Wall Street & Technology: Blog: Second Life: Financial Services Firms Continue to Move In, now with New Credit Card

Second Life: Financial Services Firms Continue to Move In, now with New Credit Card

The financial services world continues to expand in Second Life.
Singapore-based financial firm First Meta has just launched Second Life’s first credit card.

So, how will the new Second Life credit card work? Well, pretty much like a regular credit card. You can use the card to buy goods in Linden dollars at participating merchants. Just like in real life, you also have a credit limit.

To pay using the virtual card, Second Life residents just need to right click on the item being purchased and then click on 'MetaCard'.

Cardholders can also earn reward points by using the virtual card for purchases. Customers can also use the card to get a "cash advance" from First Meta ATMs in Second Life.

Users will receive statements at the end of each billing cycle showing the minimum payment required. The monthly fee for a card is 300 Linden dollars. Card balances and fees can be paid at First Meta's Second Life ATMs.

First Meta deals exclusively with virtual worlds, but a number of real-world financial services have already opened branches in Second Life.

Germany’s Wirecard Bank moved into Second Life this past May. Earlier in the year, Denmark’s online investment bank Saxo, and Dutch banking groups ING also entered the virtual Second Life world, joining existing resident ABN Amro.

There is also a stock market in Second Life, called World Stock Exchange, which enables virtual companies to raise capital and allows investors to buy stock using the fictional Linden Dollar and World Internet Currency that can then be sold for real US Dollars. It is operated by Australian entrepreneur Luke Connell.

Posted by Melanie Rodier at 04:29 PM

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