Social distancing measures implemented since the beginning of the pandemic have had a profound impact on the gaming industry. While players would physically go to the casino, with the pandemic, alternatives had to be found, developed, and implemented quickly, especially in terms of payment.
Optimization of the user experience (UX ) has focused on removing all obstacles that could frustrate the player. This has seen smoother customer onboarding to comply with standards and regulations, instant deposits and withdrawals, and a personalized payment experience for each user.
So much so that today, the idea that the payment experience is an inherent part of the product has gained ground and justifies the use of innovative technologies such as artificial intelligence (AI) or virtual reality (VR).
An urgent and unavoidable upgrade
With a 225% increase in the number of online poker players since the beginning of the pandemic, providers are facing a major challenge: managing a sudden surge in online payment volumes.
IT, sales, and finance teams are all concerned in their own way with this issue, which starts and ends with adopting an online customer-centric approach.
In concrete terms, this customer-centric approach requires, for example, setting up in-app payment systems, "one-click" payments and, more broadly, integration of online payment platforms through an omnichannel strategy. The latter involves connecting each point of contact between the customer and the company in a global network where data related to users' consumption habits can circulate.
Compliance with the regulations of each country and region, Know Your Customer (KYC) rules, customization of the payment solutions offered according to customer expectations and national characteristics, are factors showing that flexibility is at the very heart of developing online payment technologies. The gaming industry is now stepping up to cater for this priority.
The change in consumer habits in the gaming world has definitely brought its own challenges. The requirement for strong (but fast) customer authentication (SCA) of every connected customer paradoxically leaves less time to prevent fraud (already up 37% in 2019).
In addition to the increase in online crime, players who are used to having their money in real time have the same requirement on the web. If the service is not immediate, conversion rates can drop by 10 to 15% in some markets!
Finding a balance between complying with regulations and the customer's requirements is a challenge that the e-Gaming industry needs to address quickly.
To meet this challenge, a technological upgrade as well as a communication effort with the customer are two of the levers that need to be urgently activated. And for good reason. By 2025, analysts expect a 58% increase in online mobile betting and a 34% increase in casino gaming revenues, amounting to a whopping €37.3 billion in revenue.
For the above reasons and in anticipation of a change in consumer habits, HiPay is here to support you in in setting up a payment system adapted for your company and your customers.