Safran Identity & Security has developed new technology to facilitate wearable payments.
Called Style2Pay, the system is Mastercard-certified, and designed for integration into “any wearable object,” according to a statement from the company. The company cites a Tractica report forecasting that wearables transactions will amount to $501.1 billion by the year 2020 in making its pitch to banks, which it says could reach younger demographics by embracing wearable payments.
It’s an emerging payment concept that other big financial services players are exploring, too. Visa, for example, launched a line of NFC payment wearables, including a wristband and even a ring, at this year’s Rio Olympics. Such form factors, and many others, could now incorporate Safran’s adaptable technology, according to the company.
Safran has also worked with Visa in exploring other experimental payment technologies, as evidenced by a concept that would link cardholders’ fingerprint biometrics directly to their accounts, allowing for payment with a wave of the hand.