JP Morgan Injects Capital to Tilia's Virtual Payment System

​Tilia, a virtual payments system provider built for games, virtual worlds, and mobile application developers, has secured a strategic investment from JP Morgan Payments.

Tilia's solution handles payment processing, in-game transactions, as well as payouts to creators by converting in-world tokens to fiat currency including USD, which serves as the backbone of any functioning virtual economy.

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As JP Morgan representatives acknowledge, contextualized commerce such as virtual economies within games and virtual worlds is an area positioned for innovative payments solutions to play a critical role in the coming years. That is why they wanted to invest in Tilia, to develop solutions for these new marketplaces.

Tilia has secured the required money transmitter licenses in the US to support payouts, allowing for secure transactions on a large scale. The company provides developers with the tools to create in-world economies that allow their players and users to buy and sell virtual goods and services and facilitate play-to-earn programs.

In addition to the investment, Tilia is also working with JP Morgan Payments to add to its current capabilities throughout its processing platform including providing increased payment and payout methods, expanding pay-out currencies and support services.

(Source: The Paypers)