Union Bank of India becomes the first Bank in India to launch virtual banking lounge on Metaverse.

July 9, 2022

State-led Union Bank of India launched a Metaverse-based virtual lounge where it will showcase its products to customers virtually. The lender is the first Indian bank to open a virtual shop for publicity.
Uni-verse, the Metaverse virtual lounge of the bank, hosts the bank’s product information and videos in the initial phase.
Uni-verse will deliver a unique experience of banking to the customers who can roam around the lounge, get information of the bank’s deposits, loans, government welfare schemes, and digital initiatives as if they are experiencing the real world. This initiative is in partnership with Tech Mahindra.
US-based JPMorgan Chase & Co achieved that feat earlier this year in February.
In simple words, Metaverse is an evolved form of internet. The technology enables real-life experiences and situations with Augmented Reality (AR). Users can do nearly every task using Metaverse. They can visit different stores, enquire and hold conversations with different Metaverse users.