Wearable payments

Using watches, wristbands and other accessories at the point of sale is set for a boom, pressuring financial institutions to develop a strategy for the banking tech.

Samsung and Curve are setting the groundwork for a return of smart rings and other devices that can turn top-of-wallet cards into a fashion accessory.

The timepieces are meant to appeal to consumers who are comfortable with wearable payments but prefer something simpler than a high-end smartwatch.

The pandemic may have served as a catalyst for rapid growth in contactless payments through wearable devices. It’s the combination of form and function, however, that will push wearable payments into further growth in 2021 and beyond, says Zeta's Bhavin Turakhia.

Walt Disney Co. has at least temporarily cut several reservation and incentive features tied to its closed loop payment system, revealing the complexities of mixing health guidance with tourism.

One banking-related highlight of the show was an announcement from HSBC and Google of a real-time conversation translator for Google’s nest hub.

Samsung's upcoming XCover Pro phone, which can accept contactless payments without add-on hardware, is the first of what Visa hopes will be many devices capable of natively handling NFC payments.

Despite the convenience wearable payments hold, there are still obstacles that remain. Some factors are cultural, such as cash usage, or even more deep seated in the human mind, such as concerns over security.

Going contactless has been a bigger challenge in New York because of the size and complexity of its transit systems.

In many nations, transit fare payments are seen as a key first step toward the adoption of mobile and wearable payments. In the Netherlands, this wasn't the case.

Nok Nok Labs and Apple are separately trying to improve authentication techniques as smartwatch payment options stack up.

Mastercard has formed a strategic partnership with Tappy Technologies, a Hong Kong-based internet of things firm, to develop designer branded contactless payments-enabled wearables, starting with Timex.

Google's $2.1 billion deal to buy Fitbit is primarily a hardware play. But it also brings Fitbit Pay under Google's umbrella — potentially repairing part of Google's fragmented mobile and wearable payments ecosystem.

Barclays has jumped on a huge range of technology that brings payments closer to myriad activities, but as competition looms, the bank is working to better organize its projects.

As new stadiums are being launched across a variety of sports around the globe with the latest entertainment options, older stadiums are using technology and premium culinary offerings to stay competitive and keep their fans engaged.

Bank of America Merrill Lynch has added Apple Watch capabilities to its CashPro Mobile app, so business customers may approve corporate payments on the go.

Payments wearables have run the gamut from gloves, to sports jerseys, sunglasses and more, but there possibly hasn't been one as eye-catching as a diamond-encrusted bracelet.

E-money provider Prepaid Financial Services has partnered with Garmin International for its digital prepaid cards to operate in the U.K. on compatible Garmin Pay smartwatches.

While the payment volume from smart wearable devices may not have achieved the initial euphoric predictions, things are about to change for the better as several market dynamics have shifted.

Shari Van Cleave, head of digital labs at the bank, discusses customer-facing technology it's testing, including wearables and the so-called internet of things.