Wearable technology was once a thing of science fiction movies, but over the last few years, the amount of wearable tech on the market has rapidly increased. In fact, 2017 has been predicated as the year of wearable technology and as these items become increasingly popular and more innovative, businesses are left playing a game of catch up.
As a business owner, you may be wondering if investing in payment systems compatible with wearable tech is worthwhile, or if this is just a gimmick that will quickly phase out. However, with a quarter of payments now being contactless, it seems that they are here to stay. To ensure business is booming, prepare for a contactless future.
Smart watches have taken off across the globe, with functionality including health monitors, exercise trackers and payment methods. But now, researchers have gone one step further. As well as watches, contactless technology is now being incorporated into bracelets and rings, all of which allow you to pay via contactless methods. Unlike more traditional payment methods, wearable tech is innovation ready, and can be transformed with a software update, making a contactless card terminal for your business a solid investment. Contactless is also convenient for businesses and customers alike, with faster more efficient transactions.
If you thought contactless technology was just for credit/debit cards and mobile phones, think again. Across the globe, innovators have been developing clothing with incorporated NFC (Near Field Communication) chips – the piece of tech that makes contactless payments possible. For stylish business owners, there are suit jackets with chips embedded in the sleeve, or for cold winter days, how about a contactless scarf or gloves? There are also fobs you can attach your keys, so you can still buy lunch even if you forget your wallet.
Cards and Apps
The number of mobile phone apps offering payment services is continuing to rise, with customers now using app-only banks and wallets. This is a trend that appears to be here to stay, leading to speculation about the future of traditional payments. While cash is gradually becoming a thing of the past, developers are ensuring that cards are here to stay by creating an all-in-one card that stores information from all of a customer’s credit and debit cards, as well as futuristic credit cards that can dissolve when falling into the wrong hands.
From the rise in wearable tech to innovative credit and debit cards, it seems that contactless payment methods are here to stay. As such, invest in a contactless system to ensure that your business can compete.