Smartwatches & payment systems

Smartwatch owners can now use their smartwatches for a wide variety of functions. Data stored and retrieved on smartwatches is becoming more reliable, secure, with multiple levels of authentication.

clock-653391_640Smartwatches have shown that they can retrieve information, check the weather, help with navigation, check call logs, store apps and monitor personal health care data.

In recent times, smartwatches also serve as ID, store ticketing info for events and in the future, are also seen as devices that can help their owners make quick payments at a checkout.

Though people still prefer the one-step wireless card tap, fishing it or a phone out from a purse or pocket can be quite fumbly. Smartwatches combine the best of both.

Here’s some information on the different payment systems that are compatible and those that are yet to be configured with smartwatches:

Apple Pay

The Apple Watch supports the Apple Pay system and is currently the only smartwatch in the market to support a payment system. It’s shown great success with its users and is currently dominating the smartwatch market with at least 4 million units of the wearable being sold since its introduction to the market.

Samsung Pay

Samsung Pay has already been launched in Korea and the United States and though it has still not caught fire in the United States or the UK, Samsung Pay has shown great amount of success in its homeland with 100,000 payments being made in a day with the Samsung Pay function.

The upcoming Samsung Smartwatches will include the Samsung Pay function that will enable easier and a more reliable transaction process on the go, with all your details secured safely on your wrist. ‘Handy’ for a night out on the town (sorry, pun intended…).

smart-watches-and-payment-systemsPaying for your latte with ‘Pebble’

Though a dedicated payment system has not been initiated with the ‘Pebble’, it does provide the facility to pay for coffees at Starbucks outlets around the world.

This payment barcode only uniquely appears on the ‘Pebble’ display, which can then be fed into the Starbucks app scanner and voila! You’ve paid for your coffee!

With talks of the Android Pay system being introduced to ‘Pebble’, the possibilities could be endless!

Then ….there are dedicated smartwatches for payments

For the cost-conscious, there are dedicated smartwatches that help keep track of expenses while also making payments. The Cash Smartwatch is more like a smartwatch app than a watch itself that allows its users to keep a tab of payments and in the near future, make payments itself.

The Wirecard Band on the other hand uses NFC technology. The band, though not exactly a smartwatch, functions like a payment band working with a contactless payment process. The user wearing the Wirecard band simply places the band against the NFC payment terminal and the payment goes through.

With Apple Pay breaking into the market and talks of Android Pay and Samsung Pay making progress, smartwatches are starting to revolutionize the way that payments are being made today. According to a source, wearable technology is in fact the best way for companies such as Apple and Samsung to attract consumers to their mobile payment systems, rather than smartphones.