Following up from our long discussion last week, in this article we will continue examining crypto payment processing as an effective marketing tool. Today, however, we are going to narrow our focus and discuss one industry: global online gaming.
Global online gaming trends
The global online gaming industry is projected to reach an estimated value of $159 billion. Market trends indicate that its growth is being supported by shifts in consumer behaviour as a result of the widespread social distancing guidelines in place.
As the pandemic continues along its economically destructive path, this surge in online gaming is now encouraging the rise of extensive transformation in the industry. One trend that is of importance to this article is the development of new avenues for monetization based on subscriptions and in-game purchases. Characterized as “buffet models” research shows that these monetization strategies may offer a way for the industry to grow further as subscription-based gaming can increase play time by as much as 40%.
Continuing along with the topic of payments, this area in gaming is currently undergoing a slow, but momentous shift. Much of this is due to the acceleration of developments in blockchain and the convergence of the gaming and crypto verse.
How can online gaming merchants leverage this opportunity?
As subscription-based models gain popularity and users transition to crypto, online gaming businesses should make sure that their current monetization strategy and payment processing in place accounts for these changes. This means that merchants need to have a plan in place for both the sending and receiving ends of crypto payments.
In the case that they don’t, the best strategy would be to adopt a comprehensive blockchain-based payment processing solution that allows for a variety of billing methodologies and a way for users to make payments.
At PumaPay, we have dedicated our time to developing exactly this.
Our solution enables businesses to accept crypto payments and we actually pioneered the technology (otherwise known as the PullPayment Protocol) that allows for recurring subscriptions to be enacted over the blockchain. A comprehensive service, we also provide an easy way for users to pay in crypto via our advanced mobile wallet.
Going forward, with the industry undergoing massive change, it’s evident that traditional payment processing strategies are slowly becoming redundant. Therefore, companies looking to stay relevant and competitive should look for cost-effective ways (such as PumaPay) to effectively cater to this shift in consumer preferences.
Are you an online gaming company and are you looking at improving your competitive position?
Book a consultation with PumaPay to learn more about what we can do to help you effectively cater to your clients’ needs.