Gaming has surpassed the point of just being a hobby. Instead, it has become a massive cultural force and dominant pillar of modern entertainment. One large point of contention in gaming, as noted in Paypers’ webinar with Nuvei, is its payment rails. Unfortunately, traditional payment options (credit/debit cards, wire transfers) lead to banking delays, currency conversion fees, and interrupted gaming sessions. In fact, Nuvei surveyed 6,000 gamers across eight global markets and saw that 55% abandoned purchases due to failed or unavailable methods. A further 64% of gamers switch to other games when local payment options are lacking, pointing to just how big an issue this is in the gaming sector.
The Rise of Crypto Payment Trends
Naturally, publishers now face much pressure to improve or update their payment options to cater to a modern audience. As such, more and more studios have explored various payment rails, ranging from orchestration tools to localised methods. One such solution lies in cryptocurrencies and crypto APIs (Application Programming Interface). An instance of this can be seen in Nuvei’s partnership with gaming tech providers like Gaming Innovation Group, which seeks to consolidate this process.
Efforts to build an infrastructure for a new digital economy can be seen in the broader gaming realm, where there is a global demand for seamless transactions. This shift is most visible in crypto casinos, which have increasingly adopted blockchain technology and smart contracts to automate bets and payouts. As such, crypto gambling has become more popular due to its fast deposits and withdrawals, enhanced privacy, and transparent gameplay.
Similarly, metaverse-style games like Decentraland or The Sandbox are play-to-earn/Web3 options that heavily rely on crypto. In fact, the entire in-game economy functions through crypto transactions, with tokens being used to buy land, avatars, or services. Even small indie studios have leaned into this trend. With APIs, for instance, developers can avoid complex international payment processors or high platform fees when selling in-game items. Generally, these can include anything from a rare skin to a basic collectible.
Crypto Case Study: The Sony Stablecoin
Focusing on the other benefits of having faster payment options, Sony presents a great case study with its US dollar stablecoin. Set to launch by 2026, Sony put into motion a plan that would help reduce fees often incurred when using traditional payment options like credit or debit cards. By having their customers solely pay for products within the Sony ecosystem using their dedicated stablecoin, it is not only cheaper but also much more efficient. More importantly, it would comply with gaming community demands for instant processing, especially with instances of in-game purchasing. While plans for PlayStation were not explicitly touched upon, it is safe to assume this would form part of the Sony ecosystem.
A Borderless Arcade
Regional locks and currency conversion fees are notorious in that they plague international gaming communities. This is why the gaming community can no longer be thought of as country-specific, but rather as a global gathering of players. There is a clear demand for frictionless and localised options, with over 50% of Nuvei’s surveyed gamers switching just for better payment rewards or speed. A silent shift to borderless, D2C gaming economies is occurring, and rethinking these payment rails is the first step in achieving a smooth transition.
Decentralised Dreams and Developer Realities
As much as crypto integration is proving feasible, the model still has a long way to go in terms of being perfected. Other local or more inclusive options also need to be considered. Beyond player benefits, studios also need to focus on reducing fees and gaining more control over monetisation. The downside is the steep learning curve that comes with such technology. Developers need to ensure crypto-wallet compatibility and figure out how to juggle different cryptocurrencies, as can be seen in Sony’s case.
