Alibaba, the Chinese e-commerce company has introduced VR Pay, a new payment system for virtual reality shoppers to pay for goods in the future by nodding their heads.
An Opportunity to Capitalize in Online Shopping
Online sales in the UK, US, Germany and China will grow by $490 billion by 2018, increasing the size of the online market to $788 billion, according to research from OC&C Strategy Consultants, PayPal and Google.
In response to this expanding market, Alibaba has created VR Pay, a new payment system. In 2015, the company also introduced facial recognition technology for Alipay mobile payments service that became known as “pay with a selfie.”
How VR Payment Technology Works
VR payments technology can be done when people put on virtual reality goggles, browsing virtual reality shopping malls, paying for goods without taking off the goggles. They nod if they want to pay.
By logging into your account you can be verified on VR Pay and connect on devices using voice print technology that recognizes your voice. This appeared to be the most convenient option of verification.
Passwords are inputted by moving your head, touching or staring at a point on the display for more than 1.5 seconds.
VR Pay is estimated to be ready by the end of 2016.
VR: The Future of Online Shopping?
Rebecca Minkoff and River Island teamed with Google Cardboard to show their new collections earlier this year.
Downloading the show on a smartphone allowed you to get a larger view of the runway show, gazing at the audience, models and photographers for an immersive experience.
Ant Financial, which demonstrated VR Pay in China, Shenzhen, this week and who operates the online payments service Alipay with more than 150 million daily users, said that the VR payment could be used as “a tool rather than just a toy.”
This could connect VR Google makers and app developers to the Alipay payments platform.
Would you be comfortable paying for goods using VR Pay and wearing a headset? Fad or future of online shopping?