Use Case: Nonprofit Uses VR to Raise $2.4M in One Evening

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Charity: Water, an international nonprofit that provides clean and safe drinking water to people in developing countries, used an immersive virtual reality experience to raise $2.4 million dollars in one evening at a black-tie fundraising banquet at the Metropolitan Museum of Art in New York.

Those who live and work in the world of virtual reality have long believed in the power of the medium to evoke empathy in immersive experiences.  A use case from Charity: Water is showing just how far that empathy can go when it comes to fundraising for nonprofit causes.

The Source is a 360-degree video that chronicles a week in the life of Selam, a 13 year-old Ethiopian girl whose family gains access to clean water for the first time in her life. The film was commissioned by Charity: Water, and was shown using Samsung Gear VR headsets to 400 attendees of the nonprofit’s annual event before  the fundraising portion of the evening began.

One donor, who had already committed to giving $60,000 to Charity: Water, was so moved by the VR experience that he donated $400,000  instead – more than 6x above his original pledge.

What is particularly intriguing about the impact of the immersive experience on donor conversions in this use case is that there was no frictionless donation mechanism available, meaning the event attendees had to take the headset off and determine their donation amount after the experience had ended.

Payscout, a leading payments ingenuity company, recently announced the world’s first non-profit donation in virtual reality at CES . What is so compelling about VR as a storytelling medium is that it places the viewer at the center of the experience and fully immerses them in the world of the story. There are no distractions or interruptions in that world – and through Payscout’s innovative VR Commerce solution, non-profits can now enable frictionless donations while the viewer remains in the 360-degree experience.

As more use cases for VR emerge, the world will continue to see the power of immersive experiences to evoke empathy. In parallel, frictionless payments will enable even higher conversion rates (and reduce “shopping cart abandonment”) by enabling donations within the experiences.

Click here to read more about the revolutionary world of VR Commerce. 

VR Commerce at CES, NRF, and iConnect

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In January 2018, Payscout announced the world’s first live donation in virtual reality at CES, showcased  a retail application of VR Commerce with Visa at NRF, and spoke about the future of the consumer experience in VR at The Clorox Company’s iConnect event in San Francisco.

Payscout CEO Cleveland Brown stood on stage at CES’ Digital Money Forum in Las Vegas last month and announced the world’s first donation in virtual reality. The donation was made to The Jefferson Awards Foundation, a national nonprofit for whom Payscout is the first Champion in the greater Los Angeles region. 

One week later, Payscout joined Visa at the National Retail Federation’s NRF “The Big Show” in New York City to showcase a retail application of VR Commerce for hundreds of attendees – including Visa   CEO Al Kelly:

Just a few days later, VR Commerce was again on display, this time at The Clorox Company’s 2018 iConnect event  in San Francisco, where Payscout COO Juan Sotelo  spoke  in a breakout session on,   “How AR & VR Will Shape Commerce.” Sotelo also demoed Payscout’s VR Commerce retail use case  for some of The Clorox Company’s key partners and clients. 

Click here to read more about the revolutionary world of VR Commerce. 

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CES: VR/AR and the Future of Digital Money

On Tuesday, January 9, Payscout CEO Cleveland Brown is speaking at CES as part of the Digital Money Forum’s Leaders in Digital Money session. The Leaders in Digital Money session at CES will feature four cutting-edge ideas about the future of digital money that are poised to change the world in 2018. Payscout CEO Cleveland Brown is delivering a TED Talk-style presentation on virtual reality and the role of digital money. Also presenting during the session are IBM VP of Global Blockchain Market Development, Jesse Lund, and Clinc CEO Dr. Jason Mars. The talks will be moderated by Chris Feeney, the President of BITS, the technology policy division of the Financial Services Roundtable. CES (formerly an acronym for the Consumer Electronics Show) is one of the world’s largest annual trade shows and is organized by the Consumer Technology Association. The Digital Money Forum at CES features a host of riveting programming on digital currencies, the decline of cash, and the role of financial institutions and government in instilling trust in digital currencies for consumers. The Leaders in Digital Money discussion featuring Cleveland Brown will be held on Tuesday, January 9, from 11:30-12:30 at the Venetian in Las Vegas, Level 4, Lando Room 4302.

Payscout to Host Money20/20 Session on VR

On Tuesday, October 24, Payscout CEO Cleveland Brown will host a panel discussion at Money20/20 in Las Vegas on Virtual Reality, Frictionless Payments & Monetization of Immersive Content.

Payscout is the first company in the world to integrate frictionless payments tied to the fulfillment of physical goods in virtual reality.  CEO Cleveland Brown unveiled VR Commerce at Money20/20 Europe in June.  Now, Brown will be back on the Money20/20 stage for the 2017 U.S. event to host a panel discussion on Virtual Reality, Frictionless Payments, and the Monetization of Immersive Content.

