PayPal Doubling Down With Augmented Reality Glasses

With virtual and augmented reality still dominating the conversations surrounding the future of immersive technology, it seems as though companies are slowly coming round to the idea of incorporating the technology into their future business plans. This past week, online payment company PayPal refreshed a patent for augmented reality payment glasses, which would work by layering virtual information over physical products in stores. With other tech giants including Apple looking set to invest in similar products in the future, PayPal’s revival of the patent reaffirms that they are ready to do battle with some of the biggest companies in the industry, should the technology become mainstream later down the line.

How Exactly Would They Work?

As opposed to virtual reality creating a new world from scratch, augmented reality simply adds to the existing world we live in and payment-enabled AR glasses would build on this concept. A shopper who happens to be browsing a store with the glasses on would be able to access a virtual description of an item including its price, payment options and availability simply by setting eyes on it. The glasses could then assist the customer with the actual purchase of the item due to the fact that vendor and payment information would already be stored on the system.

Could AR Make Its Way Into iGaming and Live?

Earlier in the month, it was announced that Paypal struck a deal with Samsung Pay and had also finalized an extension to their long-term agreement with online marketplace eBay. Paypal have also recently branched out in the online gaming industry, making paying with PayPal in a a realistic and safe alternative to other more traditional methods. Paypal provides a secure and convenient payment system for those wanting to enjoy traditional or live games. Live in particular shares a lot of similarities with augmented reality, in the sense that it provides the customer with a more immersive online experience through the use of live cameras and webcams and aims to mimic the feeling of being in front of a croupier in a brick and mortar.

What Are the Odds of Us Seeing AR Glasses Anytime Soon?

The fact that Paypal have recently refreshed their patent suggests that they are looking to roll out AR glasses sometime in the near future. However, senior vice president at Jeffries, Ramsey El-Assal argues that the likelihood of us seeing the glasses anytime soon are slim and that Paypal are simply striking while the iron is hot at a time where they’re adding strings to their bow. However, the fact that Paypal have refreshed this patent so publicly serves as a reminder to the rest of their competitors that they’re still alive, well and firmly in touch with the latest technology

Is VR The Future of Shopping?

Any look-and-buy payment system which is designed solely around augmented reality is likely to have a number of teething problems and bugs which need to be ironed out. As is the case with most new technology, issues surrounding the security and privacy of such a system will also need to be taken into consideration in order to reassure customers that their information is safe. Nevertheless, if you’d mentioned the idea of augmented reality payment glasses around a decade ago, most people would have expressed concern about your mental wellbeing – this in itself illustrates just how far we’ve come in such a short period of time.