Has it ever happen to you that you went to the store and forgot your wallet? Yes, it is one of those days when everything goes wrong. Don´t worry, we have a solution for you! There is a new wave of wearables that have a payment function. Yaay, no more wallets!
UP4 from Jawbone is a fitness tracker that also enables payment. It is great for joggers who don´t like to take a lot of things with them. Unfortunately the payment function only works with American Express holders.
DC TAG is a waterproof payment wristband which can be used everywhere Visa paywave is allowed. It is a great solution for people with active lifestyle. You can do water sports and not have to worry about your wallet being left on the beach and no one being around to look after your stuff.
Yes, besides many forward innovations, Apple Watch allows you to purchase materials. The good thing is you need no app or iPhone. All you have to do is to double-click the side button and hold the face of your Apple Watch up to the contactless reader. A beep confirms that your payment has been successfully completed. Just in case you lose your Apple Watch, your credit card account is protected with a passcode. This function works with many different bank holders; to name the biggest ones: Visa, MasterCard and American Express.
Kerv is a payment ring which can be used everywhere in the world where contactless payment symbol is displayed. It comes in different sizes and you don´t have to pair it with a smartphone to make a payment.
bPay offers a variety of products for payment all under £25. You can choose a fob keychain, a small hardware device with built-in authentication mechanisms, which you can attach as a key chain or a sticker. They also sell a wristable. Their app works under both platforms, Android and OS. The app itself allows you to track your spending, so you always know how much money you you’ve got left on your account.
A few months ago, a cool partnership was announced between Xiamo and Alibaba Group Holding. Together they have been developing a payment system using wearable technology. It has been said that Alipay Wallet mobile app will be linked to Xiaomi’s Band smart fitness bracelet. This partnership is first for China´s major tech firms, so we will keep you posted and let you know on new news.
Another new partnership is Kairos Watches and Wirecard. They want to integrate NFC payment to their products. The team believes that the future of payments is wearable so gathering forces with a German payment technology provider was a no brainer.
LoopPay is a mobile payment system which looks like a card case that holds a little, battery-powered plastic puck inside. It is embedded with a magnetic loop which allows you to mimic a regular credit-card swipe when placed up against any regular credit-card terminal. To load credit cards into your LoopPay accessory, you use an included Square-type card swiper. The bad thing about it is that all of your credit card information is stored on your phone. Once the cards are loaded in, you can hold LoopPay up to any swipe terminal, press a button (or select a payment method in the app), and a payment goes through.
PureWrist is a silicone bracelet that contains an embedded NFC payment chip. You can use it all over the world; specifically where MasterCard Debit contactless payments are accepted. The bracelet contains a prepaid reloadable debit card and the company emphasizes this is not a credit card and no credit card is needed. The company donates from 20% of their Indiegogo campaign’s net profit to The Leukemia & Lymphoma Society.
WT also is concerned about long-time standing companies that are making the switch to wearable payments.
Disneyworld, for example, wants to give families who are staying in their hotel the experience which is as care free as possible. They developed MagicBands. These wristbands allow you to open door in hotel room, gives you fast pass so you no longer have to wait in line and the opportunity to purchase food and merchandise in Disneyworld theme park. Again we think this could be a great family trip without a wallet.
Season ticket holders of the British rugby club Saracens can now enjoy a similar experience as Disney fans. These rugby fans received a wristband, produced by Gemalto, were they can purchase food and drink at the club’s Allianz Park stadium in London. In addition they can also make payments outside the venue and travel on the city’s public transport network.
2015 trends reveal that wallets will be replaced by NFC payments in the near future. On one hand it is a new exciting chapter in the wearable world and although companies are investing a lot of money into making their services as safe as possible we can´t help but wonder if consumers will feel safe using them on a day to day basis.