Accenture reports that the gaming industry is now valued at more than US$300 billion. The global video gaming market is forecast to make up $268.8 billion by 2025. Banks categorize gaming businesses as high risk and charge them higher payment processing fees.
Currently, the number of gamers makes up 2.81 billion, and it’s anticipated to reach 3.07 billion by 2023. The global eSport market is now worth US$1.08 billion. It’s forecast to reach US$1.6 billion by 2024.
Cryptocurrency as an option to route money is getting more popular in the gaming field. Today, when the COVID-relate global lockdowns have resulted in a rapid surge in gaming, there are no signs that the figures will go down even after the end of COVID. The gaming industry is expected to account for USD 314.40 billion by 2026, with a CAGR of 9.64% during the period from 2021 to 2026.
The traditional payment methods are losing their popularity in the gaming industry. Today, alternative payment methods are gaining more traction. These include voucher-based systems and digital wallets, which offer a higher level of convenience, instant transfers to gamers’ accounts, and allow the user to enlarge the customer base.
Alternative Payment Methods in Gaming: Crypto
Gaming goes on expanding. Businesses in the gaming industry are exploring new digital channels and more advanced routes towards growth. In the upcoming years, new ways to make payments will emerge to help businesses grow and enjoy more seamless transactions. As a result, businesses will be able to improve customer experience.
Gamers are much more likely to opt for crypto than others. 55% of the Millennial gamers own crypto. This number makes up 5% when it comes to all Millennials.
You can implement seamless payment processing that integrates both traditional and digital methods. This way, you can not only offer a heightened customer experience but also boost customer loyalty.
Offering the right payment processing solutions to your customers is more critical than ever since a new payments era has emerged in gaming. The good news is that you can turn to a respected merchant processor in the high risk field to get the fastest access to the latest and cheapest high risk merchant account in the industry.
Banks Consider Gaming Industry to Be High Risk
Financial institutions view the gaming industry as high risk. Payment methods are changing in the gaming field, and crypto is increasingly playing a greater role. Work with a respectful high risk payment expert to get the best merchant processing services for your eCommerce business.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
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