The Rise of Online Payments in the Gaming Industry - GeeksterLabsGeeksterLabs



The Rise of Online Payments in the Gaming Industry

Posted October 25, 2017 by JR Ramos in News

We love our stats here at Geekster Labs and this week we are looking at the online gaming industry. Specifically, we are going to look at how players are making payments for freemium games or for other games that require payments such MMORPGs. Indeed, even platforms such as Xbox Live and the Playstation Network require payments from time to time so how exactly are modern players making these payments in 2017? We’ve done a bit of research and come up with some rather interesting information on the current state of the online gaming market.

Using Online Payment Services for Gaming

In the USA, there are more than 180 million gamers who are considered active. This means that they are likely to play games on a daily basis and many of these individuals need to make payments to a particular game or online platform (such as Xbox Live). American players tend to pay with credit cards but over 50% of players are now choosing to use online payment services to make the payments. Services such as PayPal and prepaid cards are more popular than ever for gamers so why exactly is this?

Convenience and security would appear to be two of the main factors. Digital content is in higher demand than ever before and this often means that players need to make regular purchases and the credit card isn’t always the best way to do this. PayPal allows you to keep track of your spending using the PayPal summary page and prepaid cards are useful for parents who want to allow their kids to buy digital gaming products online without overspending. Of course, the constant threat of cybercrime is also a key factor and these methods can help protect from online fraud too.

Used for the Online Gambling Sector Too

Online gaming is much more than just playing Xbox or PC games online and the gambling sector comes into play here as well. Online gamblers are also taking advantage of online payment services as well and sites such as actually focus on providing online gambling games that can be played by depositing with PayPal.

Both PayPal bingo and PayPal slots are bigger than ever but it isn’t just PayPal providing the perfect online payment method with other services such as Neteller and Skrill also offering a comprehensive service for online gamers. You need to be particularly careful when gambling online as there is the chance that you will be depositing higher sums of money which is why these online payment methods are becoming the go-to for many players.

Players can use online payment services to not only deposit to their favourite site but also make withdrawals when the time comes. PayPal has some of the best security measures of any payment method and there is even a resolutions team available should a player come into a dispute with an online casino site. These are just some of the factors that are driving online payment methods forward.