Closer to home, Singapore experienced 32 million digital fraud attacks in 2022, primarily targeting e-commerce payment transactions. This represents a 146 per cent increase from the previous year and is more than five times the global average.
The rise of digital fraud demonstrates the need for sophisticated security solutions that reduce the risk of data breaches and scams.
“Using a payment service like PayPal that supports vaulting and tokenisation can enhance the overall security posture for gaming merchants and their customers,” said Ms Sanan.
Another security measure implemented by PayPal for users is Passkeys – a method of securely logging into the PayPal platform using biometrics instead of a password. This enhances user peace of mind while completing online transactions.
LEVERAGING PAYMENTS FOR EXPANSION
One gaming company that has benefited from PayPal’s solutions is global lifestyle brand Razer, which has developed a comprehensive ecosystem for gamers, including high-performance gaming hardware, software and services.
The Razer Gold platform, a virtual credit system, allows gamers to securely buy digital content and services across various games and platforms. Gamers can use the virtual currency to pay for over 60,000 games and entertainment titles.
To enhance the security of the system, Razer collaborated with PayPal to integrate secure payment systems into Razer Gold. The integration simplifies transactions and addresses critical security concerns, a key priority when making in-game purchases. Common issues such as fraud and unauthorised transactions are mitigated by PayPal’s robust security measures, which include end-to-end encryption and continuous transaction monitoring.
“PayPal enhances the convenience and accessibility of purchasing in-game items and content on the Razer Gold platform,” said Mr Voon Jia Liang, Razer’s senior director for global business development (services). “Moreover, the integration supports multiple currencies, which is crucial for our global user base, streamlining the process for international transactions.”
The partnership has proven mutually beneficial. For PayPal, it represents an opportunity to deepen engagement with a dynamic sector. For Razer, PayPal’s extensive capabilities and established regional network support its expansion efforts, particularly in the Southeast Asian market – a key growth area for Razer Gold.
“PayPal’s widespread acceptance among consumers in these markets facilitates entry and adoption,” Mr Voon shared. “Its experience in handling diverse payment methods will be invaluable as we navigate different market dynamics and consumer preferences in Southeast Asia.”
Mr Voon revealed that the adoption of PayPal has led to increased transaction volumes and broader user engagement on Razer Gold. “The community appreciates the flexibility and security associated with PayPal, which has translated into higher transaction completion rates and reduced cart abandonment,” he shared.
Said Ms Sanan: “There is no better time than now for game developers and publishers in Southeast Asia to grow their global footprint. By creating a seamless and secure player experience, developers and publishers can potentially boost revenue streams, increase their player base and bring the joy of gaming into the lives of more people around the world.”
Discover how PayPal can help your gaming business.
Exclusively appeared on CNA