Statistics on gambling worldwide show that around 26% of the population gambles. It is one of the most dynamic and rapidly evolving industries in the world, so the way we pay for games and in-game purchases is no exception.
With the increasing popularity of mobile gaming, mobile apps, and the rise of digital banks, the industry is poised for a major shift in the way payments are processed and handled. In this article, we will discuss the top payment trends for 2023 that are expected to disrupt the gaming sector and shape the future of the industry.
Key trends to watch
1. One of the most significant trends to watch for in 2023 is the growing popularity of “buy now, pay later” option
This payment method, also known as instalment billing, allows customers to purchase products or services and pay for them over a period of time rather than all at once. This trend is particularly relevant for the gaming sector, where customers often spend large amounts of money on in-game purchases and subscriptions. By offering “buy now, pay later” options, gaming companies can attract and retain customers who may not have the means to make large upfront payments.
2. Another trend to watch for in 2023 is the increasing use of artificial intelligence in customer service and omnichannel payments
As the gaming sector continues to grow, so too does the number of customer service inquiries. Artificial intelligence-powered chatbots and virtual assistants can help gaming companies handle these inquiries in a more efficient and cost-effective manner, whether they are made in-app, on social media or on other channels. These AI-powered tools can also provide customers with personalised recommendations and support, improving the overall user experience.
3. The rise of digital banks is also expected to have a major impact on the gaming sector in 2023, with banks offering immediate payouts “winning the game”
Digital banks, also known as neobanks, are online-only banks that offer a wide range of financial services, including payments and money transfers. With the increasing popularity of mobile gaming and mobile apps, digital banks are well-positioned to offer gaming companies a variety of payment options, including in-app purchases, subscriptions, and micropayments. This will make it easier for customers to make payments and for gaming companies to process them, ultimately leading to more revenue and growth. Digital banks that will provide immediate pay-in of deposits and payout of winnings to customers are best placed to become the preferred partners for gaming companies.
4. One of the expected trends that we will see in 2023 is the rise of cryptocurrency in the gaming industry
With the increasing popularity of Bitcoin and other digital currencies, more and more gamers are turning to cryptocurrency as a way to purchase games and in-game items. This trend is driven by the fact that cryptocurrency offers fast, secure, and decentralised transactions, which are ideal for the gaming industry.
5. Lastly, we expect to see a continued trend in the growing availability of various payment methods
With the increasing popularity of Bitcoin and other digital currencies, more and more gamers are turning to cryptocurrency as a way to purchase games and in-game items. This trend is driven by the fact that cryptocurrency offers fast, secure, and decentralised transactions, which are ideal for the gaming industry.
In conclusion, the gaming sector is set to be disrupted by a number of payment trends in 2023. From the growing popularity of “buy now, pay later” options to the increasing use of artificial intelligence in customer service, these trends are poised to shape the future of the industry.
Gaming companies that want to stay competitive will need to stay on top of these trends and adapt to them in order to remain relevant and continue to grow. As the industry continues to evolve, it will be important for gaming companies to find the right payments partner to help them stay ahead of the curve.
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