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Metamoney: Payments in the metaverse
Journal of Payments Strategy & Systems,
17
(2),
130-141
(2023)
Abstract
This paper builds a structured model of the metaverse, the building blocks that are needed to make it useful for business — in other words, transactions — and the new services (and therefore new service opportunities) that it presents. The model brings together the virtual worlds where transactions can take place, the digital assets that will be exchanged in those transactions, and the digital identities of the owners of those assets. This underpins a comprehensive and practical model of the metaverse that helps to identify the key technologies that are required to turn it into a place for business as well as the service opportunities for organisations who are exploring metaverse business models. We use this model to explore the nature of payments in that environment and conclude by identifying digital wallets as the central organising principle in these new environments and set out our view that smart wallets operated by agents will be the crucial enabler.
Keywords: metaverse; tokenisation; digital identity; web; virtual worlds
The full article is available to subscribers to the journal.
Author's Biography
David G.W. Birch is an author, advisor and commentator on digital financial services. A recognised thought leader in digital identity and digital money, he holds a number of board and advisory roles across these fields. He is a Forbes contributor and a columnist for Financial World, and in 2022 was rated as one of the global top 30 FinTech influencers.
Victoria J. Richardson is the Chief Operating Officer at Meeco. Working with payment and identity technologies for over 25 years, she has advised a range of companies, from startups to major banks, telcos and government bodies, on the business implications of technology change.
