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EXPAND YOUR GAME TO SINGAPORE: A GUIDE FOR GAME DEVELOPERS

EXPAND YOUR GAME TO SINGAPORE: A GUIDE FOR GAME DEVELOPERS

How to Navigate the Singaporean Gaming Market and Expand Your Game’s Reach and Revenue

In the ever-evolving
world of gaming, game developers and studios should understand the intricacies
of different markets around the world. The more you know about local consumer
behaviors and needs, the more you increase your chance for global growth. Emerging
as a leading hub within the video game industry, the Singaporean gaming market
offers increasingly lucrative potential for game developers to expand their
reach to a tech-savvy audience, and their revenue within a robust gaming
ecosystem.

“Potential of Singapore gaming market”
quoted by Adrian Eng, Xsolla Country Manager of Singapore.

“The Singapore gaming market is a trove
of growth potential and opportunity, fueled by innovation and a robust payments
landscape that are propelling the industry towards a new era. We recognize the
limitless possibilities and are helping to carve a path for our partners in
this expanding horizon.”

To
make the most of this opportunity and level up your gaming business’ success in
Singapore, Xsolla’s global gaming experts have created this guide to game
launch in the Singaporean market that will help you understand vital details
about the region including: its payment landscape, its most popular local
payment methods, and how to leverage these to craft your strategy for entering
the market

Singapore’s Payment Landscape

There
are more than 1.5 billion tech savvy gamers in the Asia-Pacific region, and
Singapore is on the trajectory to become the area’s, and ultimately the
world’s, gaming capital. This opens up a new avenue of opportunity for
developers who want to launch their games in a receptive, welcoming
market.  From its explosive growth to its
steady transition into a cashless society, here are some key factors that
highlight the evolving payment landscape in Singapore:

HIGH GROWTH POTENTIAL

With
the exponential increase of gamers in the region driven by advancing tech and
shifting customer preferences, Singapore’s payment industry has  witnessed a rapid evolution. As a
tech-embracing nation, Singaporeans have readily adopted digital payment
methods, with approximately 40% of the population transitioning to online
payments in the last few years.

Singapore’s
market is characterized by its innovative payments strategies. Efforts from the
government, financial authorities, and banks have joined forces to ensure a
robust and almost fully banked population, an education and understanding of
electronic payments, and an evolving payments infrastructure that all encourage
consumers to utilize digital payment methods for their day-to-day transactions.
This has resulted in a rise of contactless payments, a surge in credit card
usage, and the increased use of e-wallets.

GLOBAL LEADER IN
DIGITIZING PAYMENTS  

Driven
by the increasing adoption of e-commerce and mobile payments, as well as the
surge in contactless payment methods, Singapore’s digital payments market is
currently experiencing a surge in growth. This trend is only further
accelerated by Singapore’s government’s and financial authorities’ initiatives
to promote digital payments in an effort to create an inclusive and innovative
e-payments society.

Due
to the convenient and secure solutions that enable seamless digital
transactions, the rise of digital wallets and mobile payment apps like PayPal,
Venmo, and Cash App have significantly contributed to the surge in popularity
of digital payments. Other factors, like the growth of fintech startups and the
integration of blockchain technology into payment systems, have also
contributed to this region’s digitized payments market.

HIGH BANK ACCOUNT
PENETRATION

Singapore ranks amongst the countries
leading the rest of the world in its residents’ openness towards digital
banking alternatives. With a remarkable rate of financial inclusion, Singapore
stands out for its impressive percentage of banked individuals, surpassing 98%
of adult residents who possess bank accounts, according to the Monetary
Authority of Singapore (MAS).

This pervasive adoption of banking
services significantly influences the prominence of card-based payments. And
when it comes to payment methods, credit cards reign as the top payment method,
preferred for their convenience and ability to provide gamers with a secure
payment experience.

GAMER SPENDING HABITS

Singapore’s gaming community exhibits a
strong inclination toward investing in in-game purchases, mirroring the global
gaming population that engages in video games not only for entertainment but
also as a means of social interaction and stress relief. Leveraging its
game-focused audience of avid spenders, Singapore presents a significant
opportunity to bolster your game’s global revenue strategy.

“Xsolla is a partner for global revenue strategy” quoted by Adrian Eng, Xsolla Country Manager of Singapore.

“Singapore’s gaming community offers a
thriving platform for global revenue strategy. As Xsolla’s Country Manager of
Singapore, I witness the vast potential this market holds for developers and
publishers seeking to tap into a game-focused audience of avid spenders.
Together, we forge a partnership that leverages the gaming ecosystem’s social
engagement to unlock success in the industry.”

