Discovering the esports payments landscape of Latin America — AstroPay

AstroPay The Esports Journal Edition 8
This piece first appeared in Edition 8 of The Esports Journal

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Asia, Europe and North America come as the most mature and established esports markets. In terms of potential exposure, Latin America has gone somewhat under the radar for advertising brands until recently.

Latin America’s young demographic is boosting esports and gaming in the region, making it one of the fastest-growing esports markets with a promising future. Take Brazil, whose esports revenue is expected to reach R$55.6m (~£7.4m) in 2021, up from R$24.1m (~£3.2m) in 2017, according to Statista. 

There is a problem, however. Latin America’s low access to bank accounts and debit or credit cards has left the region struggling with financial inclusion in the digitally connected world. Only 55 percent of consumers in the area have a bank account, and more than half of them are conducting their banking transactions online, according to research data commissioned by Mastercard and prepared by Americas Market Intelligence in 2020. 

That leaves Latin America with millions of bankless folk who still rely on cash payments. Cash doesn’t exist in gaming, and to be able to buy in-game items or receive rewards, consumers widely use alternative payment methods, such as AstroPay

Cash successor

OneTouch is AstroPay’s e-wallet that allows users to make deposits and withdrawals with a single touch on a smart device. It is a multi-currency payment solution aimed primarily at consumers who want to make international purchases online. 

“Designed from scratch, OneTouch gives consumers a fast and reliable payment option, based on three pillars — instantaneity, security, and user experience,” said Mikael Lijtenstein, CEO of AstroPay.

“In addition, users can generate an account and purchase directly from the operator’s site, as well as apply control measures,” he added. “OneTouch is AstroPay’s flagship product, which aims to make payments easier while maintaining high standards of security and compliance.”

The app boasts various optional controls for merchants, including user identification through a unique closed-loop code to ensure security. “It significantly decreases the chances of fraud and allows full compliance thanks to strong KYC verification and identification controls,” Lijtenstein explained. “However, to avoid overly complicated flows for low-risk profiles, these controls are enforced only when needed. Operators have a series of analytics, reports and fraud alerts available, meeting the levels of security and compliance that our current reality requires.”

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According to Lijtenstein, the core principle of AstroPay’s product security strategy is progressively building a trusting relationship between the user and the service. Based on that knowledge, design and user experience are tailored to their needs.

To read the rest of this piece, go to The Esports Journal Edition 8, page 46

Supported by AstroPay