Xsolla, the video game business engine that helps developers and publishers launch and operate games globally, today announced it teamed up with Paytm Payment Gateway, India’s leading payments solutions provider, to bring gaming payments solutions to India. Malaysia’s gaming industry continues to grow and game revenues were projected to reach over US$402 million in 2021 with local developers gaining international attention, it is likely that the industry is poised for significant growth.
Malaysian game developers now have easier access to India’s growing gaming marketplace, as Xsolla integrated Paytm’s Digital Wallet, Unified Payment Interface (UPI), and online banking payment solutions into its Pay Station platform. Malaysian video game developers and publishers can monetize their products in India giving them access to the massive gaming marketplace of more than 400 million gamers, which is second only to China’s player base.
“India has become one of the fastest-growing game economies in Asia, bringing in approximately $1.5B annually, with growth expected to nearly triple by 2024,” said Xsolla’s Head of Payments and Commerce, Anton Zelenin. “Historically, India’s payments market has been dominated by cash and is only now evolving to meet the demands of its increasingly smartphone-led online shopping culture. To sell successfully in this country, developers need access to multiple payment methods which can be complicated. This is where Xsolla brings value with our payment solutions to interface with pre-integrated local payment methods.”
“We are happy to partner with a global brand like Xsolla,” said Praveen Sharma, Sr. Vice President – Paytm. “The gaming industry in India has been on the upward growth trajectory over the past few years, and this is a trend that will continue in the coming times. The solutions that Xsolla is providing to the industry are path-breaking and we’re proud to be their payments partner in this journey.”
Any merchant seeking to sell in India requires a local entity and a local bank account. The integration with Paytm Payment Gateway establishes Xsolla as the merchant of record for its clients, enabling them to bypass the time-consuming process. Xsolla is one of a select few services to offer India local payments for cross-border clients and this allows all their Malaysian customers to have easy access to this massive gaming market.