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What metaverse trends should you keep an eye on in 2024?

Now that the metaverse has firmly established itself as a term worth noting, it is time to discover the future trends that will have an impact on many of our hybrid lives. From headsets to NFTs, the metaverse is blurring the lines of virtual and physical entertainment. What was once deemed only tangible in reality is transformed into a digital asset with real-world value using the most advanced technology. 

Let’s discover future trends that demonstrate the value in a convergence of realities. Immersive interactions in decentralised worlds have the potential to transform the internet as we know it.

Here are five metaverse trends to watch out for in 2024. 

Our social evolution 

In 2023, digital creatives embraced all things visual, from bite-sized snippets to in-depth vlogs. In 2024, will they move towards virtual? An ever-growing cohort of users is stepping beyond the two-dimensional screen to experience a virtual reality where social interactions transcend the constraints of pixels and text. 

Our connection to online social entertainment has shifted dramatically in the last ten years as we moved from text to video to virtual spaces. Social digital entertainment consumption is transitioning from 2D to 3D. Moving from Zoom calls to virtual meetings with avatars is no longer the seismic shift that it used to be.

Technology has brought us closer to newer forms of content consumption. Why read the paper when you can watch the news in real-time? YouTube Live has pushed the boundaries here. Do you watch live videos online? Moving into immersive landscapes of the metaverse is a natural progression and, certainly, a trend to keep a close eye on. 

Music festivals, fashion shows, and more will have digital twins and virtual expansions. Welcome to the age where the journey from text to video seamlessly evolves into an exploration of immersive digital environments.

Gaming entrepreneurs

Game within game economies is a novel concept in digital media. Although gaming is said to hold the key to the mass adoption of Web3 technologies, it is also difficult to create a game from scratch and attract the existing gaming market, which has sunk its teeth into their favourites.

Also Read: The XR revolution: A glimpse into the immersive Metaverse of education and beyond

With 214 million monthly active players in Roblox and 231 million monthly active players in Fortnite, they certainly stand out from the pack and have created attractive environments for wide cohorts of gamers. 

However, there are platforms creating easy-on ramps and tools that can add new economic value to existing games while also allowing gamers to create new assets to be shared amongst the gaming community. Upland, Illuvium and The Sandbox are pushing the boundaries with new business models, ownership of digital assets and creative ways to allow players to create revenue opportunities from the time they spend gaming.

Both Upland and the Sandbox are positioning their metaverse platforms for game creators. Allowing them to carve out space within their virtual worlds to bring gaming communities together. 

“We have seen a growing number of players create their own side hustles within Upland. These can be divided into three main categories: entrepreneurs, creators and developers. Through our entrepreneur hub, Metaventures, we encouraged the growth of niche economies within the platform, but we never imagined the pace of the uptake. We’ve seen over US$850,000 FIAT sales from metaventures in addition to over US$1.3 million in UPX transactions,” says Danny Brown Wolf, Chief of Staff at Upland. 

“Developers use Upland as a layer1 metaverse or GameFi Platform, where they connect to existing games, services and experiences to a Upland structure and enjoy access to its community, payments infrastructure and dev tools. Since the Upland Developer network was made publicly available in June, there have been over 20 different applications, and their economic activity surpassed US$400k. When you give players the space and tools, it is fascinating to see how imaginations catch fire and breathe life into new games on top of existing ones,” she continues. 

Industry-led platforms for experimentation 

Research and training have already proved themselves to be valuable use cases in the metaverse. From emergency scenario training to architecting future cities, virtual landscapes are inspiring industry leaders to discover new opportunities and ways of working. 

Also Read: Navigating the evolving landscape of blockchain regulation in the metaverse era

No longer confined to the realms of gaming and entertainment, the metaverse is evolving into a multifaceted space where industries harness virtual environments to innovate, collaborate, and push the boundaries of possibility. From architecture firms envisioning futuristic cityscapes to healthcare pioneers conducting groundbreaking simulations, these industry-led platforms serve as crucibles of innovation. 

As sectors come together to discover opportunities in the metaverse, a playground of innovation is created. One example of this is via the Neoki Metaverse platform. They are focusing on bringing the world of design into the metaverse, enabling them to experiment, create new revenue streams and adopt the technology that brings virtual realms to life. 

