Payment Labs was born to solve a problem. How can esports competitors get paid on time, compliantly, and with transparency? Prize Payments provided the answer for this nascent yet growing industry. In short time, we became the most trusted payment platform in gaming.
In the past year, we’ve continued our journey to become much more than an esports payment processor – and our results, through our brands Prize Payments and Mallo, speak for themselves…
In the last year, Payment Labs has processed over $17 million in payments across industries and spanning continents. Our platform empowered businesses to scale the payouts, without payment processing headaches to worry about. We saved time for clients, ensured compliance for thousands, and allowed both payor and payee the peace of mind of cash sent and received, without delay or complication.
<4.0% Returned Payments
With an impeccable engineering staff, hands-on payment support, and visionary leadership, we’ve prioritized payment transactional completion. In doing so, our return rate has plummeted to an industry low 3.7% and continues to fall. This success rate ensures that when you choose to pay with Payment Labs, you can do so knowing your payout will go through unimpeded. This continues to build trust not only on our platform, but in the brands and clients we serve.
Continuing our reputation as the leader in esports payments processing, in 2022, we witnessed a 200%+ increase in events paid out from our platform. The esports market is projected to surpass $5 billion by 2030 – and we expect our positioning within the vertical to remain strong. Building off our esports position, 2023 will also be a year of expansion. Our growing sales and engineering teams will lead us into new industry verticals and markets with similar payout challenges – increasing our addressable market to over $10 billion annually.
The digital economy has simultaneously transformed the economy and connected the world. With increased internet access and booming online industries, efficient, timely, and safe cross-national payments are imperative for industry and client growth. Our platform seamlessly delivers payments across countless currencies, and in that last year alone, we processed payments in 59 difference currencies with the ability to support up to 180. Wherever you are, however you pay, we’ll provide payouts in the method and currencies that people prefer.
As the calendar year turns, we take this time to reflect on where we’ve been, celebrate where we are, and relish in where we’re headed. We can’t wait for what 2023 has in store.