How long has Nuvei been your payments partner? Why were you looking for a new payments partner at the time and what excited you above working with Nuvei?
Alex Tay (AT): We were looking for a payments solutions provider with a strong reputation for expertise in our industry, for working closely with its partners to support their individual needs, and for delivery results. We also needed a partner that could deliver a leading payments experience to our international customers, including supporting multiple alternative and regional payment methods in our checkout. Nuvei ticked all of these boxes for us, and has been our payments partner for about eight months now.
How do you measure the performance of your payments, and how successful has your partnership with Nuvei been to date?
AT: The two primary metrics we are using to measure the success of the partnership at this stage is payment acceptance rates and number of payment methods we’re offering in our checkout. And we’re very pleased with the results we are seeing on both of these measurements. Nuvei is continually supporting and advising us on expanding our checkout with new payment methods through our existing integration, and we’re seeing our payments acceptances rates increase through smart payments routing and other initiatives.
How has your payments experience in the past six months?
AT: The single most significant change has been the growth in number of payment methods we are offering. We know that we have customers all over the globe that prefer to use alternative payment methods such as regional digital wallets, so enabling these has improved our overall user experience. For example, in Europe we’ve added payment options such as GiroPay and Sofort, which are particularly popular with our customers in Germany, Austria, and Belgium.
Have you entered any new markets in that time?
AT: We have always been focused on serving a global market from day one. Where we have seen international growth is converting users into paying customers in markets around the globe with a particularly strong preferences for regional alternative payment methods. That is down to offering more payment methods that our customers want to use. Once we completed the setup with Nuvei it was easy to expand the number of options through our single integration, and this has really helped to increase our revenue.
It is definitely very important to have a wide variety of payment methods in the gaming industry. We are bound less by geographical constraints due to the virtual nature of our goods and content, so our customers can be buying anywhere in the world. Being able to reach them and offer local payment options is critical for growth.
Do the payment methods you offer change depending on the local markets of your players? Why is that important?
AT: Of course. Credit cards and PayPal are not as widely used in some markets, and local digital wallets or bank transfers are the preferred payment methods instead. This further underlines our need to always serve our customer an option they are most used to in their own market.
How important is payments to your overall revenue growth strategy?
AT: Payments is the number one critical factor in us growing our revenue in the gaming industry. We already have active users in every corner of the globe, but usually we have to turn business away due to inability to accept specific local payments. The solution to this is partnering with a global payment partner.
In gaming is it important to have a customised payment solution for your specific business vs a one-size-fits-all payments solution?
AT: A customized payment solution for our business will always be more effective in addressing our specific needs of our target markets and demographics, which is another reason we chose to work with Nuvei. We consider our payment experience a competitive advantage compared to other platforms because of the robust platform offering we receive from Nuvei.
What are the next big challenges and opportunities for payments in gaming?
AT: Being able to provide a localized payment experience will continue to be our key challenge, but we also foresee that crypto payments will pick up over the next few years as cryptocurrencies become more mainstream. Web3 Gaming is already making news and attracting its own fans and this will be heavily reliant on crypto. Payments are only going to become more complex in the gaming landscape, so companies will have to deal with even more specific payment needs in the future.
What are you ambitions for the next 10 years? How can Nuvei support you reach those goals?
AT: ZeusX aims to empower millions of gamers all over the world to trade their assets and items freely over the next few years, using payment methods and terms that they are most comfortable with. To be able to reach everyone, we will continue to work with Nuvei as it grows its platform to reach all of our customers.
Read more about why payments are critical to gaming growth in APAC here.