6 Payment Solutions for the Online Gaming Industry

Online payments are very popular in 2023, and since a lot of people are trying to earn through the Internet after the global pandemic, payment solution providers are becoming even more valuable and appreciated. On the Internet, you can earn in so many different ways. Some people work as freelancers, while others work their main job but for a company that is based in a different country, so the payment is still processed through a payment provider on the Internet.

Needless to say, anything that happens online requires someone official to monetize it for you. In this case, payment providers. In today’s article we are going to talk about the online gaming industry and some of the best payment solutions for it.

If you are currently someone who is earning through some of the methods that we mentioned above, this is the right article for you. What we are going to write below will be helpful both for business owners and consumers. Let’s take a look at what you need to know.

1. Cryptocurrency payments

We have to start with one of the most popular forms of payment when it comes to the online gaming industry. Some people like their winnings to remain anonymous, and one of the best ways to do this is by using crypto currency. In fact, according to some statistics that we had in the previous year, about 40% of all payments regarding the gaming industry were made in Bitcoin (BTC), but, other crypto currencies were used as well, such as Ethereum (ETH).

The main reason why crypto currencies are used is because of the anonymity that they provide, both on deposit and withdrawal. If you want to play at an online casino for example, but you don’t want anyone else to know about your activity, Bitcoin will make sure that everything stays under the radar. Also, by depositing or withdrawing in crypto currency, you can bypass the restrictions that some countries have for certain activities in the online gaming industry. For something like this, you will need to find a reliable payment solution provider. Octapay.fund is a website where you can learn some more about this.

2. Various fiat currency payments

The second most convenient solution when it comes to depositing or withdrawing this regular fiat currency. By this we mean the regular appearances that we use in our everyday life. But, you’ll still need to find a reliable payment solutions provider to connect you with the other party that you are supposed to pay for a certain service or a deposit, or get paid by for your winnings.

This is just another situation that shows how important payment solution providers are in 2023 when it comes to all activities that are done on the Internet, such as participating in giveaways, online gambling, purchasing videogame content and much more.

3. One-click checkouts for immersion

A very important payment solution for the online gaming industry is one click checkouts that allow the player to continue their adventure by purchasing premium content, without running their immersion and gaming experience. You’re probably not very familiar with this concept unless you are someone who regularly plays video games, but we will help you explain the importance of it.

Let’s say that you are playing a videogame that has a limited amount of lives that it gives to the player. The game also has 10 levels, each one being more difficult than the previous one. Let’s say that you reach level 9, and just before completing the game and earning your sweet achievement, you lose your last life and you have 15 seconds to purchase another one, or you have to start all over again, potentially losing your high score. One click checkouts will allow the player to quickly pay for more lives without having to exit the game and lose their high score. This is why one click checkouts are very important payment solution for the online gaming industry.

4. Regular credit-card payments

One of the most common and widely used payment solutions for the online gaming industry are regular credit card payments. Even if you’re not familiar with video games, this concept is very easy to understand because it’s just like paying at a supermarket or any other place. Everything is basically the same as buying groceries, except you are inputting your credit card information in the payment solutions provider pop-up section that’s connected with the videogame servers and the in game store. You can link your credit card but only purchase something when you’re really need it, such as the example with the lives that we mentioned above. The importance of payment solutions providers in this case is also quite significant. The more payment options the provider has, the higher the chances that players will spend their money on the videogame.     

5. In-game purchase providers

As you are progressing through a game, you will be presented with opportunities to spend some real money to enhance your experience in the game. What’s interesting nowadays is that even regular online because he not games such as the slot machines have an entire story packed inside of the game. So, not only that you are trying to win some money, but you’re also having fun and being immersed in a wonderful experience. So, as the journey in the videogame progresses, you’ll be presented with options to pay for some extra features that a regular player can’t have. For something like this you’ll need a reliable payment solutions provider that offers a lot of depositing options. But, if the player ends up winning, that exact same payment provider should have a lot of withdrawal options to provide the winner with as well.

6. Payouts in game currencies and items

Last but not least, people who play video games such as Counter-Strike: Global Offensive, DotA2, and other similar competitive titles, are often very proud of their virtual cosmetics inventory. The items that you can earn by playing these games are sometimes worth a lot of money. For example, one item in DotA2 can be as expensive as an entire car. So, when these players win tournaments and other similar events, they want to be paid in in-game cosmetic items instead of regular money. Then, they can sell these items whenever they want in any currency they want. So, if you’re someone who operates in the online gaming industry, you should have such a payment method for those who choose this option.