Wearable Technologies Influence Payments
Digital mobile payments have dramatically risen in use, as consumer spending behavior embraces new technologies to match modern standards of living. One method of payment that is poised to take hold is wearable technologies. Wearable payment devices, such as Apple watches or Garmin wristbands, have created a rapidly growing niche in the payments industry.
Wearables Offer Consumers Convenient Payment Options
Wearables are not commonly used yet in payment applications, with most devices finding roles in the health and fitness sector. However, manufacturers are increasingly investing in offerings, such as smartwatches, to allow people to conduct payments through simple gestures. New wearables can provide similar functionality as smartphones.
Also, wearables are better in terms of security, with a lower margin for errors. Users can connect their debit and credit cards to wearables and use these devices exclusively for payments. With the onset of the pandemic, digital payments have made major strides into the market with cash transactions seeing a notable drop.
Wearables offer consumers better access to convenient payment options. Also, the incorporation of facial and fingerprint recognition biometrics on Android and iOS platforms is gaining the interest of players in the financial sector.
Large Players Take Notice
In early 2021, DIGISEQ unveiled a breakthrough technology for wearables called Rapid Contactless Personalization for Android and iOS devices including secure tokenization and payment data, leveraging the advances in IOT and the increased adoption of contactless technologies during the pandemic.
And now some prominent companies who have taken steps to promote wearables for payments include Disney, Lyle & Scott, Visa, Apple, Samsung, Sony, Alibaba, and Mastercard. Aside from promotional efforts to build user awareness, strategic collaborations with tech and hardware providers to leverage previously unexplored applications is likely to hold the interest of manufacturers and service providers for the foreseeable future.
Learn More About i3 Merchant Solutions’ Digital Payment Solutions
Contact us online or call 1-800-621-8931.
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