{"id":216323,"date":"2024-04-08T12:56:10","date_gmt":"2024-04-08T12:56:10","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=216323"},"modified":"2024-04-08T12:56:10","modified_gmt":"2024-04-08T12:56:10","slug":"how-wearable-payments-are-transforming-the-retail-industry-in-cur_year-top-expert-insights","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/how-wearable-payments-transform-retail","title":{"rendered":"How Wearable Payments Are Transforming the Retail Industry in 2024: Top Expert Insights"},"content":{"rendered":"<p>With the integration of payment capabilities into <a href=\"https:\/\/www.techopedia.com\/definition\/31206\/wearable-device\">wearable devices<\/a>, such as fitness bands, <a href=\"https:\/\/www.techopedia.com\/wearables\/best-smartwatch\">smartwatches<\/a>, jewelry, and even clothing, it&#8217;s much easier for consumers to make contactless payments.<\/p>\n<p><strong>Roman Zrazhevskiy, founder and CEO of MIRA Safety<\/strong>, a provider of personal protective equipment, told Techopedia:<\/p>\n<blockquote><p>&#8220;I see wearable payment devices and the associated technology as the technology of the future, enabling both consumers and businesses to conclude transactions with ease and minimize traction in retail shopping.&#8221;<\/p><\/blockquote>\n<p>Currently, wearable payments technology is still in its early stages, as providers, consumers, and businesses experiment to garner key insights, data, and analytics into the technology and its impact on the retail market. Zrazhevskiy added:<\/p>\n<blockquote><p>&#8220;What I don&#8217;t like is the trend of diversifying wearables to the point where different retail brands and different wearable providers offer different payment options at different stores, making things all the more complicated.\u201d<\/p><\/blockquote>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:\u201c3\u201dpx;-moz-border-radius:\u201c3\u201dpx;-webkit-border-radius:\u201c3\u201dpx;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>The main use of wearable technology in retail revolves around payments.<\/li>\n<li>Wearable payment devices enable consumers and businesses to conclude transactions with ease.<\/li>\n<li>Accenture has found that next-generation consumer payments, including contactless and wearable payments, are growing at a rapid rate.<\/li>\n<li>Wearables are increasingly relying on near-field communication (NFC) technology to provide contactless payment features to customers.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"increased_reliance_on_nfc_technology\"\n                               onclick=handleScrollToTitle(\"increased_reliance_on_nfc_technology\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Increased Reliance on NFC Technology<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"payments_the_major_use_case_of_wearable_technology_in_retail\"\n                               onclick=handleScrollToTitle(\"payments_the_major_use_case_of_wearable_technology_in_retail\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Payments \u2013 the Major Use Case of Wearable Technology in Retail<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"5_examples_of_wearable_payment_devices\"\n                               onclick=handleScrollToTitle(\"5_examples_of_wearable_payment_devices\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">5 Examples of Wearable Payment Devices<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_market_for_contactless_wearable_payments\"\n                               onclick=handleScrollToTitle(\"the_market_for_contactless_wearable_payments\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Market for Contactless Wearable Payments<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"benefits_pitfalls_of_wearable_payments\"\n                               onclick=handleScrollToTitle(\"benefits_pitfalls_of_wearable_payments\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Benefits &amp; Pitfalls of Wearable Payments<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_future_of_wearable_payments\"\n                               onclick=handleScrollToTitle(\"the_future_of_wearable_payments\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Future of Wearable Payments<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"faqs\"\n                               