The gaming industry has seen incredible technological developments in just the last decade. The industry is seeing endless innovations and constantly undergoing unanticipated changes. Online gaming has also become incredibly popular during the pandemic and is likely to enjoy popularity in the future.
Financial technology or Fintech also grew at a fast pace in the pandemic. Many banks and companies immensely benefitted from the smart digital solutions. There was a rise in the number of payment options, and people felt greater ease in transactions as well.
How Fintech Has Helped the Gaming Industry Grow
The online gaming industry has a huge gamer audience. Many websites have paid games. Usually, in the past, gamers had to make a card payment or rely on PayPal. However, as the development of Fintech led to the automation of processes through Artificial Intelligence (AI) and Machine Learning (ML), online gaming websites benefitted from this as well.
It is the objective of any gaming website to provide the best user experience possible. The websites want to provide ease and convenience for their visitors so that they stay longer. These websites also want to ensure better security for their users so that their money is safe.
When it comes to the online gaming world, online casino websites have been the quickest to rely on Fintech technologies. People love to play online casino games for real money. These games often require a deposit of a certain amount of money before playing. Gamblers will want to make quick deposits and get started with their games as soon as possible.
These online casino websites like to provide incentives to their players. They give rewards and bonuses regularly. The nature of online casinos is that there is always an endless number of transactions happening back-and-forth between the online casino and the players.
Because gamblers now get to use an online or a virtual wallet, they get to have a better gambling experience on these websites. Even brick-and-mortar casinos are nowadays relying on contactless options, such as virtual wallets, to effectively follow the social distancing guidelines.
Massively Multiplayer Online (MMO) games like RuneScape and Gaia Online have a huge number of people playing them. In the past, the old payment options would slow the players down. After all, these games are rich and complex, even fast-paced and work on rewards, accomplishments and constant increase in skills.
A huge part of the appeal for MMO games is the endless scope for the growth of players in these games. Players are constantly making purchases for virtual goods and items in the game to improve their gameplay experience and become the best players.
Players in MMO games are also nowadays making peer-to-peer transactions. This means that players are buying and selling game items from one another. In fact, many players are even offering to sell their game account for which they put a great deal of time and effort in.
And so, we see how Fintech is supporting microtransactions in such games. Fortnite by Epic Games is said to have made a huge source of revenue just from microtransactions. The revenue generated from the microtransactions in these free-to-play games allows the video game developers to make regular updates and improve the game to provide a better experience.
Fintech service providers can provide video game companies with many advantages like better security, cash distribution and much more. These services have immensely relieved the burden of many operations for banks and businesses.
Esports has also become very famous in the pandemic. There are many tournaments and competitions with teams of professional gamers competing against one another in games like League of Legends, Rainbow Six Siege, Overwatch and Dota 2.
These Esports events enjoy a huge amount of audience, and so, the Esports organizations have to ensure sophisticated and fast payment systems for their audience. The audience likes to play bets quickly and receive payouts in a timely manner. They don’t like to wait for the processing time.
Gaming Video Content (GVC) is also trending in the gaming world. Many gamers love to watch the live stream of popular video games being played by the best professional gamers. These live streams are famous on the Amazon-owned platform called Twitch.
Many users who watch these live streams want to support their favorite gamer to make sure they keep getting content in the future. And so, they tend to purchase what is known as “Bits” to give cash tips for their players. They usually use Amazon Payments to perform this task.
It is interesting to see how Fintech and the gaming industry will develop in the years to come and how they will continue to have an impact on each other. There is also the possibility of cryptocurrency options making their way to the online game websites soon.