A New Dimension of Possibilities

Ramana Kumar Chief Executive Officer, Magnati talks with MEA Finance about Magnati MetaV, the first fully integrated metaverse platform with traditional payment rails and gateways allowing merchants to bring new retail experiences to customers

Magnati recently launched a new technology that is set to revolutionise shopping. Tell us more about it.

Magnati MetaV is the region’s first metaverse platform enabling users to experience e-commerce in a new, immersive way. It will completely transform the shopping experience for consumers, who will be able to shop, learn, play games, attend events and more through a seamless online experience, all from the comfort of their homes.

Customisable avatars can explore a discovery-driven online environment where consumers can see and feel retail offerings in multi-dimension. Shoppers will be able to explore, pick up and purchase products across a mix of retail categories, including fashion, groceries, gaming, technology and more. They can also purchase tickets and sign up for events to attend virtual concerts, sporting events and educational courses. With the launch of Magnati MetaV, we are ushering in the next generation of e-commerce, “experiential commerce”.

Why is now the right time to launch Magnati MetaV?

Magnati is at the forefront of technological developments and trends, and we believe that customers are ready for this exciting new technology. The UAE retail landscape is undergoing massive changes; traditionally, the region has prioritised in-person retail experiences, with a reliance on cash for most transactions and transfers. In recent years, there has been a shift towards e-commerce and digital payments that can be traced to a number of factors, including technological

advancement, consumer behavioural changes and COVID-19.

As people move more of their lives online, the metaverse provides an enhanced platform for e-commerce in line with changing consumer habits. Through Magnati MetaV, we are enabling merchants to provide brand new retail experiences to their customers. The metaverse provides users with richer visual and sensory information, as well as improved quality of information, as they shop online.

Given that the metaverse has only recently been applied to the retail sector, is the market ready for Magnati MetaV?

Absolutely. Consumers are always looking for new ways to be engaged, provided that the experience is appealing, participation is seamless, and technology is secure. Magnati MetaV combines all three aspects into a single user-focused platform.

Given that this is a new technology, it is important that there is a bridge that connects the existing ecosystem to the future to encourage user adoption. Hence, Magnati MetaV is the first metaverse platform fully integrated with traditional payment rails and gateways, so that shoppers can pay for products and services through cards, wallets and other existing digital form factors. While shopping in Magnati MetaV will feel entirely new, the payment experience will be second nature for those used to paying by card or digital wallet.

What growth opportunities are there for e-commerce retailers?

Currently, e-commerce merchants face challenges like high returns to sales, exchanges and drop in sales due to dissatisfaction in customer experience. Merchants may also experience a fall in future sales due to customer dissatisfaction. These issues arise when customers shop online by viewing 2D images of products, and the product they ultimately receive does not match what they were expecting. Magnati MetaV helps to solve this by providing the tools that let customers experience a product before buying.

Think about how Magnati MetaV can be applied to the hospitality sector. Hotels can create a virtual experience on the metaverse that enables consumers to see and explore in exact detail the rooms they will be booking. This will help to reduce ambiguity and uncertainty for buyers before they book a room.

The metaverse also opens up new revenue opportunities for brick-andmortar merchants that may have previously been restricted by physical space limitations. This includes educational institutions, event organisers and sports broadcasters who gain access to virtual venues and arenas with limitless capacities, allowing these merchants to scale quickly and easily. The possibilities are endless, and we welcome retailers to co-create new virtual worlds with us.

Ramana Kumar, Chief Executive Officer, Magnati

What other features will Magnati MetaV offer to increase the appeal for users?

Of the many benefits that Magnati MetaV offers, one of the biggest draws is the ability to mimic a shopping experience for users, while offering them the highest levels of convenience. For example, shoppers can be comfortably sitting at home while visiting countless stores in the metaverse, just by controlling their avatar.

We understand that socialising with friends is an important aspect of the retail experience, so building this into Magnati MetaV was a priority for us. Digital avatars, controlled by their users, can socialise with one another while shopping, gaming or attending a concert in the metaverse. Magnati MetaV’s customisable and interactive avatars create a better meeting experience by embodying each user’s physical identity and characteristics.

Magnati’s vision is to transform payments into possibilities. How is Magnati MetaV helping to fulfil the vision?

Magnati’s vision of transforming “payments into possibilities” is about unlocking new growth opportunities for our consumer, government, merchant and institutional clients, while setting a new standard for innovation and delivery in the payments industry.

We have established ourselves as a leading payments company, providing merchant acquiring, consumer payment solutions, government payment solutions, issuer processing and acquiring processing services that deliver improved experiences and increased efficiency for our merchant clients.