onclick=handleScrollToTitle(\"faqs\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">FAQs<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"increased_reliance_on_nfc_technology\"\n                                   onclick=handleScrollToTitle(\"increased_reliance_on_nfc_technology\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Increased Reliance on NFC Technology<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"payments_the_major_use_case_of_wearable_technology_in_retail\"\n                                   onclick=handleScrollToTitle(\"payments_the_major_use_case_of_wearable_technology_in_retail\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Payments \u2013 the Major Use Case of Wearable Technology in Retail<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"5_examples_of_wearable_payment_devices\"\n                                   onclick=handleScrollToTitle(\"5_examples_of_wearable_payment_devices\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">5 Examples of Wearable Payment Devices<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_market_for_contactless_wearable_payments\"\n                                   onclick=handleScrollToTitle(\"the_market_for_contactless_wearable_payments\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Market for Contactless Wearable Payments<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"benefits_pitfalls_of_wearable_payments\"\n                                   onclick=handleScrollToTitle(\"benefits_pitfalls_of_wearable_payments\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Benefits &amp; Pitfalls of Wearable Payments<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_future_of_wearable_payments\"\n                                   onclick=handleScrollToTitle(\"the_future_of_wearable_payments\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Future of Wearable Payments<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"faqs\"\n                                   onclick=handleScrollToTitle(\"faqs\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">FAQs<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n                                                    <\/li>\n            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}\n<\/script>\n\n<h2><span id=\"increased_reliance_on_nfc_technology\">Increased Reliance on NFC Technology<\/span><\/h2>\n<p>Wearables are increasingly relying on <a href=\"https:\/\/www.techopedia.com\/definition\/27583\/near-field-communication-nfc\">near-field communication<\/a> (NFC) technology to provide contactless payment features to customers, said <strong>Jessica Grisolia, director of industry solutions at Scandit<\/strong>, a provider of smart data capture software.<\/p>\n<p>&#8220;We see watches and rings being popular, but skin implants using <a href=\"https:\/\/www.techopedia.com\/definition\/3643\/radio-frequency-identification-rfid\">RFID<\/a> technology for payments are also possible,&#8221; she added.<\/p>\n<p>The claim of these wearable NFC payment devices is to bring consumers an even better ease of use than <a href=\"https:\/\/www.techopedia.com\/definition\/2977\/smartphone\">smartphones<\/a>, since with wearable technology, there is no need to take a smartphone to pay since the wearable is normally already on (or in) your hand, Grisolia said.<\/p>\n<h2><span id=\"payments_the_major_use_case_of_wearable_technology_in_retail\">Payments \u2013 the Major Use Case of Wearable Technology in Retail<\/span><\/h2>\n<p>The main use of wearable technology in retail revolves around payments, according to <strong>Sulabh Agarwal, managing director, global head of payments at Accenture<\/strong>. He said:<\/p>\n<blockquote><p>\u201cThe rise in the acceptance of contactless payments and contactless payment wearables for retail transactions has led shoppers to feel more secure using <a href=\"https:\/\/www.techopedia.com\/definition\/1776\/digital-wallet\">digital wallets<\/a> for making payments.\u201d<\/p><\/blockquote>\n<p>The use of contactless payment devices, such as smartwatches, increased substantially during the COVID-19 pandemic as retailers aimed to minimize the contact between employees and customers.