Abu Dhabi payments firm Magnati fast-tracks its entry into metaverse

Abu Dhabi payments firm Magnati fast-tracks its entry into metaverse

Dubai: Brands and consumers are already making it to the metaverse – and an Abu Dhabi based payments processing company is wasting no time to join them. Magnati, owned by Brookfield and UAE mega-bank FAB, is the one making the step, with the aim to be a ‘leading player in the Middle East’s ecommerce metaverse space’. But why rush to get into metaverse, an AR (augmented reality) landscape that is in various stages of formation. Wouldn’t the payments side of things take longer? “Currently, e-commerce merchants face challenges like high returns to sales, exchanges and drop in sales due to dissatisfaction in customer experience,” said Ramana Kumar, CEO of Magnati. “Many customers face a similar experience where the product they receive does not match what they expected. “Given these challenges, this is exactly the right time for the metaverse and the next generation of e-commerce – ‘experiential commerce’, which enables customers to experience products and services before they buy.” The new initiative - Magnati-MetaV - is billed as the first metaverse marketplace in the region and enables users to experience e-commerce in an ‘immersive way’. There’s ‘richer’ visual and sensory information, as well as “improved quality of information, so that