Wary of Wearables? Don’t be. New Tech is Boosting Mobile Payments.
Search for “wearable tech” on the Internet, and you’ll find millions of entries with information on the latest smartwatches, health monitors, and baby wearables. It’s all part of an exploding catalogue of new technology that is promising to change the way we track our health, work out, care for our children and shop.
While many tout wearable technology as a new development, its roots go back more than 30 years to the integration of calculators with the first digital watches. They were cutting edge, but bulky. And trying to balance your checkbook with one left much to be desired. When compared with today’s sleek and more powerful options, those first wearables seem as ancient as sundials and abacuses.
Today’s wearables are also more functional than those of the past. Within their many apps and features, they give consumers new ways to pay at the point of sale. Consumers around the world are making purchases with payment-enabled watches, rings, and clothing.
Shoppers’ quick adoption of wearable technology is boosting expectations for the future of mobile payments. Research and consulting firm Frost & Sullivan estimates the number of mobile wallet users around the world will rise from 409 million in 2015 to nearly 2 billion in 2023. The same report estimates transaction values will increase from $315 billion in 2014 to $1.6 trillion by 2020.
Business owners wanting to take advantage of that surge don’t need to wait for payment technology to catch up. It’s already here.
The majority of smartphones and wearables that offer payment functionality use near field communication (NFC) to talk between POS devices and mobile devices. And NFC is readily available in most new card terminals, including those that accept chip card transactions. If a terminal isn’t NFC-ready, many are upgradeable.
TSYS Merchant SolutionsSM is helping businesses of all types and sizes add mobile options to their POS. We’ve even created a downloadable white paper, “NFC Readers & Mobile Wallets” within our online Resource Center to help.
If you’re ready to let your customers pay with a watch, ring, jacket, or good old-fashioned smartphone, just let us know. We’ve got the solutions to get you up and running.
Contact us online or at +1.800.228.2443.