<\/p>\n<p>Wearable payments create a lot of transparency and convenience for consumers, allowing them to easily transact where they want and to clearly see where those transactions are happening, according to <strong>Melissa Otto, head of tech, media, and telecom research at Visible Alpha<\/strong>, an investment technology firm. She said:<\/p>\n<blockquote><p>&#8220;It also enables businesses to find new opportunities to connect with their customers. Wearables and the payment ecosystem that supports them provide a valuable infrastructure that enables retailers to sell to their customers in more ways.&#8221;<\/p><\/blockquote>\n<h2><span id=\"5_examples_of_wearable_payment_devices\">5 Examples of Wearable Payment Devices<\/span><\/h2>\n<p>The following are some wearable technology examples available today:<\/p>\n<h3>Fitbit Versa 4<\/h3>\n<p><a href=\"https:\/\/www.fitbit.com\/global\/us\/products\/smartwatches\/versa4\" target=\"_blank\">Fitbit Versa 4<\/a> is a thin, lightweight fitness smartwatch that provides results from your workout routine and enables instant contactless payments.<\/p>\n<figure id=\"attachment_216376\" aria-describedby=\"caption-attachment-216376\" style=\"width: 1766px\" class=\"wp-caption alignnone\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image.jpg\" alt=\"\" width=\"1766\" height=\"1572\" class=\"wp-image-216376 size-full\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image.jpg 1766w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image-300x267.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image-1024x912.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image-768x684.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image-1536x1367.jpg 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/versa4-black-lifestyle-hero-image-1200x1068.jpg 1200w\" sizes=\"(max-width: 1766px) 100vw, 1766px\" \/><figcaption id=\"caption-attachment-216376\" class=\"wp-caption-text\">Fitbit 4 Smartwatch. Source: Fitbit<\/figcaption><\/figure>\n<h3>RingPay 2<\/h3>\n<p><a href=\"https:\/\/mclear.com\/product\/ringpay\/#description\" target=\"_blank\">RingPay 2 by McLear Ltd<\/a> smart ring allows consumers wearing it to complete transactions just by waving their hands.<\/p>\n<figure id=\"attachment_216346\" aria-describedby=\"caption-attachment-216346\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-300x202.jpg\" alt=\"RingPay 2 smart ring. \" width=\"1200\" height=\"809\" class=\"wp-image-216346\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-300x202.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-1024x691.jpg 1024w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-768x518.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-1536x1036.jpg 1536w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5-1200x809.jpg 1200w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/2-5.jpg 1600w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-216346\" class=\"wp-caption-text\">RingPay 2 Smart Ring. Source: McLear<\/figcaption><\/figure>\n<p>According to the latest news, speculation is increasing about Apple\u2019s strategic entry into wearable tech with the <a href=\"https:\/\/www.techopedia.com\/apple-smart-ring-release-date\">Apple Smart Ring<\/a>. Rumors suggest the latest wearable could offer mobile payments, health tracking, and device control features.<\/p>\n<h3>Apple Watch<\/h3>\n<figure id=\"attachment_216351\" aria-describedby=\"caption-attachment-216351\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/3-1-300x285.jpg\" alt=\"Apple Watch Series 9. \" width=\"1200\" height=\"1139\" class=\"wp-image-216351\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/3-1-300x285.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/3-1.jpg 750w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-216351\" class=\"wp-caption-text\">Apple Watch Series 9. Source: Apple<\/figcaption><\/figure>\n<p><a href=\"https:\/\/www.apple.com\/apple-watch-series-9\/\" target=\"_blank\">Apple Watch Series 9<\/a> is the latest version of Apple\u2019s smartwatch. Once a consumer sets up Apple Pay in the Apple Watch app on their iPhone, they&#8217;re ready to make store purchases, even if they don&#8217;t have their iPhone with them.<\/p>\n<h3>K-Pay\u2019s Contactless Payment Pendant &amp; Bracelet<\/h3>\n<p>Vienna <a href=\"https:\/\/k-pay.com\/product\/vienna-shell\/\" target=\"_blank\">Contactless Payment Pendant<\/a> by K-Pay makes it quick and easy for shoppers to pay for their purchases. They just tap and go. Since there&#8217;s no battery, shoppers never have to charge this device. It\u2019s always ready to pay.