Although the past two years have been challenging for businesses across the globe, with many forced to shut down entirely, Malaysia-founded Wallet Codes is transitioning from being a proprietary product under Forest Interactive to establishing itself as a standalone startup operating in seven markets.
The move caters to the growing demands of a fast-paced and ever-evolving world in which people consume all things digital. As part of its expansion, Wallet Codes is also actively raising funds and seeking investors in Southeast Asia, chiefly Singapore.
Established in the Philippines in 2017, Wallet Codes began as a one-stop portal for gamers to purchase affordable in-game currencies such as the Mobile Legends Diamonds, PUBG Mobile UCs, and Garena Shells, as well as digital gift cards for iTunes, Netflix, Nintendo, and more.
Since then, Wallet Codes has acquired more than 300,000 registered users who have performed over 500,000 transactions. The platform is highly flexible and adopts localized payment options to keep up with shifting consumer expectations. To serve each market, Wallet Codes offers different types of vouchers depending on the demand in each country and connects with both international and local payment gateways, offering convenience and a seamless check-out process.
“While Wallet Codes has been operating as part of Forest Interactive’s product offerings, in December 2021, we incorporated Wallet Codes as a separate private entity to better fit the fast-paced and ever-evolving gaming industry,” said Sharon Maurenn, COO of Wallet Codes, who leads the company’s global business operations across seven markets. “Our business proposition has slightly shifted since then, as we are looking into catering to a wider audience that is shifting to operating in Web3 infrastructure.”
Wallet Codes’ market resilience can be attributed to continued support from the e-sports community. The company’s inherently digital and adaptive nature has allowed it to thrive under challenging circumstances. This forms a stark contrast to other industries that were hit hard by the COVID-19 pandemic.
Enabling digital entertainment for all
When Wallet Codes was first established five years ago, its mission was simple—to make online purchases easier, convenient, and instant for gamers and digitally savvy users.
Since then, it has grown massively in East and Southeast Asia, expanding across Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Taiwan, and Thailand. With the injection of new funds, Wallet Codes is planning to extend its digital offerings to other markets, such as mainland China, Hong Kong, and the United States.
Today, the platform allows game publishers and OTT service providers to onboard more than 50 game titles alongside a range of gift cards for gamers to purchase. It also facilitates a hassle-free purchase experience, including faster and safer transactions, through flexible and localized payment options.
One of Wallet Codes’ unique selling points is its loyalty program. Users will receive P Points for every successful transaction. The accumulated points can be used to purchase vouchers and gift cards on the platform.
The video game industry grows post-pandemic
Despite the lingering impact of the pandemic, the global gaming market is expected to continue to flourish. According to the “Mobile Gaming Market—Growth, Trends, COVID-19 Impact, and Forecasts (2021–2026)” report published by Research and Markets, the world’s mobile gaming market is expected to register a compound annual growth rate (CAGR) of 12.6% from 2021 to 2026 due to growing smartphone adoption and accelerated technological advancements.
Similarly, according to Mordor Intelligence, the gaming market was valued at USD 198.4 billion in 2021 and is expected to carry a value of USD 339.95 billion by 2027, registering a CAGR of 8.94% from 2022 to 2027.
In addition, continuous technological advancements that improve developers’ game creation process and users’ gaming experience will significantly propel the industry’s growth.
Scaling up with B2B partnerships
Apart from its success on the customer-facing front, Wallet Codes has also been scaling its B2B segment by forming key partnerships over the years, primarily with institutions within the fintech and banking industries.
Most recently, Wallet Codes was designated as a digital content partner for Payluy Wallet, the proprietary mobile app of Payluy, a Cambodia-based electronic payment provider that utilizes peer-to-peer technology in its services. Additionally, Wallet Codes has successfully inked a partnership agreement with ABA Bank, the country’s leading private financial institution, to enable payments for several digital vouchers through ABA Mobile.
To expand its user base, Wallet Codes Philippines partnered with Globe Telecom for exclusive promotions focusing on Wallet Codes’ newly launched products, including Valorant Points, Discord Nitro gift cards, and other offerings. The exclusive partnership also included Roblox gift cards and PUBG Mobile UCs.
Android app launch and other services
Wallet Codes hit another milestone in early April when it launched a new mobile app in Taiwan, where the platform has its biggest user base. Since then, the app has become available in six more markets via Google Play. To protect users against fraud, the Wallet Codes mobile app has an OTP verification system enabled for each new sign-up.
Aside from its loyalty reward program, Android availability, daily rewards, and referral program, Wallet Codes also offers live chat support, as well as the latest industry news and insights via its newsletter and blog.