The country’s lower Consumer Price Index
also reflects its stable economic condition and reduced inflation, creating a
favorable environment for consumer spending on mobile games, in-game purchases,
physical and digital game copies, portable game consoles, and more. With a
positive economic outlook and a highly developed internet infrastructure,
Singapore’s gaming appetite is expected to remain robust for the foreseeable
future.

Payment Options & Gamer
Preferences

Image

Unlocking
the full potential of entering the Singaporean gaming market requires embracing
and adopting local payment methods. By incorporating localized payment options,
you can eliminate barriers between players and your game and offer a
frictionless payment experience as they make in-game purchases. So, what are
the most common payment methods used in Singapore and which of these should you
focus your payments strategies on?

CREDIT CARDS

Unsurprisingly,
credit cards are the most preferred payment method with widespread adoption
among Singaporeans. We attribute the universal usage of cards for
gaming-related payments to Singapore’s highly banked population. Visa cards
lead the way, accounting for 34% of all card transactions in e-commerce,
followed closely by Nets at 33% and Mastercard at 26%. This wide acceptance of
various card brands provides game developers with a vast potential customer
base.

E-WALLETS

Digital
wallets have gained significant traction in Singapore, gradually catching up to
traditional payment methods like credit cards and cash. Market research
predicts that digital wallets will overtake credit cards by 2024, capturing
nearly one-third of the market share – and Singapore ranks among the top three
e-wallet markets in the Asia-Pacific region.

There
are currently more than ten local digital wallets in Singapore. The most
commonly used are PayNow, GrabPay, DBS Paylah, FavePay, and Singtel Dash – with
PayNow and GrabPay backed by local banks and super-apps, giving them an
advantage over their competitors. The popularity of e-wallets can be attributed
to ease of use and promotional benefits, especially since consumers can do any
financial transaction via a smartphone application.

“Local payment methods Xsolla provide in
Singapore” quoted by Adrian Eng, Xsolla Country Manager of Singapore

“Embracing local payment methods is
paramount for game industry success in Singapore. Xsolla leads the way by
providing seamless integration of popular options like PayNow, GrabPay, DBS
Paylah, FavePay, and Singtel Dash, unlocking the full potential of in-game
purchases for developers and players alike.”

Image

FUNDS TRANSFER

Singapore
has well-established real-time payment systems that enable seamless inter-bank
fund transfers. Platforms like eNETS, operated by NETS, a consortium of
Singapore’s top three largest banks (DBS, UOB, and OCBC), facilitate secure and
efficient transfers for both consumers and businesses. This capability opens up
opportunities for game developers to offer diverse payment options to their
customers, catering to their preferences.

Strategies for Success in Singapore

Since
entering a new market requires a well-defined strategy to capture the attention
and loyalty of gamers, here are some things to keep in mind to help you
position your game for success in the Singaporean gaming market:

●       
Localization. Games that resonate with local culture and language have a higher chance
of success. By adapting your game to the preferences of the Singaporean
audience, you can create a more immersive and engaging gaming experience.

●       
Adopt Local Payment Methods. Singapore boasts a diverse range of preferred
payment methods. By accounting for the region’s popularity for credit card,
e-wallet, and funds transfer payments, you can offer gamers convenient and
seamless payment experiences.

●       
Stay Updated on Market Trends. The gaming industry is dynamic, and staying updated
with market trends is essential for success. By staying attuned to market
trends, you can adapt your strategies, introduce new features, and stay ahead
of the game.

With
a combination of favorable economic conditions and a thriving gaming community,
Singapore is a valuable market with a trove of opportunities to tap into.
Xsolla’s expertise and comprehensive payment solutions enable seamless
integration with the local payment landscape, empowering game developers to
capture a larger audience and maximize their revenue growth.

From
supporting localization and distribution to publishing and legal, including
paying taxes and global compliance with privacy laws, we’re consistently
working to expand our payments portfolio, empowering you to enable Singapore’s
popular local payment methods and turn more global gamers into customers. And
with our deep understanding of the local landscape, we can help game developers
navigate this dynamic payment ecosystem seamlessly.

Whether
you’re a current Xsolla partner or want to accelerate your game’s global
reach,  start exploring Xsolla’s range of
payments solutions by visiting our website xsolla.com. Or, contact an expert from our team and set up a
time to discuss how we can help you turn Singapore into a cornerstone of your
global growth strategy.

About Xsolla Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the video game industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in Berlin, Seoul, Beijing, Kuala Lumpur, Tokyo and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Roblox, Ubisoft, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.

For additional information and to learn more, please visit: xsolla.com

Derrick Stembridge
Global Director of Public Relations, Xsolla
d.stembridge@xsolla.com

This press release has also been published on VRITIMES

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