Essay Zhu, Partner & COO of PayerMax, Sheds Light on Financial Inclusion through Gaming and Digital Payments at Seamless KSA 2023
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. Essay Zhu, Partner & COO of PayerMax, delivered a compelling 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.
The gaming industry in MENA region is evolving rapidly, driven by technological advancements, increased accessibility, and a growing community of passionate gamers. Mobile gaming, in particular, has witnessed exponential growth. Saudi Arabia has an average revenue per paying user (ARPU) of $270 (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.
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 gaming app lifecycle, emphasizing their pivotal role in three critical phases and 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 facilitated by top-up platform. When the game gained popularity and aim to higher user stickiness, 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 behaviour 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.
Commenting on the evolving gaming landscape, Zhu stated, "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."
As a pioneer in the digital payment realm, earlier in 2023, PayerMax also attended and act as a gold sponsor at Seamless Middle East and continues to engage with the FinTech community. There, they highlighted their advanced digital payment solutions. Essay Zhu, COO spoke on the transformative role of digital payments in MENA and presented the "Best Payments Experience" award to Saudi Payment, an entity of the Saudi Central Bank (SAMA). Their innovative solutions are poised to make a significant contribution to promoting financial inclusion in the MENA region.
For more information about PayerMax and its innovative digital payment solutions, please visit https://bit.ly/3PdJtGI
PayerMax is the world's leading Omni-method global payment solution, empowering the #borderlessgrowth of top-grossing digital merchants from global markets. With a wide range of 530+ payment methods available in 83 countries, PayerMax serves as the leading regulated digital payment provider for online merchants with ambitions beyond borders. Headquartered in Singapore, PayerMax has established regional head offices and a strong presence in Bahrain, Brazil, China, Egypt, Kingdom of Saudi Arabia , Kuwait, Malaysia, Mexico, the United Arab Emirates, , ,Hong Kong China, Indonesia, Philippines, Vietnam, Thailand, and . For more insights into PayerMax's innovative solutions, visit their website and stay updated by following their social media channels.