Brown will be joined by Visa SVP Internet of Things (IoT) Avin Arumugam; Superdata VP Research & Strategy, Head of XR, Stephanie Llamas; Westfield VP Design & Architecture Trevor Pollard; and The Virtual Reality Company CEO & Co-Founder Guy Primus.

The integration of frictionless payments in virtual reality is poised to revolutionize the consumer experience.  In this interactive session, industry leaders from content creation, payments, retail and innovation share insights into the cutting-edge developments that are enabling frictionless consumer payments in VR.

If you’re attending Money20/20 US, do not miss this panel! It will be held in the Forum (Level 2) on Tuesday, October 24 from 3:10-4:00pm. We will see you there!

WATCH: Money20/20 EU Panel on Virtual Reality

Payscout CEO & Co-Founder Cleveland Brown recently moderated a panel at Money20/20 Europe in Copenhagen, Denmark on, “Virtual Reality and the Monetization of Immersive Content.” In his opening monologue, Brown unveiled a teaser trailer of Payscout’s VR Commerce solution before leading a discussion on the future of virtual reality and payments.

You  can watch a video recording of the panel here.

Topics: Global eCommerce

Payscout Engages Congressional Caucus on Virtual Reality

Payscout was in Washington, D.C. last week for a series of meetings with the  Congressional Caucus on Virtual, Augmented, and Mixed Reality Technologies, in which the global payment processing provider  demonstrated the world’s first  VR Commerce solution.

Payscout CEO & Co-Founder Cleveland Brown, COO Juan Sotelo, and Communications and Content Strategist George Smith were on Capitol Hill last week demonstrating their patent-pending Virtual Reality (VR) Commerce  solution in the offices of  Rep. Yvette Clarke (D-N.Y.), Rep. Suzan DelBene (D-Wash.), Rep. Bill Flores (R-Texas), Rep. Darrell Issa (R-Calif.), and Rep. Ted Lieu (D-Calif.), co-chairs of  the Congressional Caucus on Virtual, Augumented, and Mixed Reality Technologies (commonly referred to as the “Reality Caucus”).

Payscout’s meetings with Reality Caucus Co-Chairs were mentioned by Politico in the outlet’s Morning Tech tipsheet.

According to the press release that accompanied the announcement of the Reality Caucus formation, the group was formed:

“…to foster information sharing between Congress and our nation’s world-leading technology industry. These technologies have shown tremendous potential for innovation in the fields of entertainment, education and healthcare. As these technologies develop, questions will inevitably rise in privacy, intellectual property and other areas. This is an opportunity to educate our colleagues and others to ensure Congress is doing all it can to encourage – rather than hinder – these enterprising fields. We look forward to working with our colleagues on both sides of the aisle to help support innovation and address the challenges posed by this emerging sector.”

Payscout is a culture built on innovation, education, and the entrepreneurial spirit, so it is fitting the Reality Caucus would an engage a pioneer in VR Commerce such as Payscout.

Payscout’s patent-pending VR Commerce solution, the first in the world of its kind, enables frictionless payments in VR experiences powered by Visa Checkout. The application  was announced at Money20/20 in Copenhagen, Denmark, and marks the first time that consumers can shop and purchase physical products within an immersive VR experience — and have those products delivered to their homes.

The Reality Caucus will continue to engage Payscout in an effort to advance their educational efforts.

Payscout to Bring Virtual Reality to Money20/20 EU

Money20/20, “the global platform that inspires and enables innovators to create the future of money,” is the world’s largest FinTech event, serving as a key industry benchmark and global hub for new deals and business development. On June 27, Payscout will unveil their VR Commerce solution at Money20/20 EU in Copenhagen.  Payscout has announced a Money20/20 EU panel, “Virtual Reality and the Monetisation of Immersive Content,” which will coincide with the launch of Payscout’s innovative and thought-leading VR Commerce payments solution.  The VR panel will be moderated by Payscout Co-Founder and CEO, Cleveland Brown, who will appear alongside Dr. Danny Lange, VP of Artificial Intelligence (AI) and Machine Learning at Unity Technologies; Bill Gajda, SVP, Global Head, Innovation, VISA; Trevor Pollard, VP of Architecture and Design at Westfield; and Paul Aspuria, Filmmaker/Director and Partner at Film Antics Productions, where Aspuria has created multiple 360-degree video, immersive experiences in VR. Together, the group will share their thought-leading insider insights on the monetization of VR content and challenge industry expectations surrounding this emerging technology.

The VR panel coincides with the launch of Payscout’s VR Commerce solution and will feature the unveiling of an immersive 360-degree shopping experience via an exported video recording of a real transaction in VR. Working with the finest IT people in the industry, Payscout is pioneering a completely new vision for online shopping. Payscout’s Vision is to become the thought-leading and fastest-growing global payment processing provider in the world. Payscout’s pursuit of pioneering VR Commerce aligns with the company’s vision to be thought leading.

Virtual Reality is the Future of Global Ecommerce.

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.