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Metamoney: Payments in the metaverse

Author

Listed:
  • Birch, David G.W.

    (Principal, 15Mb Ltd, UK)

  • Richardson, Victoria J.

    (Chief Operating Officer, Meeco Pty, Australia)

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.

Suggested Citation

  • Birch, David G.W. & Richardson, Victoria J., 2023. "Metamoney: Payments in the metaverse," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 17(2), pages 130-141, June.
    • Handle: RePEc:aza:jpss00:y:2023:v:17:i:2:p:130-141
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    Citations

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    Cited by:

    1. Aysan, Ahmet Faruk & Gozgor, Giray & Nanaeva, Zhamal, 2024. "Technological perspectives of Metaverse for financial service providers," Technological Forecasting and Social Change, Elsevier, vol. 202(C).

    More about this item

    Keywords

    metaverse; tokenisation; digital identity; web; virtual worlds;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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