Consumers are increasingly familiar with augmented reality (AR) and virtual reality (VR) across industries, especially retail. Companies like Topshop and Lowe’s are pioneers in integrating AR and VR into shopping experiences, allowing customers to try products before they buy. This success has led to the adoption of AR and VR in other industries such as travel, gaming, sports, film and entertainment.
But despite the growing popularity of AR and VR, our 2023 transaction loss study shows that consumers are still hesitant to pay within an augmented or virtual world. Masu. Only 3% of respondents have ever used AR or VR to make a purchase. Nonetheless, the demand for AR and VR experiences is growing, indicating an increasing demand for payments in AR and VR.
One of the common concerns when implementing new payment technology is security. Consumers want to be sure their financial data is safe when using AR and VR payment methods. Surprisingly, our research found that security concerns around AR and VR payments are not a major barrier to adoption. Only 12% of respondents said he would not use AR or VR for purchases due to safety concerns.
Looking ahead, more than a quarter of respondents (27% for VR and 28% for AR) said they would You have expressed interest in using these technologies to purchase goods. This highlights the importance of expanding the availability of AR and VR technologies to facilitate the use of payments within these platforms.
The Metaverse, the shared 3D version of the Internet, is still in its early stages. It’s a hypothetical concept, but there’s already excitement about its potential. Similar to AR and VR, security concerns are not currently considered a significant barrier to adoption of payments in the metaverse. About 17% of respondents expressed hesitation due to safety concerns. However, as the technology becomes more widely available and knowledge about it increases, there are still a significant number (26%) of people considering purchasing in the metaverse within the next two years.
As AR, VR, and the Metaverse continue to gain traction, payments will play a key role in helping businesses adapt to these technologies. By providing a seamless payment experience, businesses can enhance their customer interactions with the latest innovations.
– [Lost in Transaction 2023 research] (source name)
– [Definition of Augmented Reality] (source name)
– [Definition of Virtual Reality] (source name)
– [Definition of the Metaverse] (source name)