“Industry leaders must accept they’re not just playing around – they’re getting a front-row seat to what the next-gen crowd really wants. These digital natives are more than just users; they’re shaping their own worlds online. By taking a step into web3 and virtual environments, they’re doing more than just keeping up – they are getting an insider’s look at their world. It’s like learning a new language, one that’s all about what they value and dream about.

“So, they are not just building cool virtual experiences; they are tuning into the heartbeat of a generation that’s rewriting the rules of the game. The metaverse? It’s our way of staying connected, relevant, and totally in sync with what the future holds,” said Zara Zamani, Co-Founder of Neoki. 

The virtual self

What does my avatar look like? What does it wear? Where do I hang out? As we slowly immerse ourselves in virtual environments, we begin to create digital versions of ourselves. The metaverse is proving to be an innovative place for acquiring new skills.

A study by the University of Bath found that in virtual reality (VR) learning environments, the customisation of virtual instructors to resemble the learner enhances the learning experience significantly, even with minimal adjustments.

This finding aligns with the growing trend of leveraging immersive technologies across various industries for staff training, especially in situations where in-person training is impractical, such as in hazardous environments or health and safety scenarios.

In 2024, more skills will be tested in the metaverse, and traditional training processes will be adapted to include metaverse features. Perhaps the metaverse will house the classrooms of the future. 

Now for the boring bit, policy considerations for the future of the metaverse.

Metaverse policy and regulation

In a leak earlier this year, it was unveiled that Meta has successfully distributed nearly 20 million Quest headsets. With such an impressive adoption rate, it brings us closer than ever to the seamless integration of our virtual and physical lives. A heightened policy debate becomes inevitable as the metaverse becomes more intertwined with our daily lives.

As users navigate these new landscapes, new policies will be shaped to ensure safety, security and privacy are factored into all usage. As more people spend time in the metaverse, the discussion around policies governing these immersive devices is going to intensify.

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How Asia Pacific startups propel the evolution of Generative AI

Startups have always been at the cutting edge of innovation, and in the age of Generative Artificial Intelligence (Generative AI), they are poised to harness the technology to transform customer experiences and the way we work like never before. Investors recognise their value and potential, and have poured US$21.4 billion into Generative AI startups since the start of this year through September 30, 2023, up from US$5.1 billion in 2022, according to PitchBook data.

Today, more than 5,000 Generative AI startups are building their solutions on AWS. These scrappy but nimble innovators are disrupting industries with new ideas, developing locally relevant solutions, and introducing new ways of using AI. The achievements of these startups are commendable given the challenge of navigating a rapidly evolving technological space.

Culturally aware AI

Generative AI technology has captured the world’s attention for its ability to learn and apply knowledge – powered by foundation models (FMs) that are pre-trained on vast volumes of data. However, models are only as good as the data they are trained on. For instance, when Large Language Models (LLMs) pre-trained in English are tasked with non-English queries, they can produce errors and misinterpretations.

This is particularly important to the Asia Pacific region, where the population speaks about 2,300 languages. To cater to the region’s diverse ways of working, cultures, and languages, there is an urgent need to train LLMs on culturally diverse data to build a more nuanced understanding of human experiences and complex societal challenges. The creation of more culturally aware and localised AI will increase the accessibility of AI technology, impacting countries, communities, and generations to come.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

Startups are leading the way in training models with data that represents local text, imagery, audio, video, and other datasets. One such example is Stockmark, a Japanese startup that leverages AWS’s infrastructure to train Stockmark-13B, an LLM using 13 billion parameters that was trained on over 220 billion tokens of Japanese text, one of the largest datasets of its kind.

To develop culturally aware AI, AWS has invested US$6 million in Japan and US$5 million in South Korea to help startups, enterprises, and developers build FMs and LLMs trained on local data.

Innovation across industries

Startups play an important role across the entire spectrum of Generative AI innovation, ranging from establishing the foundational frameworks with FMs to developing practical real-world applications. To date, startups using Generative AI have already transformed a wide variety of industries such as healthcare, financial services, media and entertainment, education, and gaming. By automating tasks, enhancing decision-making processes, and personalising user experiences, Generative AI continues to revolutionise how businesses and organisations of all sizes operate.

