Companies who are interested in setting up virtual storefronts and marketplaces may benefit greatly from such a system, which could pave the way for an easier and safer way users can spend money in VR.
Because transactions take place inside a virtual space, there’s no redirection to a separate page in order to confirm purchases. But how would paying for items work inside of VR?
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The proof of concept demonstrates how a consumer could pay for things using their credit or debit card while inside a VR environment through Host Card Emulation (HCE), which is a technology similar to what is used in other mobile payment devices.
After that, Worldpay’s prototype works similarly to how one might use their card outside of a simulation. The user can pick up and inspect items for sale, which are then “dropped” into a shopping cart.
When ready to check out, the demo shows an option to pick a card for payment. For purchases that are less than $39, a shopper can tap their card across a virtual card machine using EMV authentication (which “smart” cards have via a chip).
Any transactions that are over $39 will utilize the new technology Worldpay created called AirPIN, which allows shoppers to enter their PIN number through a virtual keypad. The idea is that this will make shopping seamless and more secure for consumers in VR.
If the purchase is more expensive a shopper must input their pin instead of tapping their virtual card against the payment machine, which makes it nearly impossible for lingering eyes to catch a glimpse at your four-digit code.
The virtual environment can be re-textured to resemble the inside of a storefront or other property, making this technology beneficial for companies looking to experiment with monetizing in VR.
You can check out how the prototype works over at VentureBeat.
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