Contactless payment terminals and wearable devices are becoming more prevalent on the market, but Barclays plans to make these kinds of technology even more usable with 'bPay Loop.'
In the past, Barclays has introduced smart wristbands and jackets that give consumers the ability to make contactless payments. Now, the banking and financial institution is launching bPay Loop, which is a chip that can be attached to watches and wearables to transform any device into a tool for making mobile payments. The chip is protected by a silicon shell, which can be affixed to bands that are up to 22 millimeters in thickness.
Since no authentication is required for use, consumers must spend a minimum of £30 for transactions conducted with the chip.
Smartwatch Converter Chips
'bPay Loop' Transforms Any Watch into a Contactless Payment Tool
Trend Themes
1. Contactless Payment Terminals - Opportunity to create more user-friendly and widely accessible contactless payment terminals.
2. Wearable Devices - Potential to develop wearable devices that can seamlessly integrate with contactless payment technology.
3. Mobile Payments - Innovation opportunity in creating more convenient and secure mobile payment solutions.
Industry Implications
1. Fintech - Disruptive innovation opportunity in the financial technology industry to enhance and expand contactless payment solutions.
2. Wearable Technology - Opportunity for disruptive innovation in the wearable technology industry to integrate contactless payment capabilities into various devices.
3. Retail and E-commerce - Potential for disruptive innovation in the retail and e-commerce industries by enabling seamless and efficient mobile payment options.