How the global payment landscape is changing for gaming businesses

12 June 2017

The gaming industry faces constant change. Not only due to ever-changing regulations, but also from the evolution of mobile and online gaming services. Maintaining a competitive advantage in this industry takes significant time and resource. But how can gaming businesses succeed internationally? Let’s take a look.

Optimising the payment process

The preferences for payment methods and approaches differ depending on the location of the customer. To succeed internationally, businesses need to optimise the payment process to match those preferences. However, the global payment landscape is complex and none more so than for gaming businesses. Not only do they need to understand each market and local preferences, those payment methods also need to be able to facilitate a gaming transaction.

The opportunities from optimisation

As well as applying local insight, businesses need to explore ways that they can optimise the payment process to maximise transaction rates. For example, when a card transaction fails, rather than an automatic re-try, merchants need to understand from their payment service provider why the transaction has failed. Understanding the decline code allows the business to determine the next best steps. If it is a hard decline, based on the card being restricted to certain purchases, low funds available or a jurisdiction restriction, for example, then a retry may be fruitless and the payment will continue to be declined.

Mobile becomes more relevant

Across the globe, mobile has become increasingly relevant to the gaming industry. Access to smartphones is on the rise – 2.5 billion smartphone users are expected by 2018.  This means more customers will have opportunities to play online – any time – anywhere. In addition, the rise of connected devices, and social gaming, is contributing to the mobile explosion. 

It is no longer enough to be mobile responsive.  Businesses need to offer an experience that is customised to optimise the mobile user-experience. This has increasingly become a competitive differentiator. 

The communication capabilities of a mobile device can also offer significant benefits to businesses. Would a customer see an email if they were mid-way through a transaction, or would a push notification– where a message pops up on the mobile device – offer a better channel of communication? And if it’s a key message, for example about an expired card, it could see significant uplift in transaction rates.

1https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/