[IT168 News] With Microsoft, Google and other major technology giants have started to develop and launch their own VR (Virtual Reality) / AR (Augmented Reality) products or applications, VR / AR this is still a young industry two or three years ago, It also showed a fiery situation. VR video, VR games, more and more into our vision. Last year, Pokemon Go, an AR game abroad, sparked an upsurge in popularity. In this context, VR/AR technology has matured and gradually began to penetrate more industries. Perhaps VR/AR technology is not like an "age" theory like cloud computing and big data, but its development prospects are also excellent. Most people imagine the future of life, of course, VR / AR's presence. In this article, we will talk about the application of VR/AR technology in the payment field.
On May 25th, Worldpay’s latest VR/AR research report media conference was held in Beijing. Worldpay is a leading global payment service provider, providing a wide range of high-tech payment products and services to approximately 400,000 customers to help them expand their business. The company manages increasingly complex payment environments for its customers, allowing it to easily handle different payment methods across the globe. Through Worldpay's network and technology, it can provide 126 currency payment processing services in 146 countries with a global GDP of 99%, and help customers to accept more than 300 different payment methods.
At the meeting, WorldPay China General Manager Chen Guoshan interpreted Worldpay's latest research report. Research shows that Chinese consumers are taking the lead in accepting virtual reality (VR) and augmented reality (AR) technologies. 95% of Chinese respondents said they have experienced VR or AR technology in the past three months; this ratio is more than three times the global VR usage rate. In addition, more than half of the Chinese consumers surveyed often use VR, and more than 80% believe that VR/AR technology is the future shopping trend.
â–² WorldPay China General Manager Chen Guoshan
Worldpay surveyed more than 16,000 consumers in 8 countries to understand their views on the use of VR/AR, including current usage and future potential, as well as the advantages and obstacles of the technology. The study found that Chinese consumers are fascinated by VR/AR technology and their enthusiasm is far more than in other parts of the world.
Mr. Chen Guoshan expressed his own views on virtual technology in his speech. He pointed out that the boundary between the physical world and the virtual world is gradually blurred, and consumers’ expectations and interest in VR and AR are rising. Moreover, more than half of consumers worldwide believe that VR will become as popular as smartphones in the coming years.
"China's acceptance of new technologies has been rapid, so it is not surprising that Chinese consumers have become more interested in VR and AR. Almost all respondents have experienced at least one AR or VR technology, and at least a half of them will at least weekly. Once again, Chinese consumers are not limited to the use of VR/AR in video games and entertainment, they are also driving new demands for AR and VR technologies in various business applications and leading the next-generation shopping experience, said Chen Guoshan.
The wide spread of new technologies requires perfect innovation, good market timing and market demand, and each market is different. Consumers want brands to interact with them in a more engaging digital fashion. Nearly 60% of consumers want retail products to provide VR/AR experiences as part of their shopping experience.
Shopping in a virtual environment requires ensuring that consumers feel the simplicity of paying with credit cards or making online purchases in physical stores. At the same time, security is always the top priority when trading, and so is shopping in a VR/AR environment.
Chen Guoshan added: "Now that AR/VR is developing rapidly in China, we have seen its development trend in other parts of the world. China's retail market is full of vigor. Merchants that want to stand out need to immediately study how to integrate AR and VR technologies into improvement. Customer Experience - Whether it is using in-store omnichannel or e-commerce applications that support VR, Chinese consumers are keen on online and mobile shopping, and rely heavily on digital payment systems that have emerged in recent years, so they are convinced that technology can be created for the retail industry. Moreover, they are ready to embrace the advent of the era of shopping using AR and VR technology.As more and more companies try to use VR/AR technology to increase customer participation, they also need to consider whether VR technology can improve. Sales Regardless of the sales channel, it is important to ensure that the customer's payment process is smooth and secure. If the VR experience is eye-catching enough, has an immersive environment, and seamlessly connects, then it has the ability to increase sales."
To this end, Worldpay researchers investigated how shoppers use credit or debit cards when they are immersed in a virtual environment. Based on its own global payment service processing experience, Worldpay has launched a solution, Proof of Concept, which allows shoppers to enjoy the convenience and security of in-store and online payment without leaving the virtual world.
The solution's prototype design uses host card emulation (HCE) technology to virtualize the entire purchase process. Payments use EMV* technology, which works in the same way as contactless payments, ie clicking on a (virtual) card on a (virtual) card machine. For higher-value transactions, Worldpay introduced a technology called AirPIN. As the industry's first, this technology allows consumers to see a set of numbers while immersed in the virtual world and turn on payment passwords by using a virtual controller to collect four numbers one by one.
It can be seen that Worldpay currently has nearly mature VR/AR payment technology, combined with its extensive industry experience in the field of payment services, presumably will soon create a complete VR/AR payment solution. This will be a huge change for both businesses and consumers. In the future, payment methods will no longer be limited. The addition of virtual technology will make shopping more diverse and interesting.
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