Sex has always been a strong driving force that has a huge impact on human behavior. Many studies have found that the mental health of humans is directly affected by sex. For instance, one study showed that having frequent sex can lift your spirits, lower your stress levels, and boost your self-confidence. But those researches and studies are not the main cause of the increase in sales of sex toys worldwide nowadays. The rise of social media and the impact of pop culture, increased spending capacities, and improved standards of living, along with the human desire to improve their sexual experiences, are the main factors that are fueling the development of the sex toys market in recent times.
Online sales, or e-commerce sites, are today's main distribution channel for adult toys. Due to this, sex toy merchants also have access to the global market. As you know, online businesses need a payment gateway to accept payments. But adult toy merchants need an international payment gateway solution because of the nature of their business and the worldwide location of their customers.
Statistics about the sex toys market
- In 2022, the market for sex toys was estimated to be worth USD 32.7 billion. From 2023 to 2030, it is anticipated to develop at a cumulative annual growth rate (CAGR) of 8.50%.
- In 2022, North America had the biggest share of the market, with more than 33.39%. But with a CAGR of 9.02% between 2023 to 2030, the market in Asia Pacific is expected to grow at the fastest pace.
- By 2028, the Asia Pacific adult toys market is projected to have increased from US$7,367.07 million to US$12,718.60 million.
- The Asia Pacific sex toys market is dominated by the female segment. In 2021, the female sector amassed US$ 4,553.37 million, accounting for 61.8% of the Asia Pacific sex toys industry. By 2028, it is anticipated to generate US$ 7,788.10 million and grow at an 8.0% CAGR.
- E-commerce is the biggest channel for adult toy sales, accounting for 44.3% of the sales of sex toys in the Asia-Pacific region. In 2021, the e-commerce sector amassed US$ 3,267.09 million, and by 2028, it is anticipated to generate US$ 5,787.94 million and grow at an 8.5% CAGR.
Risk-causing factors of the adult toy industry
Despite recent improvements in every part of life, using and discussing sex toys is still frowned upon in many cultures. It’s still considered taboo to talk publicly about sex and using sex toys. This is why many reputed payment solution providers simply don't want to be affiliated with these kinds of businesses.
Businesses that cater to adults are subject to stricter regulations, and sex toys are outlawed in many nations. Considering that many cultures and societies around the world forbid discussing sex. The adult industry is subject to a long list of laws and rules. Compliance with these laws adds an additional layer of complexity that many international payment solution providers don't want to deal with.
High chargeback rates
The single most frequent factor that makes the adult toy industry a high-risk business is having a higher-than-normal chargeback rate, and it's a problem in many other sectors of the adult entertainment industry.
All eCommerce businesses are always concerned about online fraud, but historically, the adult entertainment sector has had more of a problem with it. Because of the lack of laws and regulations for safe and smooth functioning.
Get the elite international payment gateway solution for the adult industry’s payment problems
Paycly is the top international payment gateway for every high-risk business in Southeast Asia. For adult toy merchants, it is the most suitable option for an international payment gateway solution. Here are those factors that make paycly the best international payment gateway.
Payment acceptance in multiple currencies
Because paycly helps merchants accept online payments in more than 100 different currencies, it is the perfect international payment gateway solution.
With a foothold in more than 150 nations, Paycly offers its customers comprehensive worldwide coverage to expand their businesses to new limits.
Unique dedicated merchant IDs
Every merchant on Paycly’s payment network receives a special MID, or merchant ID, for quick and safe management of their private data on the platform.
Multi-lingual checkout page
It offers multilingual assistance for the checkout page to boost local clients' faith in a particular business.
No requirement for a particular payment method
Without a particular payment method or essential digital infrastructure, a merchant can simply accept online payments through direct payment links via Paycly’s international payment gateway solutions.
Massive banking infrastructure
To offer its customers a quick transaction service without having to fear bank failure. Paycly has partnered with all of Southeast Asia's major international and regional banks and financial institutions.
Every fraudulent transaction that takes place on Paycly’s payment platform is found and stopped by Paycly's specialized fraud management team.
In-depth data records on payments, settlements, reimbursements, and other activities such as real-time reporting are available through Paycly's reliable and powerful dashboard.
High-risk merchant account instant approval
Paycly provides instant approval for a high-risk merchant account with the least amount of required documentation.
The instructions for getting a high-risk merchant account with paycly are given below.
How to get a Paycly merchant account?
You can open a high-risk company account on Paycly using these techniques.
- View the main page of Paycly's website.
- Next, select "Apply Now" by clicking in the top-right corner of the screen.
- The gadget will then show the enrollment form.
- Fill out that form entirely with all the required information.
- Then, on the subsequent screen, you must click "Submit."
With the help of these suggestions, getting a high-risk account with Paycly will be incredibly simple for you.
The adult toy industry is increasing at a rapid pace, and its trajectory is going to be upward in the upcoming years. Finding a payment gateway for the adult toy business is not an easy challenge for merchants. Because in the Southeast Asia region, many countries still consider sex a taboo and don’t want to talk about it publicly. As a result of peer pressure, most of the reputed payment gateway providers hesitate to provide services to adult toy merchants. But PayCly is different. It is well-equipped as well as well determined to provide the best international payment gateway solution for adult toy merchants in Southeast Asia.