Metaverse: The Birth Of The Universe That Will Mark The Future Of Digital Payments

Surely you have heard a lot about the metaverse and will continue to do so for a long time as this new reality is expected to end up impacting all social and economic sectors.

That is why PaynoPain summarizes what currency exchange is and how it will affect the future of digital payments in this parallel universe.

The metaverse is currently considered as the next step in the evolution of the internet from where it will be possible to access a universe parallel to real life. A virtual world, in which people will be able to interact within simulated scenarios through a combination of Virtual, Augmented and Mixed Reality.

The creation of this scenario represents a new opportunity to position digital products and services to offer consumers represented as avatars. Through them, people will be able to carry out virtual replicas of their daily activities such as shopping or entertainment.

There are many who wonder what impact its development will have in terms of the economy, consumption and society, since the creation of this new world represents alternative ways of exchanging digital assets and the creation of new business models. In this parallel universe, will the “goodbye to cash” that they predict so much in real life finally be real?

One of the technologies that will be widely adopted in the metaverse will be the blockchain, which in recent years has demonstrated a powerful capacity for instant confirmation of payments and information, with a high degree of security when making payments between peers (P2P). and has great adaptability in all digital payment methods.

These qualities represent a great viability for the exchange of digital assets such as NFTs, cryptocurrencies and other assets that may be developed soon. In this sense, these virtual currencies can be used to buy in the markets of the metaverse. How? Well, possibly through an electronic wallet or “wallet” based on the blockchain of an individual or similar.

Although we are still far from cash disappearing, little by little we are becoming a cashless society. According to the latest ‘National Survey on the use of cash 2020’ by the Bank of Spain, the use of money not only decreases, but more than 70% of those surveyed do not carry more than 5 euros in their wallet. With the arrival of this new concept, we are getting closer to creating a fully digital payment landscape. In this context, the more traditional institutions, such as banks and payment companies, will not want to be left out of this.

In fact, the development of CBDC or Central Bank Digital Currency, a form of digital fiduciary money that is issued by the central bank of a country, and other mobile payment solutions is on the rise. like Bizum, which could have a good run in the metaverse, especially when it comes to financing the purchase of properties in this new digital field. Adidas, Binance or Atari are some of the companies that already own land on these platforms to develop projects.