A Cross-Platform Payments Solution Could Boost the Games Industry

The games industry has been growing massively in recent years. However, providing players all around the world a way of paying easily has proved to be one of the key issues that still needs to be resolved. Thankfully, a new payments solution launched by commerce firm Xsolla could prove to be an important step in helping game developers deal with payments more efficiently.

Why Are Payment Solutions Are So Important in Games?

The rise in popularity of free-to-play games has been one of the key factors in recent times, as more developers have decided to give free access to their games, up to a point. This means that players can start playing without paying anything, but then need to find a way to pay to go deeper into the game or unlock new sections.

The different methods of paying for games are essentially the same as those used when completing transactions for eCommerce purchases or transfers. Currently, bank cards, electronic wallets and cryptocurrencies are among the most popular ways of paying in that they move the user’s money instantly and with little or no risk of anything going wrong or the transaction being hacked.

We can see an example of how paying for a gaming session can work smoothly on an online casino site for a well-established, legitimate brand like William Hill. Players can fund their accounts here using popular options such as Visa, MasterCard, PayPal and Skrill. Once received, the funds can then be used to play a range of slots like Book of Dead, Secret Pyramids, and Big Bass Bonanza, as well as the classic casino table games such as poker, baccarat and roulette. Through the provision of popular and modern transaction methods, William Hill has ensured that the predominant majority of players are supported with convenient and trustworthy options.

New Methods On The Market

This is a fluid industry, where the emergence of new technology has allowed new solutions to appear recently. These new methods of moving money tend to start with traditional payment methods such as bank cards or transfers but then use cutting-edge technology to improve the overall process for the client and for the developer receiving the money.

For example, we've seen the startup Sanlo make moves in this space recently. This tech firm gives developers access to a dashboard where they can track a game’s cash flow and financial situation in one place. They recently received $10 million in their Series A funding round, which suggests that some big investors believe that they could fill a gap in the market that currently exists.

ECOMMPAY is another major player in this industry, and they say that they offer more than 100 regional payment methods in different channels. With the likes of e-wallets and bank cards accepted in any currency, this is the kind of payment solution that we’re likely to see more of in the future.

Yet, not all game developers are able to offer their players a smooth way of paying using their chosen method. This can lead to frustration and cause gamers to look elsewhere if they’re unable to pay in a way that suits them and that can be completed without any fuss.

In fact, it’s worth noting that gamers appear to prefer to send money from within a game rather than using a different site, as other types of consumers often do. When purchasing goods online or paying for a service, we’re used to being directed to third-party sites to pay, and this isn’t a problem, provided that the site is trusted and easy to use.

However, the Xsolla product is largely based on the idea that games want to see the full process taking place with the game’s branding on the screen. This is an important difference and helps to explain why a bespoke product like this is needed in the gaming industry.

An alternative method of monetizing games is offered by Google Stadia, which pays developers based on the level of engagement a title achieves with its players. However, many gamers still prefer to play directly rather than pay a subscription fee to join a cloud gaming site like this.

What’s the New Solution?

The new payments solution from Xsolla promises to be the only cross-platform branded payment option for video games. They mention an improved mobile experience and a customizable user interface among the benefits it provides. It supports mobile wallets on a global basis, so players can fund their gaming, however, best suits them.

They say that their payment services are used by more than a thousand game developers, processing transactions in over 200 countries using more than 700 different payment methods. This means that developers have a way to offer their games in more countries and let more people pay to play them.

Anton Zelenin is the global head of commerce at Xsolla, and he said that they offer a “simple purchasing experience” with a streamlined process that looks and feels like part of the game on any platform. The end user won’t know that they’re using Xsolla’s services, but they’ll get a slick, smooth process that lets them pay quickly.

How Can Easier Payments Allow the Industry to Grow?

The success of the pay-to-play model suggests that this approach could be the ideal way for game developers to earn money for their hard work. In the past, these companies were geared toward a certain release date for their games, at which point the vast majority of the income generated by it would be collected in a relatively short period of time.

However, the huge success of the free-to-play model has given them a different way of monetising their games to produce a more stable, recurring income over a longer period. The best example to date comes from Honor of Kings, which is known as Arena of Valor in some markets.

This game is classed as the top-earning mobile title of all time, with a gross income of over $13 billion so far. Players can enter for free but also have the chance to buy skins, crystals and other items. Interestingly, players who don’t spend any money on the game have an equal chance of winning as someone who spends a lot.

Many of the top mobile games use the free-to-play model, and this approach has also reached console and Windows games. It seems certain that this approach to making money will become the most popular in the gaming industry, so more payment methods like this will be needed.

This kind of innovative solution should help gamers all over the planet to play the games they enjoy without any deals or payment issues getting in the way.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes