“…94 percent of Point-of-Sale devices around the world will support contactless transactions by 2024.”
IDEMIA is highlighting the opportunities emerging with wearable payments technologies in a new infographic.
The company’s “Paycheck” update notes that 44 percent of consumers are already willing to make a payment via a wearable device, according to Juniper Research data based on consumer surveys in the US, UK, and Australia. Meanwhile, 94 percent of Point-of-Sale devices around the world will support contactless transactions by 2024.
The latter trend is a big deal for the kind of biometric payment card technology that IDEMIA has also been developing in recent years. But the contactless technology will also support wearable payments enabled via IDEMIA’s Mini Fob solution.
The Mini Fob is a SIM card-sized device that can be inserted into a range of wearable form factors, such as a watch strap, keyring, or wristband. It’s the same approach taken with IDEMIA’s PayWear Card solution for the Australian bank Westpac.
As IDEMIA explained in its Paycheck update, consumers around the world are always looking for more convenience, and “devices that were originally conceived for a single purpose have been transformed into key objects present in more and more aspects of our daily lives.”
“A positive customer perception combined with increased contactless POS penetration is likely to propel payments from wearables for years to come,” the company proclaimed.