Credit Card Processing Blog
What To Know About Wearable Payment Technology

Nov 11, 2015 01:44 PM / by Reliance Star

As we know, technology is constantly advancing. Paper checks and cash are barely used and credit cards can potentially become extinct. With Americans shopping now more than ever, how is it possible that spending is still on the rise?

Wearable payment technology. 
 
Though the concept isn’t new, this idea has yet to become mainstream. One of the most notable of wearable payment technology is Apple Watch. Almost 1 million Apple fans have invested in the watch before it was even launched.
 
Apple is just the popular one. Believe it or not, there are more wearable payment options out there. These others allow you to upload your payment data before going shopping:
  • Google Glass
Google Glass was developed with an optical head-mounted display (OHMD), and produced a small, ubiquitous computer. It displayed information in a smartphone, hands free like format. Although Google stopped producing the prototype, they remain committed to building the project. Google showed it is possible and set a standard for it’s competitors to challenge.
  • NFC Rings
There are many existing rings that use near field communication (NFC) to provide wireless and contactless features. These features include unlocking doors, phones, sharing and transferring information, and making payments. The rings have the potential to become the “next big thing,” with their style and convenience. Also, the fact that they never have to be charged. It doesn’t get any easier than that.
  • Disney MagicBands
Disney likes to add a unique twist to anything they adopt within their company. They came up with “MagicBands,” which can be used when visiting the company’s attractions. Using these bands, users gain access to rides, restaurants, their hotel rooms. When vacation time is up, users may collect any remaining credits and simply discard the band.
  • NFC Clip-Ons
These clips on devices are like the MagicBands,  you do not wear them permanently. Instead, you just clip them on with the purpose of only shopping where it is accepted. Certain devices require smartphone syncing before initiating transactions. These devices are not on the expensive side but they are limited in where they can be used.
  • Printed QR Codes 
Quick Response codes can be found a lot nowadays on the most random items. With the right scanners, payments can be processed within a matter of seconds. They can also be printed on almost anything including tattoos.
         
The possibilities of technology and how far it can go is endless. The rising competition can result in some pretty interesting gadgets that make everyday life easier, such as wearable payment technology.