trends – suggests a mentality of trying to make the horse drive the cart . Creating VR applications to drive payment functions doesn ’ t resonate with customers .
There ’ s another way , however , which has more potential of normalising VR and AR payments : applying payments to VR and AR experiences that already exist . As mentioned earlier , the earliest adopters and biggest sources of revenue for VR technology have been in the gaming and entertainment space . Consider again the size of the VR market in 2019 : $ 7.9bn , according to Markets and Markets ( about 1.01 Tajikistans per fiscal year in case you were struggling ). According Fortune Business Insights , in 2019 , the VR in Gaming market accounted for just over $ 5.1bn . Even accounting for discrepancies between sources , that ’ s a huge portion of the existing VR market . The global video game industry generates more than $ 120bn every year ( which puts us in Kuwait territory ). A potential key to successfully growing the payments space using VR and AR is to target applications in the industry that most widely uses it : electronic entertainment .
79 fintechmagazine . com