Mobile gaming will continue to drive sector’s next phase of growth, says Coda Payments APAC MD Yash Sheel Srivastava
Coda Payments, the champion of secure cross-border monetization solutions for digital commodities, has emerged as the market leader.
Founded in 2011, it has been a source of financial support for digital content creators in over 50 regions. The trio of Codashop, xShop, and Codapay platforms by Coda are relied upon by top publishers such as Activision Blizzard, Tinder, Riot Games, Krafton, and more to enrich their content globally.
With Coda's unwavering commitment to excellence, digital creators can now soar to new heights and unleash their full potential. Coda Payments allows customers to make online payments utilizing a variety of payment options such as credit cards, internet banking, and mobile wallets.
Sportskeeda got an opportunity to chat with APAC MD of Coda Payments Mr. Yash Sheel Srivastava about the intersection of sports and gaming, mobile gaming, localization in the gaming industry, innovative payment solutions, compliance with gaming regulations, in-game currencies, partnerships with non-gaming industries, and cross-border payments.
Q. How has the intersection of sports and gaming evolved in recent years, and what opportunities does this present for payment solutions providers like Coda Payments?
The allure of digital gaming continues to spread across the globe, captivating audiences and earning recognition from major sporting organizations. With Esports now regarded as a sport, gamers are rightfully hailed as athletes.
The 2022 Commonwealth Esports Championship was a resounding triumph, highlighting the ever-expanding appeal of digital gaming. As evidenced by the staggering number of spectators drawn to esports tournaments, it's clear that this realm of competition has captured the attention and imagination of millions.
The future of digital gaming is bright, and with each passing day, it only grows stronger in its appeal to a global audience.
Governments throughout the world are seeing the growing popularity of online gaming and enacting rules to encourage its growth while emphasizing the importance of responsible and safe practices.
This provides an opportunity for Coda, a supplier of alternative payment services, to contribute to the safe transactional process in the rapidly growing digital gaming business.
Coda is a well-known payment partner in over 60 countries, and the legitimacy of Esports may attract additional clients to their platform.
Q. With the rise of mobile gaming, how has Coda Payments adapted to meet the changing needs of this market and what are some of the unique challenges that gaming payments solutions providers face in this space?
Mobile gaming will continue to drive the sector’s next phase of growth, as it increasingly embraces cross-platform compatibility and device flexibility. The industry's fundamental driving force remains steadfastly rooted in mobile gaming, which is poised to take full advantage of the upcoming 5G technology.
This new technological advancement is set to bridge the digital divide and connect even the most remote areas of the countryside to the modern world. Furthermore, the allure of owning top-of-the-line devices will be offset by the widespread adoption of 5G, which will enable those with basic cell phones to reap the benefits of an immersive gaming experience.
Coda Payments, which was started in APAC, where credit card penetration was low, is well positioned to tap into the new pool of gamers. Our fundamental technology gives gamers a variety of payment choices, allowing them to adapt to different markets and areas.
We will continue to do so as technology advances, providing a smooth gaming experience for everybody.
Q. Can you speak to the importance of localization in the gaming industry, particularly when it comes to payment solutions, and how does Coda Payments approach localization to meet the specific needs of different markets?
Coda's experience began in Indonesia, the Philippines, and Malaysia, where we collaborated with Chinese publishers to increase their Asian footprint while also introducing worldwide game companies to the APAC area.
A decade ago, many publishers struggled to get into their local market, where payment could only be made by credit card, with low penetration (5-25%). Coda offered to bring the products of local publishers to the remainder of the population (95%) by giving other digital payment alternatives. This benefited all parties involved, resulting in the successful export of this concept to other markets.
Coda was successful by providing publishers with more market access and a flexible pricing structure, as well as the use of third-party top-up websites to broaden their client base.
Our operating style is adapted to unique market difficulties, and our worldwide alliances with 23 of the top 52 gaming companies have ensured our continued success.
Q. Can you discuss any innovative payment solutions or services that Coda Payments has developed specifically for the gaming industry, and how have these solutions benefited your clients?
Coda has directed its attention towards empowering publishers to boost their earnings via in-app and third-party monetization, facilitated by its provision of micro-transaction support.
To that end, the introduction of "Codapay" has furnished a range of payment alternatives, rendering feasible what was previously a cumbersome undertaking due to the onerous minimum transaction thresholds on credit cards.
In response, "Codashop" now proffers an array of other payment choices for the players, overcoming their predicament. Moreover, Coda's transactional charges are nominal, enabling publishers to rake in higher profit margins compared to their peers who levy a steep 30 percent cut.
Q. How does Coda Payments ensure compliance with different gaming regulations and legal requirements when it comes to in-game currencies and payment solutions, and what challenges does this pose?
In the realm of gaming, Coda takes on a sweeping array of duties, fostering growth for publishers on a global scale. Acting as a trusted guide, we lend aid in ensuring that all operations adhere to local laws and regulations - a crucial step towards success.
With a presence in over 60 countries, Coda is uniquely positioned to serve as a distributor for publishers, granting them access to a vast network of financial and legal resources. Our reach extends far beyond compliance alone, as we offer dynamic solutions in marketing and customer service.
Our commitment is evident in our efforts to address concerns about gaming addiction and financial losses in India. With this in mind, we have implemented a monthly spending cap of ₹1,500 on Codashop.
Additionally, we prioritize data privacy and value anonymity. Thus, we require nothing but the player's 'id' on our platform. We remain dedicated to fostering a secure and mindful community, ensuring a positive gaming experience for all.
Q. What opportunities do you see for in-game currencies and how do you think they will evolve in the future? How is Coda Payments positioning itself to take advantage of these opportunities?
Virtual currencies have evolved from their humble beginnings as in-game enhancements to become a vital socio-economic layer in the virtual universe. With the 5G revolution promising to enhance augmented and virtual realities, in-game currencies will play an even more significant role in the gaming world.
Coda's framework for alternative payment services, combined with India's payment infrastructure, will facilitate the process for all stakeholders, ushering in a new generation of gamers in remote areas.
With its experience and provision of multiple payment options, Coda will connect publishers and gamers, making premium content accessible to all. The future of virtual gaming is bright, and with the advent of 5G technology, the possibilities are endless.
Q. Can you speak to any successful partnerships or collaborations that Coda Payments has had with companies in non-gaming industries, and what benefits did these collaborations offer?
Coda's journey beyond gaming has been shaped by the demands of the market. Originating in Southeast Asia, Coda's alternative digital payment stack served as a catalyst for gaming publishers to expand their consumer base. But as Coda went global, a tailored approach was necessary for each market.
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In regions like Southeast and South Asia, and the Middle East, Coda's focus remained on alternative payment options. However, in developed markets such as North America and Europe, niche services in gifting and dating apps were introduced.
Coda's adaptability to diverse markets speaks volumes of its commitment to meeting the specific needs of its customers, wherever they may be.
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Q. How does Coda Payments ensure seamless cross-border payments across different verticals, and what strategies do you employ to navigate currency exchange and international regulations?
Coda's strategic partnerships with Reserve Bank of India authorized payment gateway service providers have enabled seamless cross-border transactions while adhering to the regulations of both countries involved.
With over 60 currency pairs being processed, Coda's primary focus is on providing a top-notch e-commerce platform that caters to gamers' in-app purchases and 'top-up' needs.
Codashop has been successful in drawing gamers away from other platforms, owing to the variety of payment options it offers. Publishers benefit from Codapay, a payment aggregator platform that serves as Coda's e-commerce arm, delivering unparalleled services. Coda's commitment to enhancing the user experience through hassle-free transactions is reflected in its continued success.