If you don’t have a VR headset, you can still access the banking metaverse from your phone, laptop, or gaming desktop. “Not just for the elite. We are trying to democratize the 3D experience and augmented reality,” says Rajesh Mirjankar, Managing Director and CEO of Kiya.ai.

He sees a smartphone-like revolution with virtual reality, haptic, augmented reality and mixed reality devices. “You don’t buy a smartphone just to make or receive calls. You buy it for other 99% services it offers. Imagine a device that is much cheaper than a decent smartphone but allows you to have 3D experiences, play games and participate with other users who are on the platform. It makes the business case for Metaverse clearer,” says Mirjankar.

Internal versus Ethereum blockchain

Kiya.ai built the banking metaverse on its internal blockchain network. There are plans to expand use cases beyond banking to include purchasing and other non-banking services. For such a “multiverse”, the company will jump into the Ethereum network so that one can jump from one metaverse to another.

Once the Reserve Bank of India launches the central bank digital currency (CBDC), it will bring much more credibility to the banking metaverse and multiverse, says Mirjankar. “We will support CBDC to enable Open Finance in a Web 3.0 environment,” he says.

Mirjankar says about 8 countries that have adopted CBDC are using it for inter-bank settlements and transactions within a closed group, such as between the government and businesses. He expects India’s digital currency to follow the same path.