The Impact of Gaming on the Online Payment Market
It’s safe to say that video games are huge right now. The worldwide gaming industry was said to be worth £196 billion in 2022. This year, it’s predicted to be even bigger at £220 billion. People around the world simply can’t get enough of playing video games. In this article, we’ll look at how the fast-growing gaming industry has affected the online payment market. As well as video games, we’ll look at online casino games.
How Gaming and Online Payments Are Connected
Gaming and online payments are very heavily connected. Over the last decade or so, a growing number of people have been using online payment methods to pay for various things related to gaming. This includes consoles, accessories, DLC (downloadable content) and of course the games themselves. A lot of the time, buying things online is quicker and more convenient than making purchases at brick-and-mortar stores.
Gaming as a whole has been heading online. Some games are only available digitally so you can’t purchase them at physical stores; you have to buy them through your console’s digital games store instead. There’s also DLC. Many games have extra content that you can only get by downloading it. A lot of the time, you have to pay for this, so like with digital-only games, you’ll need to make an online payment for it.
Microtransactions and Loot Boxes
It’s also worth mentioning microtransactions. These are low-cost purchases that you can make to earn items, bonuses and other digital goods. Lots of games that are free to play rely on microtransactions for revenue. The idea is that players will be tempted to purchase extra things to help them make progress and, for multiplayer games, give them an advantage over other players. You can still enjoy the game and complete it without buying anything, though spending money can speed things up, make things easier and unlock things faster.
Then there are loot boxes. When you purchase one of these, you receive a random assortment of items. There’s no telling what you’ll get until you’ve handed over the money and the box is yours. Loot boxes have caused controversy because of the gambling aspect associated with them. When you buy one, you’re essentially gambling because you’re paying and you don’t know what you’re going to get.
Online Casino Games
The online gambling industry, like the video games one, is massive. It was worth about £49 billion in 2022 and is expected to keep growing over the next few years. Online casinos have thrived because they let you gamble without having to visit an actual, real-life casino. You can play digital versions of blackjack, roulette and slots without having to leave home. Plus, thanks to mobile casinos, you can enjoy a spot of gambling on the go if you wish.
The vast majority of people who gamble online fund their gambling with online payments. Casinos typically accept a broad range of payment methods from e-wallets and prepaid cards to bank cards and cryptocurrencies. Most casino sites have at least half a dozen options for players to choose from. Many of these can be used for both deposits and withdrawals, though some can only be used for one. Deposits nearly always take just minutes or a few hours to reach your account. As for withdrawals, these can take a few working days. This depends on the casino’s processing time and the payment method you’re using.
Cryptocurrency Payments
Cryptocurrencies such as Bitcoin are entirely digital. They don’t have coins or notes like traditional currencies such as the pound sterling, the dollar or the euro (these are referred to as fiat currencies). Since Bitcoin went public in early 2009, cryptocurrencies have become the preferred online payment option for many people. This is because of the anonymity and privacy they offer. When using crypto, you can make and receive online payments without having to go through your bank. A growing number of online gamblers use crypto over fiat currencies because they prefer to gamble without their bank knowing about it.
The number of online casinos that accept crypto is steadily increasing. There are also crypto casinos – these are gambling sites that only accept cryptocurrencies; you can’t use any fiat currencies here at all. If you want to play cryptocurrency games, there are lots of top-rated casino sites to choose from.
Summary
Gaming has had a significant impact on the online payments market over the last decade or so. This is because of two factors: the first is that online payments are required for many aspects of gaming, such as playing online casino games; the second is that both video and casino games have become extremely popular. The use of online payment systems has grown thanks in part to the continued growth of gaming.
Over the next few years, gaming is expected to grow in popularity. Gamers will no doubt continue to use various online payment methods to fund their gaming and/or gambling. Payment providers will have to continue to adapt their services to suit the needs of the market. At the same time, they’ll have to be competitive with what they offer so they can attract and retain enough users. So long as gaming remains popular, it will continue to have a considerable impact on the online payment market.