How do banks prepare for the metaverse?

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According to research New Facts: The Metaverse and the Broadcastprovided Wunderman Thompson, that 82% of consumers worldwide think that financial markets will be affected by metaverse. In addition, large companies have predicted that this phenomenon will have a significant impact on the overall banking industry. The proof of this is that Goldman Sachs and Morgan Stanley called metaverse at $ 8 trillion business time.

In February 2022, the report of JPMorgan sign up metaverse As the driving force for the time of year grows, so does the virtual real estate market – which ultimately includes mortgage management, mortgage lending and lease agreements. for virtual objects, declaration of metaverse and marketing of virtual goods, which could generate $ 54 billion in annual revenue. According to the analysis of the citi April estimates the market of metaverse could grow to $ 13 trillion by 2030.

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Banks and digital banking regulations

Key players in finance and politics are taking steps to secure the digital economy: Research New York is preparing for the NFTs and conversation cryptocurrencies. Eric Adams, the mayor, announced when he was elected in November 2021 that he would bring his first three bitcoin checks, in line with the mayor’s promise. Miami, Francis Suarez.

Read more: NFTs, understand the profile of buyers of non-fungible tokens

In March 2022, the president of the United States, Joe Biden, sign a deed of administration to use digital funds. In the same month, the bank of England announced an annual research project in collaboration with the MIT Media Lab’s Digital.

February, the India announced digital rupee release plans in 2022-2023. LUB China is now trying a yuan digital focus on mass and public use. Along with this development focused on the metaeconomy industry, as well as the move towards legitimacy and governance. cryptocurrencies, Business and financial companies are planning for the future of digital marketing.

Therefore, the study of Wunderman Thompson lists three major banks that have invested in the app Metaverse:

1. HSBC

In March 2022, the HSBC, the seven largest companies in the world, announced that it will enter into metaverse cooperate with the The Sandbox. The company aims to engage and connect with gamers, esports and gaming enthusiasts in general.

“The metaverse is how people will face Web 3.0, the next generation of the internet – using technologies such as augmented reality, virtual reality and augmented reality. We see great potential to create new experiences. of the new platform. ” Suresh Balaji, head of industry of HSBC to Asia.

Read more: Web 3.0: Threat or friend? Are you ready?

2. JP Morgan

February 2022, the JPMorgan won the competition to become the first bank in the metaverse. The school has opened its own onyx virtual lounge decentral and ready for the metaeconomy.

“We believe that the virtual gaming landscape (every virtual world with its own population, GDP, in-game currency and digital assets) has an equal content of business. existing international, ”said the company.

“This is where we are able to do long-term in border payments, foreign exchange, financial assets, design, marketing and supervision, as well as our customers. material of the instrument, can play an important role in the metaverse. “

3. Siam Commercial Bank

SWB 10Xthe risk arm of a Thai company Siam Commercial Bank, announced in March 2022, will launch its virtual headquarters The Sandbox. The space will be used to present bank products and services, hold virtual events and provide shared office space.

“Future financial technologies such as blockchain, digital asset management, financial management and the metaverse are of great interest to us,” he said. Arak Sutivong, CEO of SWB 10X. “We believe that metaverse will play an important role, endless endangerment in the digital world while creating new boundaries for future industries. “

As the industry enters metaverse, Banks are starting to comply. Financial companies make space for virtual banking – do it metaverse a one-stop shop for e-commerce and probably mark the next evolution in neobanking.

Virtual payments increase

Release companies virtual payments has not given up when it comes to digitalization and technology but, with American Express, Stripe and Off-White are the companies with this controversy at the highest level.

Read more: Non-contact payments have jumped more than 100 times in less than 12 months

American Express

LUB AmEx is exploring the potential to bring its payments and services to the virtual world. The financial institution has decided to provide payment cards, ATMs, bank and fraudulent services to customers in the metaverse.

Matt Sueoka, the new world head of AmEx Ventures, I say Good luck who sees the Web 3.0 as a unique opportunity in a generation with the ability to renovate buildings.

stripes

By March 2022, the payments were huge stripes has developed new products to support crypto transactions and payments, incl cryptocurrencies, digital wallets and marketing NFT. Your customers are already included Blockchain.com, Nifty Gateway, Mining Only and the FTX, valued at US $ 32 billion.

Free admission

Modern luxury fashion brand Free admission started accepting cryptocurrencies for the purchase of internal organs Paris, London and Milan. With this new payment option, commercial products are available through LVMH will allow buyers to exchange bitcoin, ethereum, binance coins, ripple and fixed currency tether and USD coins for exchange.

In order to keep the price stable and not accept the cryptocurrency exchange, Off-White will use a special POS (retailer) terminal, which finds the best exchange rate for the cryptocurrency when the trading time and compatible with many crypto wallets.

Read more: Cryptocurrencies: Understand what they are and learn about the top 9

“The result of Web 3.0 and the rise of e-commerce can bring new meaning to payments in the app metaverse. Services and products have emerged to simplify virtual payments. Could this be the first indication of a new economic development in the community? ”, Asked Wunderman Thompson.

Top three cryptoliteracy projects

In the end, it is useless technology, Banks and property will change if people and plans do not stick together. So, there are already some projects by big business and government agencies in this regard:

MasterCard

February 2022, the MasterCard expands its discussion to cover cryptocurrencies, NFTs and open a bank. The new services will enable banks and many companies to acquire digital assets, addressing the risks to digital benefits and NFTs, and introduction of digital wallet, crypto credit cards and cryptocurrency loyalty programs.

“The transformation of this forum is the recognition of the world, which is changing. Let us help consumers face today’s challenges and look forward to more.” Raj Seshadri, President of Information and Services at Mastercard.

US Finance

Treasure of United States has presented a project to inform the public cryptocurrencies. Nellie Liang, undersecretary for domestic affairs and finance, says the goal is to promote awareness of digital assets as it moves into the core of the financial system.

The Department of Financial Education will develop educational materials and set up programs to inform people about how cryptographic artifacts work and how they differ from other modalities. paid.

“We hear more and more from investors and families who are buying crypto assets, and we recognize the difficulty of some of these tools working,” he said. he said. Nellie Liang. “It looks like this is an area where more education and knowledge can help,” he said.

Visa

LUB Visa launched an expert cryptocurrency advisory service for traders in December 2021. The new service is aimed at fintechs dedicated to attracting or retaining consumers, retailers looking to delve into in NFTs, and banks in the middle are looking for my digital benefits.

“Crypto for us is a new era of vertical and growing. We will continue to focus on the growth of the industry going forward.” Nikola Pluas, European leader cryptocurrency Visa, to CNBC.

There is a big difference in cryptographic science that big financial companies have worked to write. While the majority of global consumers (78%) report having some knowledge of cryptocurrency, only 15% say they know what it is and can explain it to others.

The future of digital marketing depends not only on adoption, but also on education, for consumers and products.

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