LOS ANGELES, June 27, 2017 /PRNewswire/ -- One of the fastest growing privately held global payment processing providers in the U.S., Payscout, Inc., today launched a Virtual Reality (VR) Commerce application that enables frictionless payments in VR experiences powered by Visa Checkout. Payscout VR Commerce was announced at Money20/20 in Copenhagen, Denmark, and marks the first time that consumers can shop and purchase physical products within an immersive VR experience — and have those products delivered to their homes.
"This is a watershed moment in payments and VR," said Payscout CEO Cleveland Brown, who announced the app during a panel on the monetization of immersive content at Money20/20 EU. "We've seen many prototypes and simulations of VR shopping, but this is the first time anyone can experience real commerce in VR."
The Payscout VR Commerce app features an integration with Visa Checkout (VCO), which allows users to register payment credentials within the service or access their existing VCO account. The integration of Visa Checkout, tied to an immersive 360-video experience and the opportunity to explore merchandise in a virtual store, means consumers can execute a secure, frictionless payment in the VR experience without having to remove their headset.
Each member of the audience at the Money20/20 EU panel received Google Cardboard VR and were among the first in the world to have the opportunity to shop for physical goods in VR.
"Virtual reality is already one of the best ways to bring unique and immersive experiences to life, and we've now unlocked VR as the next frontier of digital commerce," said Sam Shrauger, SVP, Digital Products, Visa Inc. "As immersive consumer experiences change how people pay, we're proud that Visa Checkout will power payments and purchases everywhere — both in the physical and virtual world."
Upon launching the app and entering payment credentials, the user selects Body Language Sportswear (an e-tailer merchant based in Los Angeles, California) and is immersed a 360-video experience of a day in the life of a Body Language Believer before being transported to a virtual store. The store allows consumers to explore product interactively by rotating items, enlarging, and/or viewing in greater detail. The Payscout VR Commerce app also includes a menu-driven checkout experience, which securely confirms the user's purchase and incorporates the payment credentials and shipping details from Visa Checkout. After successful processing of the payment transaction by Payscout VR Commerce, an interface to the merchant's fulfillment center is triggered with all the order details.
"This moment represents the next step in the evolution of shopping experiences," Brown added. "We've seen the emergence and proliferation of both ecommerce and mcommerce (mobile commerce) platforms, but this is the world's first VR Commerce platform."
The Payscout VR Commerce app for Google Cardboard is now available in the Google Play Store, and the technology will be adapted for iOS and additional VR platforms soon.
Covering six continents, Payscout is a global payment processing provider connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. The company's technology platform offers payment processing solutions for brick-and-mortar and ecommerce transactions, and gives merchants instant access to 100+ countries, billions of consumers and trillions of dollars. Payscout has earned acclaim as a new-generation provider of merchant banking services, specializing in online/ecommerce retailers with a predominant proportion of card-not-present (CNP) transactions, including frictionless payments within immersive virtual reality experiences. For more information visit https://www.payscout.com/virtual-reality-vr-commerce
Payscout VR Commerce images, video and logos are available here:
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