Riyadh, Saudi Arabia— The gaming industry has witnessed exponential growth in Saudi Arabia with an average revenue per paying user touching $270 as compared to $181 in MENA.
With the game live streaming market poised to an annual growth rate (CAGR 2023-2027) of 10.08% in Saudi Arabia, esports is gaining traction and a growing number of professional tournaments and events like Gamers8 are being organized.
The industry is evolving rapidly, driven by technological advancements, increased accessibility, and a growing community of passionate gamers.
According to Essay Zhu, Partner & COO of PayerMax, “The MENA region’s gaming sector is undergoing rapid transformation. The audience here is young, engaged, and willingness to pay, creating a demand for localized gaming content. Saudi Arabia’s Vision 2030 aspires to make the nation a global hub for gaming and esports by the end of the decade. At PayerMax, we’re aligned with these ambitions and are dedicated to promoting financial inclusion in this vibrant sector.”
PayerMax, a fintech firm providing a comprehensive global payments solution, participated in Seamless KSA 2023, which was held on 4-5th September at Riyadh Front.
Zhu delivered a presentation on “Driving Financial Inclusion through Gaming and Digital Payments in MENA,” emphasizing the intertwined roles of gaming and digital payments in fostering financial inclusion in the MENA region.
At Seamless KSA 2023, Essay Zhu, COO of PayerMax, presented a holistic view of the dynamics of gaming and digital payments.
Zhu highlighted the role of digital payments in the gamingapplifecycle, emphasizing their pivotal role in three critical phasesand user cases: user acquisition, user engagement, and user stickiness.
For game launch and user acquisition phase, she highlighted the power of online incentives and multi-dimensional traffic service capacity. At the period after a game enter the market, and looking for increase user engagement, Zhu underscored the significance of multi-channel promotions and how to get facilitatedbytop-up platform.
When the game gained popularity and aim to higheruserstickiness, she spotlighted the importance of social live stream platforms and digital payments can be integrated while having interactive gifting/rewards to the streamers.
Consumer protection remains paramount. To this end, PayerMax ensures that funds are securely held within licensed client money accounts, a measure that significantly minimizes potential disputes between consumers and merchants.
Recognizing the shift in consumer behavior and the increasing preference for online transactions, PayerMax has undertaken initiatives to transition 20% of traditional offline payment scenarios to their online counterparts.
This not only reflects the company’s dedication to the digital evolution of payment systems but also its commitment to enhancing user experience. With the use of advanced fraud analytics, PayerMax has achieved a commendable milestone, reducing chargebacks by an impressive 80%.
By introducing specific promotions for digital payment methods during checkout, they’ve successfully converted 10% of cash users to digital payment enthusiasts.