Why Moonpay or Credit Card is not the Greatest Option for Blockchain Game Developers

Do not index

content plan

Competitor Analysis

keyword

moonpay, crossmint

keyword list

moon pay, moonpay login, moonpig usa, is moonpay safe, pay with moon, crossmint, moonpay review, moonpay crypto, moon birds nft, moonpay customer service, moonpig cards, moon bitcoins, moonpay.com, moonpay fees, is moonpay legit, mint api, moonpig australia, moonpig paypal, www moon pig com, moon pig uk, moon token, moonpay app, moonpay careers, moonpay stock, moonpig america, moonpay legit, moonpig canada, mint competitors, moonpay logo, moonpay nft, moonpay bitcoin, moonpay valuation, moonpay sign up, what is moonpay used for, moonpay login sign up, moonpay crunchbase, moonpay vs coinbase, moonpay phone number, moonpay support, buy moonpay, moonpay vs coinify, moonpay jobs, moonpay alternatives, moonpay price, moonpay safe, moonpay wallet, moonpay contact number, how does moonpay work, moonpay new york, moonpay ventures, moonpay api, moonpay ceo, moonpay kyc, moonpay usa, moonpay apple pay, moonpay credit card, moonpay fee, where is moonpay located, moonpay verification, moonpay limits, moonpay headquarters, moonpay competitors, moonpay founder, moonpay buy bitcoin, crossmint nft, moonpay transaction, moonpay sign in, moon pay fee, moon pay nft, nft moon, bitmart moonpay

topic search volume

23,000

As the world continues to shift towards decentralized finance, game developers are looking for ways to monetize their games using cryptocurrencies and NFTs. While Moonpay and credit card payment options may seem like a convenient and efficient way to buy and trade cryptocurrencies, they may not be the best option for game developers.

High Transaction Fees and Chargebacks

One of the primary concerns with credit card payment options is that they often have high transaction fees and chargebacks. These fees can significantly impact the revenue of game developers, especially those who operate on a tight budget. Furthermore, chargebacks can lead to disputes between developers and players, which can be costly and time-consuming.

Moonpay, on the other hand, is a secure and efficient way to buy cryptocurrency and NFTs. However, the platform may also have high fees that can eat into profits. This is especially true for game developers who rely on every dollar earned to keep their business running.

Low Success Rates in Certain Regions

On-ramp providers with credit card or bank transfer options also suffers a low overall success rate due to approval issues, particularly in regions where web3 games are prevalent.

Moonpay Card Approval Rates in selected regions, with normalized data (removed cases of repeat trial)

Based on data pulled over the last 30 days, the normalized card approval rates in the US and UK are 70.2% and 77.8% respectively. The difference between normalized and overall rates indicates that users commonly keep trying with the same card after an unsuccessful attempt.

The approval rates vary depending on the card brand and type, with debit cards generally performing better than credit cards. Interestingly, some banks like Wells Fargo, Bancorp, and Bank of America average between 60-70% approval. However, Moonpay's success rate in countries like Turkey, Vietnam, Indonesia, and Thailand is particularly low, at around 20-35%.

Payment Method Limitations

Another issue with Moonpay and credit card payment options is that they may not offer the payment methods that gamers in certain regions prefer to use. For instance, credit card payment options are less popular in LATAM and Asia, where gamers prefer to use payment methods like bank transfers and digital wallets. This limitation can result in lost revenue for game developers who don't offer the payment methods that their target audience prefers.

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

Therefore, game developers must explore alternative payment options such as local payment methods, local payment gateways, and crypto aggregators that are cost-effective, secure, and widely accepted in the regions where their target audience is located. Payment processing solutions such as payment gateways and payment aggregators can also be used to reduce the impact of high fees on revenue.

Game developers should also consider partnering with local payment providers in regions such as Vietnam or Brazil where blockchain games prevail, to enable gamers to make payments using their preferred payment methods. This will help to increase the success rates of transactions and boost revenue for developers.

Conclusion

In conclusion, while Moonpay and credit card payment options are convenient and efficient ways to buy and trade cryptocurrencies, they may not be the best option for game developers. Therefore, developers should explore alternative payment options and payment processing solutions that can help them to overcome the challenges posed by high fees, low success rates, and payment method limitations. By doing so, they can maximize their revenue and tap into the vast potential of the gaming industry.