Wearable payment technology takes the convenience of mobile and contactless payments to a new level. Smart sport watches such as Fitbit and Garmin, offer consumers a way to provide fast, convenient, frictionless ‘on the go’ payments while participating in activities such as running, swimming or cycling, eliminating the need to carry around a bulky wallet. The appeal of wearables is easy to understand and it is particularly attractive to Millennials and Generation Z’ers who want technology that fits with what they’re doing ‘in the moment’.
Wearables are a useful and convenient payment factor, representing an unprecedented opportunity for card issuers and payment card networks to become top of wallet and offer consumers new and more convenient digital ways to pay.
The global market for smart wearable technology is expected to grow significantly and reach 260 million units by 2023. * An increasing number of merchants now accept contactless payments and trends indicate that over 78% of the world’s POS terminals will be NFC-ready in 2022.
*CCS Insight’s 2019 Wearables Forecast
- Numerous form factors available
- Enhanced security due to tokenization
- Quick and reliable
- Contactless, germ-free payment transactions
Fast – very likely to reduce checkout times, reduce lines and improve overall customer experience
Freedom – to shop and buy on the go
Support open & closed loop payments
Convenience, just a flick of the wrist and payment is complete
Contactless form factor, no touching required or germ transmission
Functional – 1 watch contains everything for people on the go