<\/p>\n<figure id=\"attachment_216352\" aria-describedby=\"caption-attachment-216352\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4-300x300.jpg\" alt=\"Vienna Contactless Payment Pendant. \" width=\"1200\" height=\"1200\" class=\"wp-image-216352\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4-300x300.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4-150x150.jpg 150w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4-768x768.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4-64x64.jpg 64w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/4.jpg 800w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-216352\" class=\"wp-caption-text\">Vienna Contactless Payment Pendant. Source: K-Pay<\/figcaption><\/figure>\n<p>Milan <a href=\"https:\/\/k-pay.com\/product\/milan-ocean-blue\/\" target=\"_blank\">Contactless Payment Bracelet<\/a> by K-Pay works the same as the pendant. \u201cYour wearable is funded by connecting to your bank account, credit or debit card,\u201d according to K-Pay\u2019s website.<\/p>\n<figure id=\"attachment_216354\" aria-describedby=\"caption-attachment-216354\" style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5-300x300.jpg\" alt=\"Milan Contactless Payment Bracelet. \" width=\"1200\" height=\"1200\" class=\"wp-image-216354\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5-300x300.jpg 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5-150x150.jpg 150w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5-768x768.jpg 768w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5-64x64.jpg 64w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/04\/5.jpg 1024w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><figcaption id=\"caption-attachment-216354\" class=\"wp-caption-text\">Milan Contactless Payment Bracelet. Source: K-Pay<\/figcaption><\/figure>\n<h2><span id=\"the_market_for_contactless_wearable_payments\">The Market for Contactless Wearable Payments<\/span><\/h2>\n<p>&#8220;I would say that the contactless wearables market is a byproduct of wearables trying to extend their features as much as possible,&#8221; said Grisolia.<\/p>\n<p>Consumers have been heavily focused on health and this trend is permeating the technology landscape, she said. Wearable devices in this regard, e.g., fitness trackers, are excellent at meeting customer needs as they can track exercise, heart rate, and sleep, and provide payment features.<\/p>\n<blockquote><p>&#8220;Would we buy and wear a single-purpose payment device every day? Probably not,&#8221; Grisolia said. &#8220;A wearable that allows us to pay among many other health-related features has a much more compelling value proposition.&#8221;<\/p><\/blockquote>\n<p>Zrazhevskiy said that this technology could transform the industry as a whole, allowing retailers to save resources while offering benefits to consumers using digital wearables.<\/p>\n<p>Recent <a href=\"https:\/\/www.accenture.com\/us-en\/insights\/banking\/payments-gets-personal-strategies-stay-relevant\" target=\"_blank\">consumer payments research<\/a> from Accenture indicates that next-generation consumer payments, including contactless\/wearable payments, are growing at a rapid rate, according to Agarwal. He said:<\/p>\n<blockquote><p>&#8220;That&#8217;s due to changes in consumer behavior, advances in technology and regulation, and the entry of innovative new players into the payments space. The key attributes that are most important to consumers around payments are speed, security, and convenience.&#8221;<\/p><\/blockquote>\n<p>In 2018, the European Union introduced the <a href=\"https:\/\/www.citizensinformation.ie\/en\/money-and-tax\/personal-finance\/eu-payments\/psd2\/\" target=\"_blank\">Second Payment Services Directive<\/a>, Agarwal added. This requires the use of <a href=\"https:\/\/www.techopedia.com\/definition\/13699\/twofactor-authentication\">two-factor authentication<\/a> on all electronic payments that are initiated by customers.<\/p>\n<p>This covers wearables as well as cards and smartphones and has raised concerns about whether it will affect the convenience and simplicity of the wearable experience.<\/p>\n<p>&#8220;That said, the manufacturers have focused very strongly on innovating the user experience and authentication today happens instantly,&#8221; Agarwal said.<\/p>\n<p>Companies in the wearable technology market have implemented diverse strategies within the wearable payment devices sector to enhance their competitive advantage and bolster their market presence, Agarwal said.