Wearable technology will change the way we pay
Wearable technology is big business – an anticipated 50 million devices are expected to be sold this year alone. These devices are being integrated with online payment systems which will see users being able to make payments and complete transactions at the touch of a button – in store or online.
A recent study of consumer behaviour in Canada fond that a third of respondents had used their mobile device to purchase goods on the move, with a quarter making a purchase in store using their mobile phone. The study went on to ask how people would like to use mobiles to make payments in the future. Replied included to make payments for petrol and 1 in 5 said a smart fridge that pays for items directly with an online supermarket. Further, retina scanning and ships implanted on the body were also considered a real opportunity for making the payments of the future.
These technologies may be a little way off at the moment, however we are seeing some movement in the development of payment technology in wearable devices. Such as -
Android Wear the recognised Paypal app allows users to log in and pay in store, redeem offers, and receive payment notifications on-the-go.
Barclays’ bPay Bands - contactless payment technology in Barclays’ Bands means users can make payments from pre-paid accounts by scanning bands across any of the 300,000 terminals in the UK to make fast, secure contactless payments
Samsung Galaxy Bluetooth Low Energy can be used to link in store Paypal beacons to Samsung Galaxy smart wearable. Users will receive notifications from beacons as soon as they enter the shop.
Google Glass coming soon, Eaze uses voice and image recognition to authorise a payment and head gestures to confirm and complete transactions. Initially focusing on Bitcoin wallets, other currencies and links with PayPal are expected to follow shortly.
Pebble Smartwatch, launched in the USA , but coming to the UK this month, users can link to their Wallaby wallet, which access all your credit cards from one smart ‘Wallaby Card’. Ensuring you use the best card to get optimum cash back or rewards deals.
As the demand and use of wearable technology soars, the applications for payment technology will grow too. Although take is currently amongst the early adopters software developers will continue to focus on seamlessly bringing together reality and online to make consumer purchases quicker, easier and safer.