How Wearable Tech is Changing Payments

By PayAnywhere on
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 The way consumers pay for goods and services is ever-changing, and the world of payments is moving forward, with the introduction of wearable technology. Making a payment with your credit card just became a different kind of fashionable.

We’re not going to debate who wore it better, but we would like to give you a bit of insight in what to expect in the coming months when customers walk through your doors and want to pay with their technology. Most of the wearable tech we’ll talk about (including smartphones) rely on near-field communication (NFC) technology. NFC allows devices to establish radio communication with a payment device by either touching a point of sale solution or being in close proximity. This technology lets smartphones, watches, and other devices act as a smart card, allowing customers to use them for payments.

So what are the devices you’ll have to look out for in the next year or so? Some of the following have made big news over the last few months, but they’re blazing a trail for many others to follow.

Smartwatches — These watches will become more and more common as the prices lower and become more attainable for the general public. The big hitters in this category come from Apple, Samsung and Pebble, but don’t be surprised if you see models from Motorola, LG and Garmin. There is also a rumor that 80s fashion stalwart, Swatch, will introduce a smartwatch that will feature NFC payment capabilities.

Wristbands and Bracelets — Disney has been using these types of devices under the name MagicBands for nearly two years. These bands allow park-goers to open hotel room doors, gain entrance to the park, charge food and merchandise to their hotel rooms and check their Disney account. This technology is in the testing stages in some larger cities to allow riders to pay for public transportation with a similar wristband.

NFC Ring — Though not set for payments just yet, the NFC ring may soon have the capability. For now, the ring can unlock your smartphone or tablet, unlock or lock doors and share information via Wi-Fi with another smartphone or tablet.

“Project Jacquard” — Truly “wearable” tech, Project Jacquard is something Google and Levi’s have been working to develop interactive fabrics that allow wearers to use their phone by a simple gesture like tapping or swiping of their clothes. The technology could take the idea of wearable technology to levels no one ever thought possible. 

To thrive in the ever-changing mobile payments world, you’ll have to adapt to the changes. And with PayAnywhere on your side, you’ll be ready! For more information on PayAnywhere, visit our site now.