In the medical arena, AI-assisted training tools can create personalised and real-time training to medical professionals at scale to help address the current talent crunch. Australia-based startup SimConverse uses Generative AI for simulated roleplay training for over 300,000 healthcare professionals in over 150 organisations in Australia and New Zealand. The company has used Amazon compute services to train their AI models on over 1,000 scenarios, ranging from simple communication tasks like basic history-taking to linguistically complex de-escalation and the delivery of bad news.

Another industry evolving with AI is the media and entertainment sector, where companies are using Generative AI to automate content production, reduce costs, and increase output. South Korea-based startup Toonsquare is pioneering innovations in the webtoon industry with their novel AI-driven generative webtoon production tool Tooning, powered by AWS. With Tooning, tasks that previously took 60 hours in a week can now be finished in just six hours.

Also Read: Will China lead the Artificial Intelligence game by 2030?

Broadening access to AI

Startups have undeniably played a pioneering role in propelling the generative AI technology revolution from its inception to adoption across industries. As startups continue to drive innovation, they are also facing significant hurdles that encompass resource limitations, ethical and regulatory complexities, integration obstacles, and the absence of in-house expertise or technical proficiency.

To overcome these hurdles, startups need access to cloud resources that level the playing field. AWS recently unveiled technology enhancements at all layers of the Generative AI “stack” to make it even easier, cheaper, and faster for startups to build, train, and scale their Generative AI innovations.

At the infrastructure (bottom) layer, this includes pushing the envelope on price performance with the next generation in AWS-designed ML chips, such as Trainium2, and introducing new capabilities to accelerate model training and inference with Amazon SageMaker.

For startups looking to experiment with existing models at the tools (middle) layer, Amazon Bedrock offers expanded choice of leading models, customisation features, agent capabilities, and enterprise-grade security and privacy in a fully managed experience.

At the application (top) layer, startups can transform how they work through applications such as Amazon Q, a new type of Generative AI-powered assistant that is specifically for work and can be tailored to a customer’s business. Another application is Amazon CodeWhisperer, an AI-powered productivity tool for the integrated development environment (IDE) and command line. AWS is also helping to plug the AI skills gaps for startups by providing free AI training programmes all across the region.

Scaling innovation

While building is the first step to the Generative AI revolution, going global is equally critical in driving widespread adoption of startup-driven Generative AI adoption across industries. India-based startup Yellow. AI, a leading conversational AI solutions provider, has listed its generative AI customer service solution on AWS Marketplace, a curated digital catalog with over 330,000 active customer subscriptions. Today, India-based Yellow.AI handles over 12 billion conversations across more than 85 countries annually.

AWS has an established track record in supporting startups – over US$1 billion in AWS credits has been provided to startups over the past decade through the AWS Activate programme – to experiment in emerging fields and building the innovations of tomorrow. We are excited to support startups to build an AI-assisted future world with fresh perspectives and inventive solutions that will drive positive impact for all.

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Ecosystem Roundup: Web3 loses US$1.8B to hacking in 2023 | Hashed invests US$28.44M in blockchain globally

Dear reader,

In 2023, the Web3 space faced a significant threat, with US$1.8 billion lost to hackers and scammers, as revealed by a report from Immunefi. The Lazarus Group, linked to North Korea, accounted for 17% of these losses, highlighting the persistent cyber threats faced by the crypto ecosystem. The largest breach targeted peer-to-peer trading platform Mixin Network, resulting in over US$200 million in losses. Euler Finance and Multichain followed closely with US$197 million and US$126 million losses, respectively.

Law enforcement identified US$309 million associated with Lazarus Group, indicating the magnitude of cybercriminal activity tied to North Korea. Notably, hacks outweighed fraud schemes, constituting over US$1.6 billion in losses compared to US$103 million from identifiable fraud.

Surprisingly, decentralised protocols, claiming to enhance security, incurred the majority of losses at US$1.3 billion, while centralised finance protocols faced US$409 million in losses. The reported $1.8 billion loss reflects a notable decline from the previous year, signalling an evolving landscape in Web3 security.

Sainul,
Editor.

