming
Forecasts that mobile gaming platforms will overtake PC platforms this year are driving an important payment trend.
Unlike in many other sectors where mobile apps and payments work seamlessly, such as on Uber, Tinder and Airbnb, mobile payment processing on gaming sites is generally not such as great experience. Conventional payment processing methods involving redirects to payment pages and multiple fields to fill, are far from seamless and for the mobile gamer present specific challenge
- Keying payment card details on a mobile device is not as easy as typing on a keyboard for a PC transaction;
- Redirects to payment pages can be slow and cause concerns over security;
- Depositing funds in a gaming account when in a public space also raises concerns around cyber security, such as whether public WiFi is safe.
For the customer these issues can all affect whether they use a mobile gaming platform or not.In response, a new generation of payment methods are being developed to improve and enhance the mobile payment experience for gaming customers. Payment apps that are integrated with the gaming websites are a good example of this, allowing customers to deposit funds quickly with dynamic authentication and biometrics to authorise transactions securely.
Local and global payment methods
Another trend that is changing the gaming business is the ability to offer customers local payment methods depending on their location. Customers in different countries want different payment options – there are regional differences where bank transfer digital wallets or other alternative payment methods are more common than credit or debit cards.
Geo location technology can help operators present customers with their preferred payment methods, so that they can quickly deposit funds and start play. Some payment methods have broader appeal, with several digital wallet and payment app solutions being widely used in different countries.
Better handling of transaction declines
In high risk sectors like gaming, there are several factors that can affect the success of a transaction. It’s not just about whether or not the customer has sufficient funds, the payment method itself could be restricted and therefore will always be declined however large the balance or card limit is.
Traditionally, if a transaction fails the payment provider automates a retry, however unproductive that might be. Instead, there are better ways to handle hard declines such as by presenting customers with alternative payment methods that have better transaction success rates.
We’re seeing payment service providers adopt a more proactive approach to maximise transaction rates for gaming operators. Helping them understand decline codes and why transactions fail, and providing them with alternatives that are better for everyone – operator and customer.
To find out more about how MuchBetter can help you optimise your payment processes and capitalise on these trends, contact our team here.
