Magnati, a regional leader in the payment solutions industry, is launching Magnati-MetaV, the region’s first metaverse marketplace that enables users to experience e-commerce in a new, immersive way.
The platform seeks to shift behavioural patterns from “electronic commerce” to “experiential commerce”, with a new virtual world that provides users with richer visual and sensory information, as well as improved quality of information. Magnati-MetaV aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to shop, learn, play games, attend concerts and more through a seamless online experience.
Built on Magnati’s blockchain, Magnati-MetaV offers Middle East retailers a fully immersive way to reach their customers. Brands can co-create virtual stores in a discovery-driven online environment, enabling consumers to see and feel retail offerings through a multi-dimensional experience. Users will be able to explore, pick up and purchase products across a mix of retail categories, including fashion, groceries, gaming, technology and more. Users can also purchase tickets and sign up for events to attend virtual concerts, sporting events and educational courses.
Magnati-MetaV’s experiential commerce platform delivers multi-fold benefits to online merchants through solutions that address commonly faced e-commerce challenges. By providing merchants with tools that enable customers to virtually experience a product, Magnati-MetaV aims to help retailers reduce sales cancellations, returns and exchanges. The platform also enables new business growth and revenue opportunities for many other merchant segments, including government, education, events and gaming.
Magnati-MetaV is the first metaverse platform fully integrated with traditional payment rails and gateways to facilitate the transition from electronic commerce to experiential commerce. Payment for products and services on Magnati-MetaV can be made through cards, wallets and other existing digital form factors.
Ramana Kumar, Chief Executive Officer of Magnati, said: “Magnati-MetaV is a natural evolution of our strategy to help merchants stay ahead in this fast-paced digital age. Today’s e-commerce is built on 2D user experiences, which leads to challenges around sales returns, cancellations and customer disappointment. Enabling the customer to experience the product or service drastically reduces these challenges. Magnati-MetaV also creates multiple opportunities for entities previously restricted by geography or brick-and-mortar business models, such as educational institutions, event and sports arenas, and government services.”
He continues: “Leveraging Magnati’s leading payments and metaverse technology, UAE retailers can build functioning, easily accessible virtual worlds on our metaverse platform, opening opportunities to generate new revenue or to provide faster service. While shopping in Magnati-MetaV will feel entirely new, the payment experience will be completely familiar to anybody who has ever paid by cards or wallets.”
Since the carve out from First Abu Dhabi Bank in 2021, Magnati has focused on unlocking the value of payments for its partners. With Magnati-MetaV, the company enters a new stage of growth as it leverages cutting-edge technology to usher in the next generation of e-commerce.