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US$1.8B was lost to Web3 hackers and fraudsters in 2023: Immunefi
Over the year, Mixin Network, Euler Finance, Multichain and other protocols were drained of hundreds of millions of dollars in assets; The biggest hack of the year in terms of losses was P2P trading platform Mixin, which resulted in over US$200M of losses to crypto investors.

South Korean crypto venture Hashed invested US$28.44M in blockchain globally
Blockchain infra, gaming, and finance each commanded 21% of the investments, while IP and content-related startups secured 15% of the allocations; Korea dominated the investment landscape with a 38% share, followed by North America at 21%, and Europe at 7%.

Chinese Web3 VC to launch US$10B accelerator fund: Report
The GBA Capital Web3 Fund will invest in startups focusing on virtual reality, the metaverse and nonfungible tokens and transform the Guangdong-Hong Kong-Macao economic area into the world’s “meta-asset capital.”

No need for a second trial of FTX’s founder Sam Bankman-Fried: Prosecutors
Bankman-Fried, 31, who has been incarcerated since several weeks before his trial, was convicted in early November of seven counts, including wire fraud, wire fraud conspiracy and three conspiracy charges. He could face decades in prison.

Facing roadblocks, China’s robotaxi darlings apply the brakes
Despite years of hype and progress in self-driving technologies, the widespread availability of robotaxis remains a distant reality; That’s due to a confluence of challenges, including safety, regulations and costs.

Zoomcar closes SPAC deal, eyes immediate trading on Nasdaq
The Indian car-sharing platform has completed its merger with IOAC; The new entity Zoomcar Holdings will trade under the ticker symbol ZCAR; The SPAC deal will help Zoomcar pursue growth initiatives in emerging markets.

Baidu announces 100M users have used its AI chatbot
ERNIE Bot has surpassed the number four months after the AI bot got the green light for a mass launch from regulators; The chatbot had generated 3.7B words of text in workplace scenarios and written 300M lines of code.

How India will navigate EVs in 2024
The country plans to add thousands of battery-operated auto-rickshaws and e-buses to electrify public transportation across states in the coming months; Likewise, it looks to offer EV charging stations at various local gas stations.

Everything you should know about Web3 games in 2024
As blockchain becomes more widely adopted and user-friendly, we can expect to see a surge in the popularity of web3 games; With the potential for real-world earnings and a more immersive gaming experience, web3 games are likely to attract a wider audience.

Remembering the startups we lost in 2023
The story of most startup failures is far less exciting; The timing isn’t right, funding dries up, runways run out; Of late, a lot of macroeconomic factors have come into play, as well.

Chinese VC titans eye robust investments amidst economic challenges
Amid a changing global tech landscape and economic challenges in China, major Chinese VCs set sights on SEA’s thriving startup ecosystem.

How climate tech companies in Asia measure the impact of their work
To answer this big question, we reached out to climate tech companies in the Asia Pacific and get them to explain the details.

How Asia Pacific startups propel the evolution of Generative AI
The achievements of these startups are commendable given the challenge of navigating a rapidly evolving technological space.

What metaverse trends should you keep an eye on in 2024?
In 2024, more skills will be tested in the metaverse, and traditional training processes will be adapted to include metaverse features.

Creativity at the heart of business growth
The future holds opportunities for businesses, and the fusion of content and creativity is the key for those aiming to stand out and grow.

How is open-source collaboration empowering Asia’s fastest-growing markets?
From startups to multinational corporations, Asia’s businesses actively integrate open-source technologies into their operations.

The quiet giants of 2024: Celebrating the success of ‘boring’ businesses
As we move towards 2024, the business landscape will likely continue to value and reward these ‘boring’ businesses.

3 things I have learned about the SEA startup ecosystem in the last 8 years
One of them includes refraining from doing harm. Because, in this close-knit startup ecosystem, someone will always find out.

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Life3 Biotech, Union Solar launch low-carbon facility in Singapore

Singaporean foodtech startup Life3 Biotech (Life3) has partnered with solar energy system developer Union Solar to launch a low-carbon facility that integrates the ‘farm to factory to consumer’ concept.

Called Life3 Urban Sustainability Hub (LUSH), the facility is located at Sims Avenue in the island nation and will open around the second quarter of 2024.

