Improving the Gaming Experience with Local Payments for Crypto Transactions

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Crypto in Gaming: Challenges and Solutions

Cryptocurrencies have gained popularity in the gaming world, allowing players to buy in-game items, virtual assets, and game currency. Using cryptocurrencies can pose challenges for players, including obstacles in accessing cryptocurrency and difficulties in purchasing NFTs due to barriers in entry.. This inconvenience can frustrate players, requiring them to undergo a long and complicated process to make a purchase.

Current on-boarding process can be frastrating for users with no prior knowledge about web3

To address this issue, game developers and publishers can implement solutions to improve the payment experience for gamers. One such solution is the use of local payment gateways or payment processors, which greatly simplify the payment process, reduce transaction costs, and improve the overall user experience. Payment gateways and payment aggregators are two common types of payment processors used in the gaming industry.

Local Payment Methods: Enhancing Payment Experience

Local payment methods allow players to use their local currency, payment methods, and banks to make payments, eliminating the need for currency conversion and international payment methods.

This simplifies the payment process and makes it more convenient, especially for players in countries with limited access to international payment methods. Payment processors such as third-party payment processors or crypto aggregators can offer a range of payment options, including bank transfers, credit cards, e-wallets, and mobile payments.

In Vietnam, for example, where the gaming industry is booming, local payment methods such as e-wallets and mobile payments are becoming increasingly popular. Game developers and publishers can capitalize on this trend by integrating these payment methods into their games to attract more players and improve customer loyalty.

Overcoming Low Credit Card Penetration in the Gaming Industry

In addition to limited access to international payment methods in certain countries, another challenge that game developers and publishers face is the issue of low credit card penetration. In some regions, credit card usage is not as widespread as in other parts of the world.

However, by integrating local payment methods such as e-wallets and mobile payments, game developers and publishers can provide alternative payment options that are more accessible to players in regions with low credit card penetration. For instance, in Southeast Asia, where credit card penetration is relatively low, e-wallets have become a popular payment method for online transactions.

Card penetration and on-ramp success rates are low in on certain regions where web3 games are highly adopted. Image Source

By integrating local payment methods such as e-wallets, game developers and publishers can tap into this growing market and provide players with a convenient and accessible payment option. This can help attract more players, improve customer loyalty, and increase revenue.

Conclusion

Integrating local payment methods through payment gateways or payment aggregators can greatly enhance the gaming experience for players. By providing a simpler and more convenient payment process, game developers and publishers can attract more players, improve customer loyalty, and reduce transaction costs.

As cryptocurrencies continue to grow in popularity in the gaming world, it is vital for developers and publishers to integrate local payment methods into their games to remain competitive and meet the needs of their players. Additionally, low credit card penetration can be a significant hurdle for game developers and publishers, but by offering alternative payment options, they can overcome this challenge and tap into new markets.