A gaming payment gateway plays a vital role to enable the players to run an uninterrupted game and enables you to render the best services and boost your payments. PayKun renders one of the top online gaming merchant account services in India.
Online games are designed to provide entertainment to the players and in return, you accept payments depending upon the type of game. The players would need to make payments to play or to buy certain products or features.
The further part of this blog discusses the rise of the gaming industry and how the PayKun gaming merchant account would be an ideal one for your gaming platform.
Types of Gaming
There are two types of games. Freemium or Pay to win and Pay to play.
Both these types of gaming require payments in one way or the other.
Under the freemium gaming category, the gamers get to play a large part without any payments. They may pay for any specific items, products, or feature to continue towards winning the game. Therefore, they would have an advantage over the non-paying gamers.
Pay to play will require a gamer to make the payment to play the game or avail of the services.
The strategy in India includes focusing on the local themes like rummy, teen Patti, etc. The attraction of the customers and thus its popularity is going up gradually.
Fantasy Sports is another popular gaming type. It comes under the skill-based category. This gaming type is pulling the gamers and investors on a large scale and in the next 2 years, it is anticipated to go up to $5 billion. Indian gamers indulge in various fantasy sports gaming like football, basketball, kabaddi, etc; but the major portion of these gamers are into Cricket. Gamers have so many options among more than 60 available platforms and recently Dream 11 has gained a lot of popularity.
Increasing Popularity of Gaming Industry
The increased usage of the internet and smartphones are the main reasons for the boost of the gaming sector.
Smartphones, being a go-to device for most people, have been taking the place of computers and consoles for gaming purposes. And thus, the gaming developers and investors have been concentrating on the development of mobile-based gaming platforms. The number of smartphone users is expected to increase to more than 760 million in 2021.
The total number of internet users is 560 million in India and we come second after China in the online market. The number is expected to increase up to 650 million by 2023.
As per the Inc42 analysis, Indian mobile gaming comes sixth in the world market in 2020. It has a market size of approx. $1.2 Bn.
The share of the mobile games in the international gaming revenue is the highest with 51%; Console games and PC games are 25% and 24% respectively.
In 2020, cloud gaming has contributed to further development in the gaming sector and is very much beneficial for gamers with limited storage smartphones.
The availability and adoption of various digital payment modes is another reason and backing for the gaming industry as it makes the payment process flexible and makes it easy for the gaming companies to reach anywhere in the world for entertainment.
As per Statista, the investments by Alibaba, Tencent, Nazara, and Youzu has resulted in tremendous growth in the gaming sector in India. The market value of the Indian gaming industry was approx 90 billion INR in 2020 and is anticipated to reach over 143 billion INR by 2022.
In 2020, as per the records India had around 365 million online gamers. And as per the forecast, the number would reach 510 million by 2022. Also, India ranked on the top in the growth of the downloads of the online games.
Indian Laws related to the games of chance differ as per the state laws, whereas the games of skill are legally permissible.
Gaming Payment Gateway – PayKun
The online gaming merchant account with PayKun is ideal for your gaming mobile application or website. Its features include the essence to render the best possible services in the entertainment sector to the Gaming merchants.
1. Easy and smooth Payments
The Gaming business runs as per the types of gaming mentioned earlier. Based on that the players should get the best and uninterrupted gaming experience without any disturbance in the flow of the play.
The players should be able to pay for the necessary game-required-items in the same flow while playing.
The smooth and customized checkout with the user-friendly interface makes this flow seamless. With multiple online payment options available by the PayKun Gaming Payment Gateway such as cards, net banking, wallets, UPI, QR code, EMI, etc the customers can get a hassle-free payment experience.
Also, PayKun would make it possible for you to provide the option to make the purchase within the app instead of the AppStore features. This enhances the gaming experience.
2. Customized Pricing
The gaming platforms have a large volume of transactions and the transaction discount rate is charged per transaction.
PayKun charges the most affordable transaction discount rates for domestic and international payments. However, as per the business model and the transaction volume that the gaming platform is most likely to have in large proportion, PayKun provides a customized pricing plan.
You can opt for the PayKun gaming payment gateway and with time and increase in volume, you can request the customized plan as per the volume.
3. High-risk business model
Gaming is included among the high-risk business models. Thus, the payment gateway must be chosen accordingly.
Chargebacks are very much harmful to the business reputation. PayKun has fraud prevention measures and a dispute resolution center to solve any disputes between the buyer and the merchant.
The payment processing is vulnerable and prone to various types of scams and fraudulent activities such as hacking. It is essential to have a tokenized gaming payment platform to make sure that even the account takeover would not be harmful to the fund and sensitive data of the customers.
PayKun follows the strict security measures for tokenization and end-to-end encryption. It is PCI DSS compliant and thus follows the highest level of security.
5. Domestic & International payments
If you want to enable your gaming platform to reach worldwide you will also need an international gaming payment gateway so that the players from outside of India can make game payments and purchases.
PayKun supports 29+ currencies and all major countries to support card payments to the international players as well.
6. Gaming rewards, winnings, cashback, etc.
This is a crucial part of the gaming business model. Players play to win and monetary rewards attract a lot of players.
Thus, the platforms need to have an online gaming merchant account with the payment gateway providing the Payouts feature.
PayKun payouts would enable the merchants to make instant payouts through NEFT, RTGS, and IMPS. The Payout dashboard would provide detailed analytics and records of payouts made. Also, it would be possible to add the payee details instantly.
Other important challenges that PayKun solves as a gaming payment gateway is providing excellent support services, ready plugins and SDKs for all major supported platforms, a very high transaction success rate, easy settlements, etc.
To know more about your platform-specific requirements, get in touch now!