<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<ul>\n<li>Numerous vendors have forged partnerships with banks and financial institutions to broaden their product offerings and reach wider audiences.<\/li>\n<li>Moreover, some companies in the market have pursued mergers and acquisitions to fortify their market positions and gain access to new technologies and expertise.<\/li>\n<li>With the wearable payments devices market intensifying in competition, numerous players are embracing a pricing strategy aimed at providing affordably priced products tailored to a wider range of consumers.<\/li>\n<\/ul>\n<\/div><\/div>\n<h2><span id=\"benefits_pitfalls_of_wearable_payments\">Benefits &amp; Pitfalls of Wearable Payments<\/span><\/h2>\n<p>\u201cWith wearable devices, the most obvious benefit is that consumers no longer need to carry cash, credit cards, or even cell phones to make payments,\u201d Agarwal said.<\/p>\n<p>With a Fitbit, for example, a consumer can complete a transaction by simply tapping their wrist on a contactless payment terminal, he added.<\/p>\n<p><a href=\"https:\/\/www.techopedia.com\/definition\/10239\/biometrics\">Biometrics<\/a> is advancing wearable payments even more, as no device is needed, as a shopper simply scans their retina or palm to make a transaction.<\/p>\n<p>Otto agrees that convenience is a major benefit.<\/p>\n<blockquote><p>&#8220;Most people don&#8217;t want to carry cash, especially on vacation or while working out. Wearables can provide both safety and convenience. The ability to transact anywhere is allowing retailers\/vendors to connect with their customers in non-traditional ways, e.g., at the beach.&#8221;<\/p><\/blockquote>\n<p>However, while the ease of access is one of the main benefits, another non-negligible benefit is the lower risk of theft of wearables compared to wallets, said Grisolia.<\/p>\n<p>&#8220;Whether we will see a shift in pickpockets&#8217; skillset to adapt to the market is yet to be seen,&#8221; she added.<\/p>\n<p>The pitfalls of wearables are that most need to be charged by a power source or they can&#8217;t be used, Otto said.<\/p>\n<p>&#8220;Cash never loses battery power,&#8221; she added. &#8220;Also, <a href=\"https:\/\/www.techopedia.com\/definition\/23143\/augmented-reality-headset-ar-headset\">VR\/AR headsets<\/a> are heavy, and they can heat up, which makes wearing them for extended periods uncomfortable and impractical.&#8221;<\/p>\n<p>Zrazhevskiy said that one of the pitfalls of wearable payments technology is that, along with other tech-assisted retail <a href=\"https:\/\/www.techopedia.com\/how-ai-and-seamless-checkouts-will-revolutionize-retail\">checkout technology<\/a>, it could drastically reduce job opportunities should the technology entirely take over.<\/p>\n<blockquote><p>&#8220;As for the privacy\/safety concerns of consumers, it all ties into the existing issue of how digital payments are processed, and what kind of data is included in the shopping process,&#8221; he said. &#8220;There&#8217;s also the question of how secure these checkout systems are, potentially leading to a surge in payment processing fraud cases.&#8221;<\/p><\/blockquote>\n<h2><span id=\"the_future_of_wearable_payments\">The Future of Wearable Payments<\/span><\/h2>\n<p>If wearable device makers continue to keep customer needs top of mind as well as provide a well-thought-out user experience, the use of wearable payments will probably grow and further expand, with glasses and other items likely to be available to consumers to enjoy mobile payments and more, Grisolia said.<\/p>\n<p>According to Accenture&#8217;s Agarwal:<\/p>\n<blockquote><p>\u201cWhile payments are still relatively tied to a physical device, card, or cash, in the future biometrics might change the landscape.\u201d<\/p><\/blockquote>\n<p>That said, there are still a lot of obstacles to overcome and infrastructure needs to be built to enable biometric authentication at the merchant level, which is the biggest obstacle for merchants to adopt new payment methods, he added.<\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>Simplifying the retail experience is the end goal of wearable payments technology, on top of ensuring a seamless experience for the user, said Zrazhevskiy.<\/p>\n<p>&#8220;[Consequently, wearable payments] should lead to a better, easier, more modern shopping experience for everyone,&#8221; he concluded.