08/30/2021

Wearable Technologies Influence Payments

Wearables can provide similar functionality as smartphones

Digital mobile payments have dramatically risen in use, as consumer spending behavior embraces new technologies to match modern standards of living. One method of payment that is poised to take hold is wearable technologies. Wearable payment devices, such as Apple watches or Garmin wristbands, have created a rapidly growing niche in the payments industry.

Wearables Offer Consumers Convenient Payment Options

Wearables are not commonly used yet in payment applications, with most devices finding roles in the health and fitness sector. However, manufacturers are increasingly investing in offerings, such as smartwatches, to allow people to conduct payments through simple gestures. New wearables can provide similar functionality as smartphones.

Also, wearables are better in terms of security, with a lower margin for errors. Users can connect their debit and credit cards to wearables and use these devices exclusively for payments. With the onset of the pandemic, digital payments have made major strides into the market with cash transactions seeing a notable drop.

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