Smart Watches Could Boost Mobile Payments
Canalys estimates that more than 5 million smart watches will be sold in 2014 and Javelin Strategy and Research predicts point of sale mobile payments will amount to $5.4 billion by 2018. Skooks Pong at Synapse Product Development expects these two trends to converge, with smart watches becoming a new driving force for mobile payments. In particular, Pong believes NFC-based mobile payments technology could be easily integrated in smart watches. “This is the technology that could take smart watches from cool-kid appeal to the mainstream,” Pong says. “It would not only drive widespread adoption of wearables but also drive adoption of in-store mobile payment solutions.” Analyst Sinclair Briar says that technology has particular promise with those younger than 40 years old. “Mobile payment options are resonating with this group solidly,” he notes. Mobile payments using smart watches and other wearable technologies offer the advantage of being even faster than mobile payments using mobile devices such as smartphones, which often have to be retrieved from a purse or pocket.
From “Will Smart Watches Boost Mobile Payments?”
Business2Community (09/04/13) Castillo, CJ