From watches to rings and from headsets to shirts, the wearable tech sector is picking up pace. Despite a relatively slow start analysts estimate a respectable 48 million wearable tech units were shipped in 2016.
Much of hype continues to surround smart watches and fitness apps. But could it be payment that captures the imagination and injects a much needed shot in the arm for the wearable tech sector in 2017? But for this to happen, established and emerging institutions will need a strong business case to get involved.
Certainly, the opportunities seem significant. For consumers, the prospect of storing user ID credentials and payment applications wearables offers exciting opportunities that take mobile and contactless payment that next step. For payment providers, the value may come from a different direction.
But the more sensitive the data stored on these ‘devices’, the more tantalizing the opportunities for cyber criminals and fraudsters. So what are the security issues and how can they be addressed?
The presentation will explore wearable tech from a payments perspective, analysing the current market and technologies, and looking ahead to the potential opportunities the sector affords for consumers, institutions and the wider payment ecosystem.
What will the audience of BankInno II learn?
- An exploration of the brief history of wearable tech, with a focus on payment
- The wearables payment world as it really is today – with examples
- What wearable payment technology offer institutions and consumers
- The roles of security, identity and credential management
- Adapt card payment models to the wearables sector
- A look to the future, and the possibilities of wearable payment
Board Member, Smart payment association