Wednesday, July 26, 2017

Payments - Wearable Payments Becoming Standard

I have an Apple Watch and have been using it to make payments for years now.  Starbucks, Dunkin, or using Apple Pay at various retailers who accept it through NFC.

Very cool and I always seem to get a reaction from the people around me too.

Well, this is slowly building up and becoming more common.

Here is a snippet from the piece:

It seems like only yesterday the industry first began mulling in-store, in-app and online payments via mobile devices. Now wearables, including smart watches, fitness trackers and other tags, introduce a whole new wrinkle in the space.

The concept of a wearable as a payment system is not new; Wearables enabled with payment capabilities in closed-loop scenarios, like Disney World's Magic Band or similar wearables associated with cruise ships or music festivals, accounted for 82% of wearable-device payments back in 2015. Visa also had a high-profile rollout of NFC payment-enabled bracelets during the 2016 Summer Olympics last year.

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