Dublin, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The "Wearable Payments Market by Device Type, Technology, Radio Frequency Identification and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering. Read the case study. However, Apple’s product line only represents the tip of the iceberg. Apple Pay and Fitbit both provide an overview on how to use mobile wallets and contactless payments through their devices. Customers can make fuss-free payments with a simple tap of their wearable, which links directly to their current account. Jawbone UP4 - This fitness tracker also serves as a payment device due to its ... and stickers. Fitness trackers are gaining a huge momentum due to the growing number of fitness enthusiasts and availability of a variety of devices. Universal partners with DIGISEQ to offer contactless payments. Take a smartphone, computer, laptop and video game console out of the equation and wearable activity trackers top the list (41 percent of connected consumers own at least one connected device) ². Wearable Payments Devices Report by Material, Application, and Geography – Global Forecast to 2025 is a professional and comprehensive research report on the world’s major regional market conditions, focusing on the main regions (North America, Europe and Asia-Pacific) and the main countries (United States, Germany, United Kingdom, Japan, South Korea and China). Jerome shares a few basic things on the Experian website that consumers can do to protect their data and privacy when using wearable devices: Check the default settings on an app or device. VISA has an article about paying with wearables and how contactless payments and wearable devices fit into the future of the Internet of Things (IoT). PaymentsSource reports that the wearables market is primed for even more growth, doubling annual unit sales over the next five years to reach 260 million in 2023. Currently, there are a number of wearable payment devices on the market, it’s only a matter of time before nearly any device you own could be used to make payment. Wearable payment technology facilitates transactions with the use of various wearable devices such as smart watches, … Amazfit watches are sold at a ton of retailers like Amazon, Gearbest, etc. Banks are becoming fashion tech ambassadors as payment wearables popularity surges. Like other contactless payment systems, wearables users face issues with security, data vulnerability and other blind spots that can lead to losses from fraud. “There is an obligation on users to see what type of information is out there on themselves,” he says. Their services are accepted in thousands of locations across the UK. Banks attempt to authenticate purchases from scammers, but rely on superficial checks like calling customers to ask for more identifying information or sending single-use codes to be entered upon upload without additional verification. Their success is all down to two key developments: You can even use it overseas! Certified passport and banking grade security. In a study from Juniper Research they found that the global value of mobile and wearable contactless payments is expected to reach $95 billion annually by 2018. And even if data is anonymized, it can still be used in predatory ways.” says Jerome. Here are some key things to know about wearables, contactless payments and financial security. The same problem Cult of Mac reported on in 2015 is at the heart of these current schemes. DIGISEQ integrates the robust Multos technology within its innovative provisioning service solution. With this primer on how to better manage security with wearables, consumers and merchants alike should be better prepared to use and accept payments from wearable devices. Apple’s product page explains some need-to-know facts about security when using mobile payments on wearables, but there’s still a big knowledge gap for consumers. ABN AMRO has launched a new wearable device that is enabled to link with a current account in a pilot for 500 customers. KBC, KBC Brussels and CBC customers will now be able to pay using a wearable. While there are plenty of more devices and types of devices wearable payments could land in, there are also a good deal of devices that use the tech … Wearables have a long way to go to match the widespread adoption of traditional payment devices and systems like EMV chip card readers. It’s unfair to users, but it’s the world we live in.”. So until stronger privacy protections come into effect, Jerome has advice for the rest of us. 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