Worldpay tests payment system for virtual reality users

By

Barbara Santamaria

Published
May 26, 2017

People will be soon able to pay for products when shopping in the virtual world thanks to a new technology developed by Worldpay, the leading payments company has announced.

Worldpay researchers are currently investigating how shoppers can pay using credit or debit cards while remaining immersed in a virtual environment and have launched a proof of concept which provides the same levels of convenience and security found in-store and online.

The technology works in the same way a contactless payment does, but with users tapping their virtual card onto a virtual card machine. Higher value purchases are also available through AirPIN technology, which allows the consumer to see a range of numbers and then collect the four numbers of their PIN using their virtual controller.

VR payments can be of particular interest for brands embracing VR to enhance their brand experience, like Topshop. The Arcadia label launched this week a virtual reality water slide at its Oxford Street flagship store in London and has previously used the technology to offer a live-stream experience of its London Fashion Week show.

Worldpay unveiled the prototype as it announced that 35% of UK consumers and 58% of US consumers would consider buying a product using a VR or AR device

“Virtual reality is quickly becoming a consumer level technology and has the potential to transform the retail landscape by expanding merchants’ interactions beyond just mobile and social,” said Casey Bullock, General Manager for North America at Worldpay.

“With virtual and augmented reality, merchants can not only save consumers time, but offer a more immersive shopping experience, and ideally provide payment options that consumers can complete while remaining fully immersed in that world.”