<\/p>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is considered wearable technology?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Wearable technology is any electronic device designed to be used while a person is wearing it. These devices include smartwatches, fitness trackers, and accessories, such as bracelets or pendants, with integrated electronic components.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the future of wearable payments?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">If wearables keep customer needs at the forefront and provide a well-thought-out user experience, wearable payments will likely grow and expand further.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the market opportunity for wearable technology?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">The global wearable technology market has been on a noteworthy trajectory, driven by consumers&#8217; increasing adoption of smart wearable devices. The <a href=\"https:\/\/www.linkedin.com\/pulse\/wearable-tech-devices-market-global-outlook-forecast-sqvuf\/\" target=\"_blank\">global wearable technology market size<\/a> is forecast to increase from $186.48 billion in 2023 to $419.44 billion by 2028.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How big is the wearables market in the US?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">In 2023, the <a href=\"https:\/\/www.grandviewresearch.com\/industry-analysis\/us-wearable-technology-market-report\" target=\"_blank\">US wearable technology market size<\/a> was valued at $19.92 billion, and it&#8217;s projected to reach $47.51 billion by 2030.<\/p>\r\n                <\/div><\/div><\/section>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/www.fitbit.com\/global\/us\/products\/smartwatches\/versa4\" target=\"_blank\">Smartwatch | Fitbit Versa 4<\/a><span>\u00a0<\/span>(Fitbit)<\/li>\n<li><a href=\"https:\/\/mclear.com\/product\/ringpay\/#description\" target=\"_blank\">RingPay 2 &#8211; McLEAR<\/a><span>\u00a0<\/span>(Mclear)<\/li>\n<li><a href=\"https:\/\/www.apple.com\/apple-watch-series-9\/\" target=\"_blank\">Apple Watch Series 9 &#8211; Apple<\/a><span>\u00a0<\/span>(Apple)<\/li>\n<li><a href=\"https:\/\/k-pay.com\/product\/vienna-shell\/\" target=\"_blank\">Vienna Contactless Payment Pendant Shell \u2013 K-pay UK<\/a><span>\u00a0<\/span>(K-pay)<\/li>\n<li><a href=\"https:\/\/k-pay.com\/product\/milan-ocean-blue\/\" target=\"_blank\">Milan Contactless Payment Bracelet Ocean \/ Blue \u2013 K-pay UK<\/a><span>\u00a0<\/span>(K-pay)<\/li>\n<li><a href=\"https:\/\/www.accenture.com\/us-en\/insights\/banking\/payments-gets-personal-strategies-stay-relevant\" target=\"_blank\">Strategies to Stay Relevant in Payments | Accenture<\/a><span>\u00a0<\/span>(Accenture)<\/li>\n<li><a href=\"https:\/\/www.citizensinformation.ie\/en\/money-and-tax\/personal-finance\/eu-payments\/psd2\/\" target=\"_blank\">Payment Services Directive<\/a><span>\u00a0<\/span>(Citizensinformation)<\/li>\n<li><a href=\"https:\/\/www.linkedin.com\/pulse\/wearable-tech-devices-market-global-outlook-forecast-sqvuf\/\" target=\"_blank\">Wearable Tech Devices Market, Global Outlook and Forecast 2023-2029<\/a><span>\u00a0<\/span>(Linkedin)<\/li>\n<li><a href=\"https:\/\/www.grandviewresearch.com\/industry-analysis\/us-wearable-technology-market-report\" target=\"_blank\">U.S. Wearable Technology Market | Industry Report, 2030<\/a><span>\u00a0<\/span>(Grandviewresearch)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>With the integration of payment capabilities into wearable devices, such as fitness bands, smartwatches, jewelry, and even clothing, it&#8217;s much easier for consumers to make contactless payments. Roman Zrazhevskiy, founder and CEO of MIRA Safety, a provider of personal protective equipment, told Techopedia: &#8220;I see wearable payment devices and the associated technology as the technology [&hellip;]<\/p>\n","protected":false},"author":7924,"featured_media":216357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[562,587],"tags":[],"category_partsoff":[],"class_list":["post-216323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-e-commerce","category-personal-tech"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Wearable Payments Transform Retail in 2024 Techopedia<\/title>\n<meta name=\"description\" content=\"Explore the impact of wearable payments on the retail sector. 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