This Week In Small Business Tech: Is The Metaverse Failing?

Here are five things in tech that happened this week and how they affect your business. Did you miss them?

1 – The Metaverse is quickly turning into the Meh-taverse

Developments in the Metaverse apparently have come to a halt as Walt Disney Co recently nixed its Metaverse division the Wall Street Journal reported. Described as a deeply immersive and hyper-real-3D experience of the internet – the Metaverse has been the focus of conversation and interest over the past few years. Mark Zuckerberg made news in 2021 when he announced Meta Platforms Inc. – officially renaming Facebook. But those with a vested interest have yet to see a robust expansion of the Metaverse for reasons such as costs and user engagement. Virtual technologies like Decentraland have experienced a 90 percent decrease in price for virtual real estate the Journal noted. Many company executives – such as David Limp, Senior VP of Devices at Amazon – choose to devote their resources to artificial intelligence. (Source: Wall Street Journal)

Why this is important for your business:

What happened to the Metaverse? Lots of hype, but no significant demand. To me there’s a simple reason why: hardware. Getting access to the Metaverse now is pretty much like going to any other website, unless you have a virtual reality headset which is costly, clunky, hard to use and makes you look like a visitor from outer space. The Metaverse will explode someday when your everyday glasses (or contact lenses) can take you there with a simple command. The micro-processing power needed to do this is significant. But it will happen. And when it does, the Metaverse will no longer be called the Meh-taverse.

2 – Apple’s BNPL product goes live and more fintech services are coming

Apple’s buy now, pay later service has been activated for public use. BNPL is available for online and in-app purchases via Apple Wallet and Apple-ID. As part of its launch Apple will invite a random selection of customers to utilize BNPL. In terms of dollar amount – it’s been reported the range will be between $50 and $1000 with purchases divided “over six weeks at least.” Additionally, users will not be hit with interest fees. Vice President of Apple Pay and Apple Wallet – Jennifer Bailey – said she expects that to be a driving factor of customer appeal. Apple Wallet is a clear sign of the company’s trajectory as its expansion of fintech will include digital banking and loan options. (Source: Crowdfund Insider)

Why this is important for your business:

Buy Now Pay Later services have been popular over the past few years as consumers – particularly younger consumers – are gravitating towards platforms that can give them short term credit instead of having to pay credit card interest. When applied the right way it can help small merchants make sales. With Apple in the game, we’ll see this type of finance become even more popular.

3 – Zoom is adding new features to compete with Slack, Calendly, Google and Microsoft

Zoom is building on its services as a video conferencing platform. (Source: TechCrunch)

Why this is important for your business:

According to the TechCrunch report, advanced emailing and scheduling tools as well as AI-supported meeting summaries have been added to its features. Zoom IQ Assistant – an AI supported tool – will guide users if they have questions about a meeting or provide chat summaries. The company has also extended Zoom IQ into other areas such as sales calls.

4 – FTC warns of a ‘terrifying’ phone scam driven by AI

As if the rampant increase in online scams wasn’t irritating enough – the Federal Trade Commission has rung the alarm bells on the latest device to defraud the unwitting. Artificial intelligence is being used to clone the voice of family members and placed into phone calls to make it appear as if a loved one is in need of money. What’s known as text-to-speech technology – the FTC has reported on the mechanics of voice cloning and how it can be used in both useful and malicious ways. They reported that in 2022 “imposter scams” resulted in over $11 million in theft. Using only a snippet of a person’s voice, these imposters can extend the clip to create a seemingly authentic phone call. (Source: Newser)

Why this is important for your business:

Simple solution: before relinquishing any money, call the person back. If you’re a business owner your financial people need to be particularly aware of this scam – driven by deepfake technology – that can turn into a big loss for you. Make sure you have internal controls over your disbursements that require multiple approvals in writing.

5 – JP Morgan will pilot an in-store biometric payment system with U.S. merchants

Global financial firm JP Morgan will set in motion a biometric payments system where customers can make transactions by using their palm or face. The pilot program will launch in a few brick-and-mortar locations with wider expansion next year. [The program] should allow for fast, secure and simple checkout experiences for its merchants’ customers, delivering a modern payments experience to enhance customer loyalty,” the company said. (Source: NFCW.Expo)

Why this is important for your business:

Biometrics are quickly becoming a significant part of security and my expectation is that our use of passwords will ultimately disappear. Systems that can read fingerprints, eyes or faces will be the main way we access data and buildings in the not-too-distant future. There are plenty of good technologies that do this already that you may want to evaluate.