Esports Mogul (ASX: ESH) has taken a further step towards commercialising its growing footprint in the eSports market by announcing the launch of its Mogul Wallet.
The company first announced its intention to develop an e-payment service late last year, with the development now completed.
The feature is expected to become an “essential avenue” for future monetisation, as users will be able to deposit and withdraw funds from Mogul.
The Mogul Wallet is expected to serve as the “financial hub” of the platform, where users can easily deposit and withdraw funds to be used in a variety of ways. It will also serve as the rewards portal where users can access all winnings and virtual rewards from tournaments, Esports Elite and Refer-a-Friend.
In addition to serving as means of exchange and a store of value on its proprietary Mogul platform, Mogul Wallet allows users funds to be deployed to acquire various online services including entering eSports tournaments and expanding the eSports community by enticing casual gamers into playing competitively.
Esports Mogul managing director Gernot Abl said the launch would be a means to “springboarding commercialisation initiatives and activities” currently being rolled out at a rapid rate over the past few months.
The emerging eSports-focused company has added a multitude of cross-platform games, has surpassed 1 million registered users and says the last three months of 2018 were its “busiest” since the company’s inception.
Some of the cornerstone new releases being put forth by the Australian media and software company are Mogul VIP and paid entry tournaments which will include integration with Razer Pay and MOLPay, an online currency used by accessories manufacturer Razer.
Both companies intend to cross-market services and winners’ prizes to users that participate on Mogul.gg.
Razer Pay is an e-payment platform owned by Razer, first launched in Malaysia last year. The platform has already gained over 300,000 users and 11,000 transactions in its first 48 hours, according to Razer.
The e-payment platform is expected to be released in Singapore later this year with Mogul users being given the opportunity to make “one-time deposits” into their Mogul Wallet for use on Mogul.
To further empower Mogul subscribers, Mogul Wallet will be fully integrated with global payment providers specialising in video game payment, billing and distribution tools.
These payment providers operate globally, supporting in excess of 130 currencies and accepting more than 700 different payment methods, “the perfect choice for a worldwide platform like Mogul,” the company said.
Levelling up including the unbanked
The chosen payment providers also offer a plethora of deposit methods including options for the “unbanked” or those without access to credit cards.
Market research shows that only 27% of those living in South East Asia have bank accounts, which creates a pressing need for cash payment solutions for the unbanked – a market opportunity games-focused companies like Esports Mogul and Razer want to capitalise upon.
By providing smooth payment methods, users will be empowered to make instant deposits into their Mogul Wallet and subscribe to premium services such as Mogul VIP.
Mogul VIP is a subscription service whereby users will be able to access exclusive tournaments, private Esports Elite leaderboards and extra rewards for daily tournaments.
According to Esports Mogul, the VIP subscription offerings “will now be enhanced” to ensure continued user satisfaction and engagement before being launched in the near future.
In addition to Wallet and Mogul VIP, paid entry tournaments are also close to being released. Paid tournaments are a direct method for users to play in more exclusive tournaments with bigger prize pools.
Expanding its own feature-set and blending functionality with Razer’s means that Esports Mogul is set to “to move closer towards monetisation and finalise paid features”, the company said.
“This is an incredibly exciting time for the company as we approach commercialisation. The release of the Mogul Wallet is an integral part of monetisation and has springboarded a flurry of activity and preparations for paid features as we continue to move towards our ultimate goal,” Mr Abl said.