Munich, 24th July 2017 – the Smart Payment Association (SPA), the trade body of the smart payments industry, today launches its latest insight paper exploring the potential of payment in driving the global wearable tech market.
Payment ‘on the go’ looks like being the transformational application that captures the public imagination and drives the mass take-up of wearable technologies. According to Gartner, half the consumers in major markets – including North America, Japan and Western Europe – will be using a combination of smartphones and wearables to make payments by 2018.
This new paper from SPA explores the wearable payment technology options already on the market and looks forward to what’s on the horizon for the coming years.
Scoping out the use cases and opportunities that lie ahead, it also outlines the challenges and hurdles that will need to be overcome if the mass take up of wearable payment technologies is to succeed. This includes implementing processes to ensure that the personal and biometric data digitally held in multi-functional wearable devices can be revoked the instant these are lost or stolen.
“The fast-paced evolution of wearable payment represents an unprecedented opportunity for the payment industry,” says Sylvie Gibert, President, SPA. “Consumers are hungry for convenient ‘frictionless’ payment solutions that can be combined with a variety of other lifestyle enhancing apps to make everyday life simpler. And making this happen will open the door to the next secure payment challenge – embedding secure payment authentication into connected IoT devices.”
Download Paper Here