Virtual reality (VR) is poised to revolutionize the way consumers interact with products and services - and Payscout has developed innovative technology to facilitate payment transactions within virtual reality experiences.
Perhaps no technology has elicited more enthusiasm and excitement than the recent rise of VR technology. In the past decade alone, the world has seen major, rapid advancement in the development of VR technology.
The omnipresence of smartphones with high-density displays and 3D graphic capabilities has enabled a generation of lightweight and practical VR devices. Those devices also happen to double as mobile payment technology tools, with transactions via mobile payment technologies predicted to reach 9.9 billion in 2018.
The confluence of these technological and economic advancements - VR technology, global ecommerce and the rise of mobile payment technologies - is poised to revolutionize the omnichannel retail experience.
Nonny de la Pena, the Founder of Emblematic Group, and commonly referenced as, “The Godmother of Virtual Reality,” recently explained the power of VR this way:
“Because VR offers the audience the sensation of ‘being there,’ it creates a visceral connection to the events unfolding in front of the viewer.”
Many analysts are predicting that these visceral connections will translate to commerce in massive and profound ways.
Deloitte predicts VR will be a billion-dollar industry by the end of 2016. Goldman Sachs estimates the global VR and AR market will reach $110 billion by 2020, and a recent analyst report from Citigroup suggests VR/AR will become a $674 billion market by 2025.
So, how can merchants and entrepreneurs gain first-mover advantage in the world of VR, and position themselves to take advantage of these projections?
Payscout has a solution.
In May 2016, Payscout demoed a simulated VR shopping check-out experience at the 2016 CNP Expo in Orlando. One month later, Payscout showcased a simulated VR debt payment experience at the ACA International Convention in Denver.
But, these were merely simulations. When the time came to build the technology to allow for real-time transactions to take place within a VR experience, the Payscout team was up to task.
In October 2016, Payscout developed a VR commerce solution that enables the purchasing of an embedded product within a VR short film. Working with the Film Antics production company, the team shot a three-minute VR short, with prominently featured product placement. The feature was followed by the opportunity to purchase the product within a virtual store - all contained within the VR experience - and the transaction is powered by Payscout’s proprietary payment gateway.
The revolutionary implications of this emerging technology are limitless - from changing the way product placement occurs in feature films to non-profit applications for donations in immersive, 360-degree experiences.
In a recent interview with Multichannel Merchant, Payscout CEO Cleveland Brown stated, “Virtual reality commerce will evolve in different ways than ecommerce did, primarily because it uses a different set of parameters and production requirements. The sophisticated interface will appeal to retailers that offer products which show well in the three-dimensional environment or are popular enough to capture on-demand engagement.”
And, when retailers are ready to capture that engagement, Payscout is the payment processing partner positioned and ready to provide the solution.