Paynova Expands Cooperation With MindArk in Virtual World Entropia Universe

Bertha Bot · 10-05-2007, 08:51

Paynova Expands Cooperation With MindArk in Virtual World Entropia Universe

Entropia Universe
GOTHENBURG, SWEDEN--(Marketwire - October 4, 2007) - During October, Paynova (NGM: PAY) will be supplying the first newly-developed payment service adapted for the online gaming segment. The launch will take place in cooperation with the Swedish company MindArk in their virtual world Entropia Universe.

MindArk operates virtual world Entropia Universe, which is one of the world's first MMOG (Massive Multiplayer Online Game) with a real cash economy. The market growth for MMOG gaming for PC is estimated to reach over 30 percent per annum by 2009. During 2006, the global payment volume was over SEK 30 billion, and this market is estimated to reach over SEK 80 billion by 2011. The partnership between Paynova and MindArk has been in existence since 2004, allowing participants in Entropia Universe to use Paynova's service for payments both outside and inside the virtual world.

During October 2007, the cooperation between MindArk and Paynova will be expanded in order to increase the number of payment options within Entropia Universe. Participants will be offered payments via debit card, Internet bank and a number of local payment methods in Sweden, the Netherlands and Germany. At the same time, Paynova's one2one additional service will be implemented, further simplifying participant payments both when entering and within the virtual world.

"Being able to accept payments over the Internet is a prerequisite for our entire business. Paynova has supplied us with a stable, secure payment service for a number of years. It's great that we can now expand the cooperation with more payment methods and new functions. Paynova also gives us the option of accepting more payment methods as they become available without the need for further development from our side," says Carl Uggla, Chief Marketing Officer at MindArk.

"We have worked hard on preparing our new offer for online gaming. The payment service has only been in place a short time, and it is, therefore, particularly valuable to be able to implement it fully with a significant player within the segment. We view the expanded cooperation with MindArk as proof of the competitiveness of our new payment service and as an important basis for continued success in the growing online gaming segment," says Karl Alberts, Marketing Manager at Paynova.

STRONG OFFER FOR GAMING COMPANIES WITHIN THE ONLINE GAMING SEGMENT

Paynova's newly-developed one2one additional service is one of a small number on the market that supports the gaming industry's two dominant business models: payment via subscription and payment via "pay-per-component." Regardless of the business model or combination used, one2one also allows players to carry out transactions within the game using the same payment service. In addition, one2one can reduce fraud to very low levels.

Paynova's payment service offers numerous benefits to online gaming companies. With Paynova, the proportion of new players who can continue playing by applying pay-per-component can be increased, while also strengthening the attraction of the game thanks to an improved gaming experience. Gaming companies can also reduce their costs associated with handling several payment services with different redeemers, reduce or eliminate payment fraud and completely avoid the costs of individual PCI certification (required for handling payments by Visa and MasterCard).

Read the full press release