LUSH’s Hydroponics Integrating MicroAlgae and Solar Energy System (HIMASS) feature harnesses solar energy and water-upcycling to produce plant-protein and leafy vegetables sustainably in a closed-loop symbiotic system.

Also Read: Foodtech transformation in Philippines: Cloud kitchens and online delivery reshape eating habits

The facility will also have a food processing and innovation area, for post-harvest MicroAlgae biomass to be processed into Algoprotein which can be added into food products.

LUSH will also have a tech experiential area for the public to engage in site visits, workshops and courses to learn about sustainability and healthy living.

In partnership with Union, HIMASS will be equipped with solar panels to convert solar energy into other forms of energy for MicroAlgae production. To keep carbon emissions low for logistics, LUSH’s solar panel system will also power up its EV chargers, which in turn charge up the electric trucks that will complete the last-mile delivery to commercial partners or consumers directly.

HIMASS will use a hydroponics and water-upcycling process, for wastewater to be upcycled, minimising water consumption via a circular economy approach. During this process, bio-fertiliser is produced as a byproduct to be used later in hydroponics.

Ricky Lin, CEO of Life3 Biotech, said: “HIMASS is a game-changing technology and a critical piece of the puzzle to complete our Life3 Urban Sustainability Hub where we can demonstrate how a smart, end-to-end food production system can be deployed sustainably in urban cities; starting from upstream cultivation to midstream processing and packaging, and lastly, to meet downstream consumers’ need for affordable and healthy food products, all made possible in Singapore with lower-carbon footprint.”

“LUSH will be used to engage and empower local communities such as children, youths and seniors through upskilling classes, site tours and workshops for residents to embrace a more sustainable and healthier lifestyle. We will continue to work closely with leading industry players in the private and government sector, like the Public Utilities Board (PUB) and Singapore Food Agency (SFA), to cement Singapore’s position as a leader in food innovation,” Lin added.

Also Read: Embracing sustainability: A circular design perspective on e-waste

Another feature of HIMASS is the proprietary AI software that was created to oversee the growing protocol, which includes monitoring, quality control at microscopic resolutions and maximising the growing and harvesting cycle. AI-enabled IoT through Digital Twin’s technology will transform and enhance productivity through predictive simulation, operational control, and real-time optimisation.

Life3 and Union Solar will collaborate with tertiary institutions Nanyang Polytechnic and ITE to spark interest and inspire youths to pursue their interest in Science, Technology, Engineering, Arts and Mathematics (STEAM) via the route of Applied Learning in Variable Environment (ALIVE); while co-creating solutions towards achieving two key pillars of the SG Green Plan – building a resilient future and living more sustainably.

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StartupIN by Ingenico: A guide to in-store commerce success

Ingenico

In the dynamic world of commerce, the entry or transition from online to in-store operations presents a lucrative yet challenging frontier for startups. With a market where 81% of global retail sales still occur in-store compared to 19% e-commerce, the potential for growth and expansion in this arena is immense. 

This shift, fueled by technological advancements and evolving consumer behaviours, offers startups specialising in payments and commerce or related services like embedded finance, delivery, insurance, and loyalty or rewards, among others, an opportunity to scale and innovate.

Despite its complexities, the in-store landscape offers startups higher conversion rates, less competition than the saturated online market, and a chance to enhance customer experience through tangible interactions.

StartupIN Program: Opening opportunities in in-store commerce

For startups, venturing into in-store payments means tapping into an established market with high visibility and consumer reach. 

Ingenico, a global payment industry leader, stands at the forefront of this space, offering a comprehensive suite of in-store payment solutions. Their extensive global footprint and 42 years of innovation and expertise in the in-store payments market provide startups with a reliable platform to expand their services. Ingenico’s smart POS terminals, managed services, and cloud-based orchestration platforms provide an omnichannel solution, bridging the gap between online and physical commerce. 

The StartupIN program by Ingenico is particularly instrumental, offering startups the tools, business connections, and guidance needed to navigate the in-store landscape successfully.

Ingenico

Mickael Joye, Startup Integration Lead at Ingenico, elaborated on the company’s role in fostering startup growth: “Ingenico isn’t just a facilitator — we’re a driving force for innovation and expansion. Our StartupIN program’s mission is to equip startups with various resources, expert guidance, and pivotal opportunities for scaling their solutions within the in-store payments and commerce sector.”

