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


New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

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.