The old parable of the chicken and the egg doesn’t seem to hold much water when applied to the decidedly modern sectors of mobile payments and online and mobile gaming, but if larger revenue streams are the end goal, providers can’t wait until they come to beef up security.
That’s the philosophy behind MiFinity Payments’ newest eWallet for the global gaming industry. MiFinity announced Monday (Feb. 1) that it had officially released the MiFinity E-Wallet solution optimized for mobile and online gaming platforms. COO Gay Hamilton explained that the eWallet should prove an attractive product for gaming websites that have neglected to build out the security capabilities of its payment methods, opening themselves up to massive liability in the process.
“Although all gaming sites generally have a means of moving money throughout their site, often the experience is clunky and inefficient for the user, and causes high fees for the provider due to the need to use multiple payment vendors,” Hamilton said in a statement. “MiFinity is the only company to offer a wallet solution specifically for the gaming industry. With MiFinity’s E-Wallet, there is only one source of service, enabling gaming operators to offer a seamless and flexible experience to their end users, while streamlining their own costs and processes.”
While the gaming industry isn’t a traditional target for cyberthieves, the sheer volume of money passing through the space meant that illicit activity was going to pick up sooner rather than later. In fact, Steam, the world’s largest digital marketplace for PC games, was the victim of a distributed denial of service attack on Christmas Day that led to the compromise of the personal information from 34,000 users.
As more and more gamers bring their dollars online, though, it won’t just be personal information that goes missing unless more payment systems like the MiFinity E-Wallet can protect the global gaming industry from itself.