Contactless payments have already made a huge change in the way that we interact with money. Since their release as cards in 2007, they have exploded making up for about 51% of in store transactions in june 2018(1). Due to the big surge and drive of money used in the technology, it is advancing rapidly. One of the biggest changes was the creation of Apple Pay and Android Pay which has allowed people to ditch the cards for a more convenient method of payment.(2) As this technology became more advanced and more widespread (I’m sure you've at least seen if not used this technology) the push to make it smaller and more seamless has been constant. The first major way that this has happened is with the apple watch. As Apple Pay, became integrated with the watch it allowed for contactless payments without the need to get out your phone (or to have it with you in the case of the 4G models).
The trend for making things as seamless has continued. One of the ways the industry has moved this forward is with payment rings.(3) This small piece of wearable tech takes on the role of a few devices most can not only pay for items but also track steps like a fitness tracker. This portability and fashionable status of the item has interested technology enthusiasts everywhere and they are becoming more popular and widespread.
Although we don't personally recommend this, hobbyists have moved this further with the creation of self-made payment rings, and have even put out a DIY guide.(4) They took into consideration that because the contactless cards have NFC technology which is passive(does not itself need a battery), If you could find this chip and add a new antenna you can have the same contactless power at a fraction of the size.
Where we feel the most interesting development of this technology is taking effect though is in Sweden where a company has begun offering an interesting new piece of technology where for a fee you get a chip implanted in your hand which can fulfill a payment purpose among others.(5) This shows how wearable technology is moving forward to biotechnology. Although this technology is new it sets up some interesting problems and ideas. Although the company assures that this technology is safe, It raises ethical questions as well as health concerns. Although this blurs the definition of wearable tech we feel that it is an exciting area that will be interesting to see develop and is a clear step towards futuristic technology that we have all seen in tv and movies.
Although we are sure most of you wont opt for the more extreme chip in the hand, payment technology will always help lead the way in technology. This is not only the case with wearable technology but technology as a whole, due to the massive amount of money behind it. The reason we feel that payment technology will (and already does) have a large effect on wearable technology is because of things such as the convenience it gets people who may not use other examples of wearable tech excited and ready to use it in their everyday lives.
Comments