Today in the Connected Economy: Qualcomm Bets $100M on the Metaverse

Today in the connected economy, wireless technology company Qualcomm announces the creation of a $100 million fund to support metaverse-related projects.

Also, Mastercard and HSBC collaborate on a new B2B payments solution, and Titus-Will Automotive Group rolls out a new car buying site that lets customers find used vehicles in under 15 minutes.

Qualcomm Opens $100M Metaverse Fund

Wireless tech company Qualcomm has set up a $100 million fund to invest in virtual reality (VR) and augmented reality (AR) tech in a bid to launch itself into the metaverse.

“Through the Snapdragon Metaverse Fund, we look forward to empowering developers and companies of all sizes as they push boundaries of what’s possible as we enter into this new generation of spatial computing,” Qualcomm CEO Cristiano Amon said in a statement.

The San Diego company says it will deploy the funding by backing VR and AR firms through Qualcomm Ventures, its corporate venture capital operation.

Mastercard Teams with HSBC for New B2B Cash Flow, Payments Solution

Mastercard has teamed up with British bank HSBC to launch a new business-to-business (B2B) payment solution for cash flow management and expanded payment options.

The Mastercard Track Card to Account Transfer lets businesses use their commercial card program to pay any supplier, even if that supplier doesn’t accept card payments. The new solution is designed to help businesses better manage cash flow while also ridding them of manual processes and offering comprehensive payment alternatives.

“Mastercard is focused on putting an end to the operational and financial challenges created by inefficient processes in B2B payments,” said Kelly Devine, division president, Mastercard U.K. and Ireland. “With the new Mastercard Track Card to Account Transfer solution, we are offering even more choices to banks in how they provide and adapt value-added services to their business customers.”

UK’s Creditspring Launches New Credit Building Tool

British consumer credit provider Creditspring has debuted “Step,” a credit-building product designed for people with patchy credit history or no credit history at all.

“Step gives more people the opportunity to build their credit responsibly with a fixed-fee finance subscription — eliminating the risk of debt spiral,” the company said.

“To reduce a consumer reliance on loans, Creditspring’s aim is to break down the barriers associated with finances, simplify an industry that many consumers find complex and confusing, and give people the tools and guidance they need to build credit, understand their finances, and make informed decisions.”

Creditspring said consumers can sign up for free and access services like Step and its Stability Hub, which is an education and support resource designed to help consumers reach financial stability prior to taking out loans or lines of credit.

Titus-Will Automotive Group Launches Automated Used Vehicle Website CarBreezy

Titus-Will Automotive Group is unveiling a fully online and automated pre-owned vehicle website called CarBreezy that lets consumers find and purchase a pre-owned vehicle in 15 minutes.

Trevor Will, general manager at Titus-Will Automotive Group, said the digital solution will roll out in the South Puget Sound region of Washington state. Will says the tool demonstrates that “online to your driveway within 72 hours is possible.”

“We look forward to offering our neighbors a completely online retail experience, backed by the customer-service excellence we have demonstrated for over 80 years at our family-owned and operated dealerships,” he said. “By offering consumers alternatives to the traditional car shopping model our hope is a new group of buyers will support our local business.”