Wearable payment devices answer the demand of customers all over the world who are in constant search for more convenience. One of the most well-known example is event wristbands which are typically used to avoid cash handling and ensure fast and hygienic contactless payments.
Devices originally designed for a single purpose tend to combine features over time to become more essential in our daily lives. This takes many forms: watches, wristbands, key rings and other various accessories can simplify access to our favorite places, enable us to pay, gain loyalty rewards, or use public transportation without needing to carry a wallet.
Positive customer perception combined with increased contactless POS penetration (94% expected by 2024) will most likely boost transactions via wearable payment devices for years to come—44% of shoppers already say they are willing to use them.
Link to IDEMIA website: Wearable payment means | IDEMIA
