Payments Briefing: What do FIs need to know about payments in the metaverse?￼
- This week, we look at how and why traditional FIs and fintechs should be thinking about payments in the metaverse.
- We also discuss why card giants like Mastercard, Visa, and Amex are getting involved in sonic branding.
The metaverse economy could be worth $13 trillion by 2030, according to a recent report by Citibank. Naturally, financial institutions want to participate in this major growth opportunity, and industry leaders including JPMorgan Chase, HSBC, Amex, Visa, and Mastercard are actively exploring opportunities in the metaverse.
Of course, at the heart of a growing metaverse economy is the need for a robust payments ecosystem. Providing secure and convenient ways to pay for virtual goods will be essential to creating a fully immersive experience in the metaverse.
So, what kind of potential does the metaverse present for the payments industry? What are the opportunities to avail and challenges to tackle?
I spoke with five experts to understand why it’s important to ask these questions now rather than years later, and to get their thoughts on how traditional FIs as well as fintechs should be thinking about metaverse payments.
1. Why is it important for financial firms to think about payments in the metaverse?
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