Payment Solutions Central To Global Gaming
The video games industry has experienced nothing short of a boom from a time marked by stay-at-home orders and a halt on in-person social and sports gatherings. The industry in 2020 alone reported revenue to the tune of $175 billion, which marks an incredible 20 per cent increase when compared to the year before.
But even before the global health crisis struck, the video games industry has been growing ever larger with every passing year. Today, the industry leads the way, while raking in more annual revenue than the North American film and sports industries combined.
This incredible growth trajectory has led to the question of how to sustain the incredible success that the industry has been witnessing over recent years. And according to Andrew Monroe, Head of Gaming and Media for global digital commerce giant Worldline, the secret is the development of more streamlined payment methods.
Less Really Is More
With more than 15 years of experience in sales and e-commerce under his belt, Monroe is an expert in payment solutions. He has managed several Fintech organisations spread out across multiple continents and has over the years acquired a deep and accurate understanding of how the payments industry affects every other industry at a truly grassroot level.
Monroe speaks passionately about the increasingly more central role played by gaming industry in the lives of especially a younger generation of gamers. He believes in the importance of businesses being willing and able to adapt to new and streamlined ways for money to change hands.
Ever since online sales became the new norm, it has become a great deal easier to activate new products and offerings across the global gaming space, explained Monroe in a recent interview. He used payment processes such as those used by platforms like Steam and Apple’s App Store as an example for how reduced payments-admin leads to better engagement with any given app or game. This, said Monroe, clearly shows the importance of developers knowing their audience, and more specifically, the payment methods preferred by that audience.
Paying Attention To Audience
Monroe used the example of Indian consumers vs. American consumers. In India, gamers clearly prefer microtransactions over repeating payments, while in the U.S., gamers lean much more towards subscription-based services.
This highlights once again the importance of a streamlined global payments method available in local currencies and languages – and specifically one that will appeal cross-platform and cross-country. Payment providers specialising in streamlined payment options deliver a crucial service while allowing businesses to apply their time and resources to actual content and a de-“friction”-ising of the admin and effort involved in paying for the product.