The Prospects of Retail Payment Developments in the Metaverse
DOI:
https://doi.org/10.34021/ve.2021.04.04(4)Keywords:
metaverses, payment, retailingAbstract
In the age of technological development, rapid technological progress, and the metaverse development in which humans interact with each other and with the environment using virtual real-world metaphors, payment systems may also need to be re-considered. The study aims to find an answer to the question of what should be retail payments in the metaverse and to begin interdisciplinary discussions about their implementation in this environment. The author reviews the literature which shows that i) socio-economic relations are being implemented in the metaverse, but they still require the money to participate in the exchange relationships, as well as to support such a system; ii) it is impossible to abandon all forms of physical exchange, which is the basis of modern society; iii) the metaverse is an environment usually of anonymous users, who do not have the right to make significant purchases without their identification; iv) accounting of transactions remains the basis of payments in the metaverse as well.
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References
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Bourlakis, M., Papagiannidis, S. & Li, F. (2009). Retail spatial evolution: paving the way from traditional to metaverse retailing. Electronic Commerce Research, 9, 135–148. https://doi.org/10.1007/s10660-009-9030-8
Corrêa, N.K., & de Oliveira, N. (2021). Singularity and Coordination Problems: Pandemic Lessons from 2020. Journal of Futures Studies, 26(1), 61-74. https://doi.org/10.6531/JFS.202109_26(1).0005
Gadalla, E., Keeling, K., & Abosag, I. (2013). Metaverse-retail service quality: A future framework for retail service quality in the 3D internet. Journal of Marketing Management, 29(13-14), 1493-1517. https://doi.org/10.1080/0267257X.2013.835742
Guo, J., Chow, A., & Wigand, R. T. (2011). Virtual wealth protection through virtual money exchange. Electronic Commerce Research and Applications, 10(3), 313-330. https://doi.org/10.1016/j.elerap.2010.10.003
Hassouneh, D., & Brengman, M. (2015). Retailing in social virtual worlds: Developing a typology of virtual store atmospherics. Journal of Electronic Commerce Research, 16(3), 218-241
Hassouneh, D., & Brengman, M. (2015). Metaverse retailing: Are SVW users ready to buy real products from virtual world stores? Proceedings of the International Conferences on e-Health 2015, EH 2015, e-Commerce and Digital Marketing 2015, EC 2015 and Information Systems Post-Implementation and Change Management 2015, ISPCM 2015 - Part of the Multi Conference on Computer Science and Information Systems 2015, 104-110
Guo, J., & Gong, Z. (2011). Measuring virtual wealth in virtual worlds. Inf Technol Manag, 12, 121–135. https://doi.org/10.1007/s10799-011-0082-9
Johannessen, J.-A., & Sætersdal, H. (2020). Automation, Innovation and Work: The Impact of Technological, Economic, and Social Singularity. Automation, Innovation and Work: The Impact of Technological, Economic, and Social Singularity, 196 p.
Kappe, F., & Steurer, M. (2010). The Open Metaverse Currency (OMC) – A Micropayment Framework for Open 3D Virtual Worlds. In: Buccafurri, F., Semeraro, G. (Eds) E-Commerce and Web Technologies. EC-Web 2010. Lecture Notes in Business Information Processing, vol 61. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-15208-5_9
Melnychenko O., & Hartinger R. (2017). Role of blockchain technology in accounting and auditing. European Cooperation, 9(28), 27–34
Melnychenko, O. (2020). Is Artificial Intelligence Ready to Assess an Enterprise’s Financial Security? Journal of Risk and Financial Management, 13, 191. https://doi.org/10.3390/jrfm13090191
Melnychenko O. (2021). Energy Losses Due to Imperfect Payment Infrastructure and Payment Instruments, Energies, 14, 8213. https://doi.org/10.3390/en14248213
Melnychenko, O., & Vlasova, G. (2018). Electronic money and cryptocurrency: basic concepts, differences and commonalities. European Cooperation, 1(32), 30-44
Osadcha, T., Melnychenko, O., & Spodin, S. (2021). Money circulation in conditions of energy fever. European Cooperation, 3(51), 7-33. https://doi.org/10.32070/ec.v3i51.117
Owens, D., Mitchell, A., Khazanchi, D., & Zigurs, I. (2011). An Empirical Investigation of Virtual World Projects and Metaverse Technology Capabilities. Data Base for Advances in Information Systems, 42(1), 74-101. https://doi.org/10.1145/1952712.1952717
Suzuki, S.-n., Kanematsu, H., Barry, D. M., Ogawa, N., Yajima, K., Nakahira, K. T., Shirai, T., Kawaguchi, M., Kobayashi, T., Yoshitake, M. (2020). Virtual Experiments in Metaverse and their Applications to Collaborative Projects: The framework and its significance. Procedia Computer Science, 176, 2125-2132. https://doi.org/10.1016/j.procs.2020.09.249
Swilley, E. (2016). Moving Virtual Retail into Reality: Examining Metaverse and Augmented Reality in the Online Shopping Experience. In: Campbell, C., Ma, J. (eds) Looking Forward, Looking Back: Drawing on the Past to Shape the Future of Marketing. Developments in Marketing Science: Proceedings of the Academy of Marketing Science. Springer, Cham, 675-677 https://doi.org/10.1007/978-3-319-24184-5_163
Zhou, M., Leenders, M. A. A. M., & Cong, L. M. (2018). Ownership in the virtual world and the implications for long-term user innovation success. Technovation, 78, 56-65. https://doi.org/10.1016/j.technovation.2018.06.002
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Published
2021-12-31
How to Cite
Melnychenko, O. (2021). The Prospects of Retail Payment Developments in the Metaverse. Virtual Economics, 4(4), 52–60. https://doi.org/10.34021/ve.2021.04.04(4)
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