Webinar: Payment Innovation in Video Gaming With Tipalti and Paysafe
The newest webinar given you by The Fintech Times is on Payment Technology in Gaming. Hosted by Mark Walker, Editorial Director of The Fintech Times, together with Evan Heby, Senior Supervisor, Marketing at Tipalti and Konstantinos Maragkakis, EEA CEO of Paysafe Prepaid Solutions.
The session started with introductions to Evan Helby and Tipalti, an accounts payable automation service that specialises in helping high growth gaming companies, and Konstantinos Maragkakis of Paysafe, a big payment group, that provides specialised payment services for people along their whole lifetime, consisting of gamers who are a core audience for the business.
With both visitors securely at the heart of the payments development in video gaming, host Mark Walker started the session with a take a look at just why this industry is, in the words of Konstantinos “like a rocketship.”
He went on to say that in terms of the history of GameTech, “Gaming has developed since it was, and I’m going to utilize a word that hasn’t been stated for a very long time, in cassettes that you could load up on a personal computer. I believe that the advancement of gaming has actually come from a standalone item that involves simply one player in front of his monitor somewhere in a basement, to an item of video gaming as a constant service, with the player themselves belonging to a wider environment. Basically, gaming is now a way of life, not simply an activity.”
While both males agreed that the popularity of gaming was undeniable, in regards to payments there had been a very clear transfer to the eSports aspect that now serves legions of fans. Evan stated, “There’s numerous various elements of the gaming world and one truly interesting that I’ve been keeping a close eye on is the eSports world. If you speak with individuals in the video gaming environment, they really consider eSports as its own little sliver outside of the entire gaming pie, which according to Newzoo, deserves around $160 billion market in overall. eSports might just be an extremely small sliver, but it’s growing exponentially and I believe we’re going see a lot of that development.
” The truth is that there are numerous various earnings designs and different methods to generate income. On the other side, there aren’t a great deal of specialists that have vetted how to run a video gaming organization across the opposite of the world so we feel really well-positioned to help these companies reach their next level. As we help to optimise the back office, we see ourselves as assisting the market mature if you will.”
eSports is likewise something that Konstantinos delights in, however he does have a caution. He said, “The last time I participated in a genuine EA eSports event remained in September 2019 in New York for ESL Counter-Strike: Global Offensive. I was amazed when I was informed that two significant hedge funds were actually having their board meetings because arena that day, since they simply desired to show possible financiers the power of eSports.
” Nevertheless, anybody who is taking a look at video gaming from the outdoors, and at Paysafe we have actually been in the area for twenty years so we understand more, but from the outdoors you believe you’re seeing a direct progression in GameTech, however that’s not always the case- you need to truly be on your toes here, both for the chance however also often for possible danger and headwinds that can be available in gaming.”
Definitely, it was agreed that lockdowns all over the world have only reinforced the community in gaming, although that’s not to say it wasn’t there in the first location. Evan stated on the concept of mass popularity, “I think video gaming is the biggest evergreen runway for business to broaden and capitalise on. Whether they’re eSports teams or services broadening, you’re seeing a lot of those companies who need the capability to pay international players, whether it’s an influencer that’s doing speaking with work for you or to grow your brand existence in a country like China where you may not have a footprint yet, there are different payment elements that require to be thought about.
” But this isn’t simply happening overnight. I indicate, Wow came out in 2004. Which’s actually among the major what we call nowadays MMO (massively multiplayer online games). And so this isn’t just happening over night, the development trends of the neighborhood are fostering the ancillary products from mergers to sponsorships to influencers, this has been a long game here in the sector.”