Mobile payments are a must have for any successful business.  It’s a fast and secure payment method for you and your customers. How it works- customers use their smartphone while checking out.  They simply use the payment app with a business’ terminal and the transaction is complete.

Manufacturers want to take this a step further.  Now they want to allow customers to pay using a smartwatch in place of a smartphone. For businesses nationwide this is a trend that will do nothing but increase over time.

Wearable technology is the mobile payment method for the future.  It is believed that this will be a reliable and convenient payment method.  As a business you need to be ready to keep up with the demands.  In addition to smartwatches there will also be other types that will quickly be an available means of mobility-wristbands, stickers and rings.

Mobile payments are in high demand with wearables growing on customers.  The wearables industry still has a few kinks to work out.  Near field communication (NFC) technology is a must have for this particular payment method to be a success.  NFC is needed to be able to have wireless signals.  Payment terminals that are NFC capable are slowly being inaugurated.  However some businesses are already accepting payments via smartphones that are NFC ready.  These businesses are one step ahead of those that are not.  Processing mobile payments with wearables will be a breeze after the right training.  Right now the specific wearable devices are limited.  But over the next few years it is expected to increase into new brands.  Wearable devices are still scary for some customers.  Over time though, customers will become steadily more comfortable with them as their preferred payment method and will no longer view them as a thing of the future but as a norm for the now.  There is still some worry over the easiness of wearable payment devices.  According to many financial institutions, experts are worried that customers will begin exceeding their spending because of the new convenience.  Over time the hope is there will be a balance for customers.

In a recent article from PaymentSource.com, there are 7 wearable products that will have the potential to be a mobile payment method:

  • Google Glass
  • Smartwatches
  • Rings
  • ‘Ordinary’ Watches
  • Disney MagicBands
  • Clip-on NFC
  • QR Codes

For specific information regarding these wearbles visit http://www.paymentssource.com/gallery/7-wearable-items-with-payments-potential-3016316-1.html

By 2020 Frost & Sullivan, a growth partnership company, is convinced that wearables will be in strong competition with smartphones as the go-to mobile payment method.  Don’t let this scare you.  Targeted Merchant Solutions is always available to help answer any of your questions and concerns.  We will be here to assist you in every step along the way.

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