Joye added, “More importantly, our global expertise and presence provide these emerging companies with comprehensive support in navigating the intricate maze of regulations and protocols. By doing so, we help to streamline their journey, easing the often time-intensive assessments and integrations, and facilitating a smoother and more efficient entry into the market.”

Mickael Joye’s insights into Ingenico’s commitment to enabling startup growth in the in-store payments sector set the stage for understanding these startups’ specific challenges. The journey from concept to market is paved with obstacles and the StartupIN program can provide the solutions that will be integral to their success.

The challenges and solutions

  1. Understanding POS terminal hardware: Startups transitioning to in-store spaces must navigate the world of payment terminals. With Android open OS terminals, developers can transform these devices from simple payment tools to comprehensive commerce solutions.
  2. In-store entry costs: One of the primary barriers for startups moving into in-store environments is the initial investment in POS terminal hardware. Ingenico’s StartupIN program directly addresses this challenge by providing startups with the necessary hardware for their proof of concept, free of charge. It reduces the financial burden on startups but also allows them to experiment and innovate with their in-store solutions without the concern of upfront hardware expenses.
  3. Microservice architecture & API-driven solutions: Microservice architecture can help build in-store solutions that complement online products. This approach allows startups to maintain agility and resilience without compromising their core online solutions.
  4. Scalable infrastructure: In contrast to online shopping, where delays are often tolerated and transactions can be revisited, the in-store experience demands immediate and seamless transactions. Delays or inefficiencies in physical stores can lead to instant customer dissatisfaction as shoppers are unlikely to wait and may leave without purchasing. Therefore, robust and scalable infrastructure, supported by cloud technology with auto-scaling and regional deployment, is essential in ensuring swift, reliable transactions and upholding service-level agreements in the in-store environment.
  5. Automation & merchant onboarding: Startups need to streamline the integration of their solutions into the diverse frameworks of merchants, especially those associated with Ingenico’s customers. Dedicated merchant management APIs can significantly ease this integration process and ensure efficient adaptation and service delivery within the in-store commerce sector.

    Gokula Krishna, Chief Technology Officer, Anycover highlights the impact of such integration: “Integrating with Android Open OS terminals has been a game-changer for us, bridging the gap between digital convenience and in-store personalisation. The API-driven architecture not only simplifies retailer onboarding but also empowers us to innovate rapidly, ensuring our in-store solutions are as dynamic and user-friendly as our online presence. This has been instrumental in enhancing the shopping experience for our customers and has given us a significant edge in the competitive retail landscape.”
  6. Customer experience at Point-of-Sale: Enhancing the in-store experience involves incorporating POS terminals and mobile-centric elements for a user-friendly journey. Technologies like QR codes and NFC are vital in optimising data capture for efficiency and loyalty programs.
  7. Navigating ECRs and payment device integration: The diversity in Electronic Cash Registers (ECR) protocols poses a significant challenge due to regional variations and legacy issues. Each integration must be approached individually, requiring thorough assessment and time investment.
  8. Security in in-store transactions: Ensuring security in in-store transactions is paramount. Startups must comply with PCI DSS, encrypt data in transit and at rest, and maintain stringent access controls to protect customer data and uphold credibility.

Unlocking growth opportunities

While the in-store payments landscape presents challenges, it is also abundant with opportunities for forward-thinking startups. With the right strategies, such as leveraging microservices architecture, scalable cloud infrastructures, and robust security protocols, startups can overcome the hurdles of infiltrating this space.

The advantages of higher conversion rates, a less competitive environment than online commerce, and innovation potential make the in-store space attractive. Ingenico’s support through the StartupIN program further empowers startups to capitalise on these opportunities, paving the way for a successful foray into in-store commerce. While complex, this journey is a promising avenue for startups to expand their footprint and impact in the evolving world of commerce.

If you are an early startup that is an in-store native or have plans to enter the in-store space, visit the StartupIN Program website to find out how Ingenico’s innovations can help your business pursue in-store commerce success.

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This article is produced by the e27 team, sponsored by Ingenico

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