Ranging from news articles to recent CEO interviews.
Payscout’s immersive multimedia experience marks the first time this potentially transformative technology has been showcased at a payments industry event.
(Los Angeles, CA) May 18, 2016— As part of its exhibit at the upcoming CNP Expo (Orlando, FL, May 23-26), Payscout will offer a virtual reality (VR) premier, showcasing the global eCommerce market and the entrepreneurial opportunities it provides. The presentation, which will be viewed through special VR Oculus headsets, will give attendees at the CNP Expo a vivid and exciting overview of the rich promise of global eCommerce.
“We think the presentation will strike a personal chord with CNP attendees and we’re expecting it to be the must-see event of the show,” Payscout CEO Cleveland Brown said. “Virtual reality has the potential to transform payments, and eCommerce in particular. It is our pleasure to be the first to introduce it at the payments-centric CNP Expo, especially at this early stage in its commercial development.” MasterCard demonstrated virtual reality payment capability at a PGA Tour golf event in March, Brown also noted, but as far as Payscout has been able to discover, its presentation at the CNP Expo will mark the first time it has been featured at a payments industry event.
“Virtual reality is a tremendously important emerging technology,” Brown stated. Indeed, tech powerhouses like Google, Samsung, Microsoft, Sony, Apple, and Intel are all creating VR software and hardware to establish a platform they say will be as appealing and useful as the mobile phone—or even the Internet itself. By some estimates, the market for visual reality will be worth $150 billion by 2020.
While much of the development of virtual reality is taking place in fields like gaming, flight simulation, and the movies—there was a whole slate of VR offerings at the recent Tribeca Film Festival —there is also a great deal of development work being done to adapt the technology to retail and eCommerce, specifically in the area of incorporating real-time payments.
On the merchant side, retailers like the House of Fraser and Tommy Hilfiger are adding virtual reality capabilities to their stores. eCommerce giant and Payscout partner, Alibaba, has also announced the launch of its own VR research lab, GnomeMagicLab, while IKEA launched its Virtual Reality Kitchen, which allows customers to try new kitchen solutions before purchasing. Looking further into the future, work is also being done to incorporate scanning technology that would allow a consumer engaged in a virtual reality experience to instantly purchase with a blink of the eye or a nod of the head.
The CNP Expo is the leading U.S. conference and trade show for the card-not-present transaction market. The organization that sponsors the event created it to provide a meeting place for the industry that has sprung up around card-not-present payments, and to educate and inform eCommerce and other merchants that accept those payments.
“For these few days, it’s a crossroads for people seeking opportunities in global eCommerce, and that ties directly with Payscout’s mission to ‘support the entrepreneurial dream one transaction at a time’ and the company’s ‘Go Global Now’ turnkey boarding platform,” Brown added. “As a thought leading global payment processing provider, it’s the right place for us to be, and it’s the right place for the message we’re bringing. We are very pleased to be at the forefront of showcasing VR to our industry colleagues and the industry’s CNP customers.”
In conclusion, Brown stated, “This is a tremendous opportunity for Payscout to bring attention to how VR fits into our vision for global entrepreneurialism—we think people will be blown away by the presentation—and it will also help with educating the payments community about this up-and-coming technology.”