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Is gamification in payment methods an emerging trend?

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Gamification is on the rise in numerous industries, especially where people need an incentive to do something. It is also being used as a way to make certain services seem more attractive in saturated markets.

There are so many payment methods to choose from in 2020, and these systems need to do more in order to make themselves more appealing to users. This has brought about the emergence of gamification, where users can earn points and rewards by completing certain tasks and objectives.

Online gaming industry has helped payment systems flourish

A wide variety of payment methods have risen to the fore thanks to industries such as online gaming, where an abundance of choice is a major selling point. The online world has moved away from the traditional payment options of credit or debit cards, and newer systems have come about offering something slightly different. PayPal, for example, arguably offers greater security and makes the process of acquiring refunds extremely simple.

At online casinos, one of the ways that operators try to attract customers is by providing a range of different payment methods so that there is something to appeal to everyone. This has led to a connection being made between payment systems and gaming and could have helped inspire some elements of the gamification that the payment industry is now experiencing.

The online casino sector has undoubtedly inspired some gamification elements in payment methods in its special offers. For instance, a number of sites offer 20 free spins Starburst to start your adventure, a simple game that can give players the chance to claim some free winnings if they get lucky. This kind of simple game of chance has been used by Ingenico ePayments, where players can choose between a scratch card, a wheel of fortune, and a slot machine when they are at the checkout.

What gamification has occurred so far?

The Ingenico ePayments move to introduce elements of gaming to its process as a way to enhance customer engagement isn’t the only case of this. In fact, this gamification is being seen more frequently in 2020. Monzo has introduced mini achievements that users can complete to upgrade their accounts and unlock rewards and badges. Goals include things like adding a direct debit to Monzo, receiving a salary payment to a Monzo account, and starting a current account switch. This is a fun and engaging way to get people to make better use of the service.

PayTm was another company that transformed its customer experience with gamification. Initially, the company offered 10 per cent cashback on payments processed through the PayTm Wallet but quickly realised this was unsustainable. Instead, it now gives cashback to every fifth and tenth customer using a lottery-like system.

Gamification is proving to be an effective way of getting customers to stick to a certain payment system and make the most of it. The industry is likely to see an increase in this kind of user experience in the near future.

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