Is Metaverse the next big thing in the banking industry?

There will be three key payment channels for settling transactions in the metaverse - Mobile payments, Card payment networks and Cryptocurrencies. GlobalData anticipates that most metaverse platforms will integrate all three payment options, while blockchain-based metaverses will prefer cryptocurrencies to attract crypto-enthusiasts. The development of metaverse-based marketplaces will also trigger competition between centralized banking services (e.g., traditional banks) and decentralized finance (DeFi) providers.