3 November 2022
In terms of profitable industries, none has had a more meteoric rise than gaming in the last few decades. All over the world spending on gaming is accelerating, due in large part to the affordability and accessibility of modern gaming technology and the widespread speed and reach of modern internet services. In the last seven years, the amount of gamers globally has risen from under two billion (1.99) in 2015 to just under three billion (2.95) in 2022, an increase of 5.6% year on year.
That, combined with the recent COVID-19 pandemic, has sparked a huge rise in micro-transactions, and digital game revenue (like cloud gaming services or even just downloadable content).
With so many millions of people now regularly paying for gaming services online, and a global annual market worth of around $159.3 billion, it’s no wonder that there’s now starting to be an increased focus from governments on online payment regulations and gaming transactions generally, and increased demand for fintech that works smoothly across borders.
Not only that, but merchants also have to deal with privacy and data protection laws, which can differ quite dramatically from country to county, let alone across continents. But with the rise of Edge computing and cloud-native payment orchestration platforms (POPs), as a merchant you can be locally compliant to regulations and still offer a wide array of global payment solutions like Bitcoin wallets, QR Codes and Buy Now Pay Later (BNPL) with little to no coding requirements.
There are multiple benefits to the use of POPs. Firstly, retailers are given their own instance in the cloud, meaning they don’t share bandwidth with anyone else. These instances also have their own individualised infrastructure, so they can be placed in any continent or country with the use of local Edge computing. This means they comply with local regulations while also making transactions as snappy across large distances and multiple borders as they are domestically.
With the increase in data breaches, it’s not just consumer confidence that is being affected. Governments are also beginning to take notice, and impose stricter regulations on how, where and when companies can store customer data. This is where POPs can work in conjunction with Edge computing to provide payment solutions that have customer data stored locally, and therefore compliant with local privacy and data laws, while also able to be easily used across multiple continents and countries, as well as being standardised across the world.
Gr4vy’s POP leverages the power of the cloud to give users the capability to streamline and manage payment methods, services, and transactions all in one place. Its orchestration layer upgrades a company's payment stacks to make infrastructure nimbler. While its intuitive, no-code dashboard centralises the integration and administration of payment methods, providers, conditions, and transactions.
With Gr4vy, you never have to lose a transaction again.