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In 2018, when a German consumer electronics company wanted to launch an online game store for the sale of activation codes, they turned to Mi-Pay right away.
Mi-Pay had been known in the payment space for years. As a brand trusted by many, with an excellent track record, the choice would seem logical. However, for this German industry leader, the choice for Mi-Pay was rooted in experience and proven results.
The company had previously managed an online portal for gift cards, e-books and music streaming on behalf of a popular chain of FMCG stores.
When the FMCG chain first added games to the product offering, there was very little in the way of fraud protection, other than velocity limits. Immediately, fraud incidents started to spike at alarming levels.
The company tried to mitigate fraud through the implementation of customer verification tools that would act as a buffer between the user and the banking environment. A move that turned out to be disastrous for conversions as cart abandonment soared.
By implementing solutions provided by Mi-Pay, this particular retail platform could offer more payment methods like PayPal, without forcing users to go through all the verification steps.
The result? A faster checkout process and greatly improved conversion rates. Moreover, the retail platform was able to reduce its fraud rates all the way down to 0%.
• Very limited payment methods
• Complicated authentication process
• High cart abandonment, low conversion
• High fraud rates
• More payment methods
• Faster conversion track
• Improved user experience (UX)
• Zero fraud
Trusting in Mi-Pay, the German consumer electronics company has launched two other major platforms, including a game store that sells activation codes for hundreds of popular gaming titles.
When it came to launching the game store, the industry leader, well-aware of what Mi-Pay can do and in possession of an extensive list of requirements, turned to Mi-Pay once again.
The online store is a one-stop-shop for the purchase and download of game activation codes. In gaming, the industry standard is to deliver the purchased code right away. Once the code is delivered, it’s gone for good and 90% of the codes remain active indefinitely. Therefore, any fraud would need to be detected within a matter of milliseconds.
Next to a quick checkout and a wide range of payment methods, the game store required real-time, high quality fraud protection as well as the ability to provide seller protection for digital goods.
Mi-Pay was able to, once again, meet every need in terms of fraud protection, payment methods, seller protection in a way that boosted conversion and overall user experience.
In 2020, the German consumer electronics giant is still a satisfied Mi-Pay partner. Mi-Pay looks forward to helping this major player resolve any and all payment challenges and realize its future ambitions.
For any questions regarding the case study or what Mi-Pay’s fraud solutions can do for your business, get in touch with us today!