As online gaming, micro-transactions, and even blockchain gaming have become the norm in today’s gaming world, more and more game companies have started to integrate various payment methods or means of exchange within their games to maximize the amount of profit they can gain from gamers.
Now, that may sound self-serving but these game companies need to make some money in order to produce these games.
And as we’ve seen with the sheer popularity of online gaming, there is a massive opportunity for many game companies to make money by making their online payment methods as seamless for gamers as possible.
The great thing about this age of the internet and digital innovation is that there has been no shortage of options in terms of how you can pay for the different purchases you may have in your video game of choice.
In this article, we’ll be discussing some of the most popular payment methods that are supporting and driving the gaming industry forward.
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With that, let’s start talking about the different payment methods driving the gaming industry today.
Debit and Credit Cards
Before we go into the newer types of payment methods, it is important to mention that the more traditional types of payment methods are still very much around. Debit and Credit Cards are still viable ways for gamers to pay for different in-game perks and items.
It is safe to assume that this is still the most widely used payment system since debit and credit cards have been around for much longer compared to the other examples we will be talking about in this article.
But while they are mostly reliable, there are some other options that have become more and more popular as the internet of things has really grown into the mainstream zeitgeist.
Pre-paid cards are a secure payment method that is becoming increasingly popular in the gaming industry. With these cards, players can purchase gaming credits before they enter an online casino or buy a new game. Pre-paid cards make it easy to stay within your wallet’s limits, and some prepaid card providers also offer additional bonuses and discounts when purchasing with their cards.
One prominent example of this type of payment method is the PlayStation Network Card. This card can be purchased at many major retailers with anywhere from $10 to $100 in credit available. The use of prepaid cards helps Sony keep fraudulent transactions low and protect its players from identity theft or other illegal activities.
Well, this isn’t a surprise. Seeing as Paypal is arguably the most popular form of online payment, the well-known online payment method is a staple among gamers for its ease of use, accessibility, speed, and security.
While debit and credit cards have a heads up in terms of being around for much longer, PayPal has built itself a good track record of being THE online payment method of choice for not only gaming but for most things on the internet.
The great thing about PayPal is that it is super compatible with different currencies. It even has a feature where you can convert currencies, making it an easy option for those who may want to do some cross-country shopping or money exchanges.
Almost anyone can make an account and it’s so widely used all over the world that it’s a no-brainer to have an account, even if you use some other payment method on this list.
PayPal should definitely be in your arsenal of payment methods for your gaming!
Cryptocurrencies and E-Wallets
Last, but definitely not least, we have cryptocurrencies and e-wallets or digital wallets.
Now, these two are the most novel online payment method on this list. Both online payment methods have only really received notoriety in the past 2-3 years.
However, they do offer up some very intriguing advantages to the more traditional online payment methods that we have normally had such as better speed, increased security, a decentralized system, the lack of a middleman, and many others.
The problem with crypto and e-wallets is that they’re still relatively new and may not be the most appealing option for gamers who are not risk-seekers willing to try out the latest and greatest online payment methods.
There is no denying, though, that crypto has a lot of potential in becoming a logical next step for online payment methods for the gaming industry — especially since it is so tied to the internet and the digital world.
Only time will tell of course if this will be the case.
And with that, we have now finished talking about some of the most important payment methods driving the gaming industry today!
Whatever online payment method you use, just be sure to remember that the main reason you’re gaming is to have fun! So choose the one that allows you to do exactly that. Best of luck!