Worldpay Report on Global In-Game Payments

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With every passing year, the iGaming industry continues to develop. Just by checking the report from Statista, we can see that the total revenue generated from the global gambling business is predicted to reach 138.10 billion dollars in 2028. The top countries with the highest gambling market growth include the USA, UK, Germany, Canada, and New Zealand, with expected revenue of 33.15, 14.69, 5.45, 4.19, and 1.58 billion dollars, respectively. 

As the digitization of the iGaming space keeps accelerating, casino players try to find customized payment options for a more convenient and risk-free experience. That’s the reason why leading gambling venues integrate a variety of payment systems, resulting in the appearance of various casinos working with POLi, PayPal, or Neteller platforms.

However, along with benefits and innovations, gambling operators also face a lot of challenges. That said, in order to help businesses in this field face the rising issues, Worldpay, a renowned authority in the sector, has released its annual Global Gaming Payments Report. The main goal of this report is to explore how existing gaming companies can make use of new channels and territories to expand their businesses. 

What is Worldpay – A Brief Introduction 

Let’s first understand what Worldpay is and what its significance is in the gambling industry. In a few words, Worldpay is a respected payments technology and solutions company based in Cincinnati, Ohio, United States. The services offered by the platform allow businesses of all sizes to make, take, and control payments online or in person from every corner of the globe. According to WorldPay itself, they process over 40 billion transactions in more than 135 currencies across 146 countries annually.

In the gambling industry, the significance of Worldpay is more obvious. For example, the platform has such products as Disputes Suite and FraudSight, which help gambling operators reduce fraudulent chargebacks, tackle problems around approval rates, and keep them in control of disputes.

What’s the Global Payments Report 2023 All About?

The 2023 edition of Worldpay’s GPR chronicles how customers pay at the checkout in over 40 global markets, both at the point of the sale and in e-commerce. It meticulously dives into the payment services and user preferences that keep reshaping the way transactions are made. To be more precise, the report delivers insights into the latest trends circulating in gambling payments. The crucial points that can be concluded from the 2023 GPR cover the following.

• User demand for credit payments continues to remain as strong as before
• A2A (Account-to-Account) transactions are on the rise
• BNPL (Buy Now Pay Later) constantly evolves
• E-wallet ascendancy is almost finished
• Cryptos are starting to appear on more and more online platforms

Based on its findings and research data, Worldpay also provides some tips and suggestions for gaming businesses to improve their performance. All these helpful tips are included in the Power to Payments research campaign and cover some strategies we’re just about to cover further in this articles. 

Don’t Compromise on Convenience or Speed

Many players take into account the speed or convenience of the platform. According to Worldpay’s research, around 50% of respondents have a particular device preference as it’s quicker to use, and over 39% have a preferred payment option based on offered convenience. Thus, just consider these expectations of customers and think of working optimization methods. 

Reduce User Reservations Around Account Creation

Account creation is indeed a crucial step in the online gaming process. However, if the onboarding process is too long or complicated, it can easily result in a player’s frustration. This means you need to make sure the end-to-end experience is as perfect as possible by reducing any possible reservations.

Build a Cross-Device Strategy

The research data indicates that a single-device strategy will never be an optimal solution if you want to attract new gamers and keep them for longer. To avoid losing users, just optimize your platform across various devices like mobile and desktop browsers like NAB did with their PayID app. 

Offer Fast and Safe Card Entry

The next important thing to do is to simplify the card entry and make it more secure. For that, you can utilize stored or pre-filled details, enable the feature of taking a photo of the card or data validation, and so on.

Build Trust Through a Safe Payment Experience 

Based on Worldpay’s data, over 78% of customers are willing to go through two-step authentication processes if it can make their payments more secure. In addition, 19% of them pay great attention to the reputation of the operator and avoid sites with bad reviews. 

Thus, if you want to leave a good first impression, make sure to display all the security and trust indicators you have. These may include peer reviews, licence information, security and regulator logos and authentication from payment providers.

Reduce the Cases of Payment Failures

Overall, almost 52% of respondents are more likely not to fund their wallets to wager if there are any problems with payments. This means that it’s better for casino operators to reduce the probability of payment failures by ensuring customers won’t be kicked back to the beginning of the payment process. 

Enable Faster Payouts

According to the research, 56% of users prefer to withdraw their wins and spend it on other activities and likes than gambling. The remaining 44% prefer to use the funds to place new bets. However, in both cases, what players appreciate the most is the speed of the withdrawal. Providing simple, fast, and safe payout options will help you build loyalty with your users.

Cater to International Customers but Deliver Locally 

When it comes to payment methods, user preferences differ greatly depending on the country or region. As you try to expand your business territory and cater to international players, consider how local currencies, banking options, and attitudes towards devices, security and payout change work. This will help you craft a personalized and on-target strategy.

Provide Helpful and Timely Payment Support

When encountering any payment problem, the first place where players will seek help is the gambling platform itself. If the site doesn’t have a professional support service, it will face a decline in the number of users.