Wearables Are Boosting Mobile Payments

Watch what Watch! We have moved into the realm of mobile payments with our wearable watch.  Wearable tech tracks our emails, checking accounts, fitness and how we shop. The first wearable were big and bulky digital watches which helped us add and subtract with built in calculators.

Today’s advanced technology applications in wearable and may I add fashionable watches provide the convenience for consumers to pay at the point of sale for goods and services.

Research and consulting firm Frost & Sullivan estimates the number of mobile wallet users around the world will rise from 409 million in 2015 to nearly 2 billion in 2023. The same report estimates transaction values will increase from $315 billion in 2014 to $1.6 trillion by 2020.

The majority of smartphones and wearables that offer payment functionality use near field communication (NFC) to talk between POS devices and mobile devices. And NFC is readily available in most new card terminals, including those that accept chip card transactions. If a terminal isn’t NFC-ready, many are upgradeable.

Business owners who are looking for opportunities to expand their offerings by excepting mobile payments from wearable technology the time is now!

For more information contact Paylab Plus and consult with one of our experts 888.413.9186.

Thank you Tsys for your contribution.