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BEST PRACTICES & STRATEGIES

Wearable Tech:

A growing payment opportunity

The Smart Payment Association (SPA) just launches an hancing apps to make everyday life simpler. And mak-
interesting white paper that explores wearable tech from ing this happen will open the door to the next secure
a payments perspective, analyzes the current market payment challenge – embedding secure payment au-
and evaluates the wearable industry’s future prospects. thentication into connected IoT devices.”

The rapid adoption of new technologies and innovations According to Gartner, half the consumers in major mar-
is clearly driving a global rethinking of traditional busi- kets – including North America, Japan and Western
ness processes and quality-of-life improvements, which Europe – will be using a combination of smartphones
explains the appeal of wearable payment for consumers. and wearables to make payments by 2018, although
The ability to use items worn on the body to quickly and there is still a number of challenges and hurdles the
easily pay for goods and services takes convenience to digital payment industry will need to overcome if the
a new level. mass will take up wearable payment technologies,
which includes implementing processes to ensure that
Payment ‘on the go’ seems to be the transformational the personal and biometric data digitally held in multi-
application that captures the public imagination and functional wearable devices can be revoked the instant
drives the mass take-up of wearable technologies. these are lost or stolen.

“The fast-paced evolution of wearable payment repre- “Connecting issuers, processors, acquirers, device
sents an unprecedented opportunity for the payment in- makers and application developers through unified to-
dustry,” says Sylvie Gibert, President, SPA. “Consumers kenization and provisioning of wearable devices with
are hungry for convenient ‘frictionless’ payment solutions account credentials is just the start”, SPA stresses, and
that can be combined with a variety of other lifestyle en- “the widespread availability of POS

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