Payments in the metaverse: the key to unlocking an omnichannel retail experience
by An Lu, Head of Market Development, Asia Pacific, PPRO Dubbed ‘the future of the Internet’, it is no surprise that this year has seen big tech companies and financial institutions eyeing a slice of the metaverse pie. It is still early days in the development of the metaverse, so the possibilities it could bring for businesses looking to drive sales is largely untapped – but optimism about its potential is widespread. While some industry players see the metaverse being characterised by virtual reality (VR) or augmented reality (AR), others envision a new digital economy in cyberspace where users can create, buy, and sell goods, all facilitated by integrated payments. If this vision can become a reality, the metaverse might well be the next mainstream channel for commerce. Just like retailers focus on a blend of e-commerce, physical retail, and social commerce – the metaverse could very much be the missing piece in the puzzle when it comes to optimising a truly multichannel commerce ex...