There's now a way to handle debit and credit card transactions in virtual reality
  • WorldPay Group Plc, the London-based payments processor, has created a way to handle debit and credit card transactions in virtual reality.After building the solution over the past 18 months, WorldPay will target companies that produce virtual reality games and possibly others, such as fashion retailer Asos Plc and furniture seller Ikea, that have begun experimenting with VR as a sales tool, Nick Telford-Reed, the payment firm’s director of technology innovation, said in an interview.The firm, which processed more than 450 billion pounds ($582 billion) worth of transactions last year across online, mobile and payment terminals, is one of the world’s leading payment providers and is among the U.K.’s 100 largest companies.
  • To make a purchase, a user picks up a virtual item — for instance, a set of keys used to unlock a door in a virtual game — using the Vive’s handheld controllers.
  • To make the purchase, the user must stare at this virtual price tag for several seconds, using the Vive’s eye-tracking feature to tell exactly where the user is looking.The user pays with a virtual representation of a real credit card stored in a digital wallet stored either on the Vive system or potentially with WorldPay, and holds it over a VR rendering of a payment terminal.
  • Or, if it were a shopping experience, a real version of the item might be shipped to the user’s address.Telford-Reed said WorldPay believed this solution was more secure and better suited to virtual reality than using a credit card routinely stored on file by companies for making in-game purchases because there was less risk of hacking and also a lower threat of accidental or unauthorized purchases.
  • WorldPay said that it expects adoption of virtual reality payments to vary greatly by geography.

Read more


@business: “There’s now a way to handle debit and credit card transactions in virtual reality” open tweet »