Virtual Reality, Already a Reality (for the Payments Industry)?

Note: This is the unedited version of an interview I gave to PCM, a payments industry trade journal produced by Payments & Cards Network. It is reprinted here with permission from the editor.

In the interview I give a broad overview of the history of VR/AR and the unique challenges and opportunities presented by the medium to the payments industry today. The edited version of this interview can be found on their website, and a mirror can be found here.

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PCM: There seems to be a lot of interest in virtual reality these days. How long has the technology been around, and why is there so much interest now?

Me: First of all, I think that you’re definitely right about VR being a big trend right now. There are a lot of really interesting technical developments that helped to facilitate this current wave of VR interest, but it’s important to remember that VR is not a brand new idea.

Take, for example, the head-mounted display which modifies the image that’s projected into your eyes based on where your head is in space. That technology has been around in some form or another since at least the early 1960s. Controllers that fit your hand like a glove have been around for a similarly long time, but a lot of these early experiments were confined to academic research and some corporate research and development labs.

In the 1980s and 1990s there were several attempts made to commercialize VR technology, primarily by the video game industry, but it’s my understanding that those first attempts were fairly crude: lots of blocky, pixelated graphics and some significant lag in head tracking, which made users nauseous. All of this took away from the immersive experience that VR enthusiasts sought. The history of VR hardware is really interesting, but that’s kind of outside the scope of this conversation, so I’m sorry for digressing here.

Today, though, both hardware and software have gotten to the point where that kind of immersive experience is achievable. The high end PC gaming industry really drove a lot of technical progress in graphics processing chips. Both computer and mobile phone producers have developed and adopted displays with extraordinarily fine resolution, so whatever is being displayed looks very smooth. And, we could probably thank the smartphone industry for the huge variety of inexpensive gyroscopes, sensors and other components that allow for head tracking, tilt detection and other features. All these components have been appropriated and remixed by the VR industry today.

This is a long-winded way of saying that VR is the convergence of a lot of technical progress that’s come down to a price point that’s accessible to a lot of people now.

PCM: How does VR make user experience better? Is there anything that’s bad or lacking in the VR experience? Continue reading “Virtual Reality, Already a Reality (for the Payments Industry)?”