Sokin to launch e-commerce payments in the metaverse

Sokin has announced that it will introduce e-commerce payments for the metaverse.

The payments provider said that while at the moment there is no single metaverse where consumers can shop for their favourite brand, it will launch its own 3D community of retailers to enable consumers to “meet, communicate, transact, invest, and purchase in one all-encompassing ecosystem and virtual economy”.

Consumers will make purchases via its peer-to-peer mobile app within the metaverse.

A number of brands, including PrettyLittleThing, P&G Beauty, boohooMAN, Vans, Nike, Gucci, and Burberry are already beginning to step into the metaverse with digital products and the use of augmented and virtual reality.

“Sokin’s metaverse world will host different brands and businesses for visitors to access, for example, a football club, entertainment or fashion brand”, Vroon Modgill, founder and chief executive at Sokin, who already partner with a number of global football clubs, explained. “We’ve seen campaigns by retailers in which an avatar models an item of clothing but then the experience abruptly stops there.

“So, we close the sales loop by ensuring a purchase can be made directly within the metaverse experience - this is never before seen innovation we are spearheading as we further bridge the gap between the metaverse and the physical world.”

    Share Story:

Recent Stories

Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.