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BizReport : Ecommerce archives : October 19, 2016


VR payment uses head movement to purchase in virtual shopping malls

Virtual reality applications are slowly making inroads into everyday life and a new payment method being used by China's largest payment processor is just one recent example.

by Helen Leggatt

'VR Pay' has been developed by Ant Financial, the company that manages Alipay, China's largest payment processor. The payment method, developed over last few months by Lin Feng of Ant Financial's incubator F Lab, allows users to select and buy items from virtual shopping malls just by looking at and nodding at them.

VR Pay will mean that shoppers using a virtual shopping mall wearing VR goggles will not have to remove those goggles to make a payment which, Lin Feng told Reuters, "is very boring". By integrating payments within the virtual environment, VR Pay keeps the user within that environment.

Of course, nodding at a product to make a payment could result in unwanted purchases if one's head movements aren't verified. To this end, as well as verifying a user's identify, VR Pay also uses password verification initiated by touch, eye or head movement.

According to IHS Markit, spending on VR headsets is expected to reach $7.9 billion by 2020.






Tags: digital shopping, payment methods, virtual reality, VR trends








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