The Indian gaming industry has seen substantial growth in the last half of the decade, with more and more Indians spending time on their smartphones, jumping from one gaming app to another. Whether it is video games on mobile or even real-money gaming apps like poker and rummy, making in-app purchases is very common, and even quite encouraged by the app providers and previous users alike.
These small in-app purchases and online payments have become an essential part of gaming online. For example, users would not be able to use any online lottery platforms without the availability of easy payment options. Therefore, it is hardly surprising that UPI has become a champion of the industry.
UPI has proven its convenience and reliability many times over, with third-party apps such as PhonePe and Google Pay at the forefront of the mobile payments infrastructure in India. But what are some of the reasons that have made it possible for UPI to become a fan-favorite when it comes to gaming online?
Here are five reasons why!
1. Quick and safe transaction.
Perhaps the best part about UPI has to do with its ease of use. UPI transactions allow anyone to transfer money both instantaneously and safely. Thanks to the system of using a virtual payment ID, users no longer have to divulge any sensitive financial information like bank account details or card numbers online.
2. Choice of multiple apps.
Unlike digital wallets that are not integrated to make cross-app payments, UPI is not restricted to only one kind of mobile app. A PhonePe user can easily transfer money to a Google Pay user, without having to worry about maintaining lots of different apps on their phone.
Thanks to this multi-platform availability of UPI, it is hardly surprising that it has quickly become the choice for Indian gamers everywhere.
3. Easy integration with gaming apps.
UPI is one of the payment options that are easiest to integrate within gaming apps. There is barely any gaming app that wouldn’t accept UPI.
This is also thanks to Google, which has made it really easy to make UPI payments on any mobile app since Google Pay is automatically integrated with the Google Play Store.
4. Direct bank to bank payments.
Since UPI allows users to send money directly from their bank accounts as well as receive money into their chosen accounts, it is much simpler to use than digital wallets. There is no need to upkeep a balance in any UPI app – it is directly connected to your bank account, also making it possible for the user to always keep a track of their bank statements without any need for an additional banking app.
5. Demonetization and Covid-19.
Both demonetization and the pandemic have been two of the most important factors behind the success of UPI as a payment option. In a largely cash-based economy such as India, the shift to digital payments was only possible thanks to the sudden lack of cash-based options.
Even online gaming was once possible with only credit and debit cards. But now, UPI and other digital payment methods have made gaming a lot more common in Indian households.
