Valve Turns On Steam Bitcoin Payments: Here's How This Should Help Users In Emerging Markets
Gamers who want to purchase games on Steam will soon be able to use bitcoin as their payment currency. Valve has confirmed that the new payment feature shall be made possible through the processing service company BitPay.
According to BitPay, Valve had approached them to discuss about the possible integration of bitcoin into Steam's payment option for users in a bid to make its operation more global-friendly.
"Valve reached out to us because they were looking for a fast, international payment method for Steam users in emerging gaming markets in countries like India, China and Brazil," says BitPay. "Bitcoin will allow Steam to easily reach gamers in every market around the world - without the high fees or the risk of chargeback fraud that come with card payments."
The post also pointed out how users from emerging markets are faced with the lack of payment options other than the traditional use of credit cards, which are usually not available to them.
The new integration will allow users to add funds to their Steam wallet using Bitcoin. It also assures users that the transactions, which shall be handled by BitPay, will be fast and reliable.
Gamers can take advantage of the integration whenever they go for in-game purchases at the Steam marketplace, where most of the in-game items that are available for buying and selling takes place. These can include using Bitcoin on item cards, CS: GO skins and any types of game, movie or applications, so long as the user has enough funds in his wallet.
To start using bitcoin, Steam users would have to choose "Bitcoin" in the payment option when they are adding credit to their gaming accounts. After choosing the option, users will be redirected to BitPay's official site, which will display information on the amount of bitcoin that they can use for spending.
A quick response (QR) code will also be displayed on the page that users can easily scan using their mobile devices. After a successful QR scan and the required amount of bitcoin saved on their bitcoin wallets, users can start sending payments to Steam in a virtual environment.
Valve said that Bitcoin users should expect to receive an email as a way to confirm if their payment is completed. It remains to be seen how users from emerging markets will actually see the integration as a "game-changer" in the way payments are expected to be made in the near future.