A New Payment Method is Being Developed Using Smartwatch Technology
Alyson Wyers — April 25, 2014 — Business
References: samsung & fastcompany
PayPayl and Starbucks are pioneering a new wireless payment system using smartwatch technology. As smartphone payment is becoming increasingly popular in the mobile world, it is understandable the future of smartwatch technology will go the same way. In light of gadgets like the Pebble smartwatch, which allows text messages to go to your wrist watch, other crossovers between phones and watches can be expected.
This pilot payment system will pair Bluetooth Low Energy beacons with Samsung Galaxy smart wearables. No cell phone will be required. Starbucks's mobile app also already has a user friendly payment option, so the pairing makes sense. While no date has been released, a public relations representative from PayPal noted they have enjoyed working with Samsung thus far and look forward to the larger roll-out.
This pilot payment system will pair Bluetooth Low Energy beacons with Samsung Galaxy smart wearables. No cell phone will be required. Starbucks's mobile app also already has a user friendly payment option, so the pairing makes sense. While no date has been released, a public relations representative from PayPal noted they have enjoyed working with Samsung thus far and look forward to the larger roll-out.
Trend Themes
1. Smartwatch Payment Systems - Smartwatch technology is transforming payments, creating a new market for wearable device payment technology.
2. Bluetooth Low Energy Beacons - Bluetooth Low Energy beacons are revolutionizing the payment industry, providing a more seamless and affordable payment method.
3. Mobile Payment Adoption - The rise of mobile payments has led more industries to explore smartwatch payment systems, transforming the way we pay for goods and services.
Industry Implications
1. Financial Services - As more consumers turn to mobile and wearable devices for payments, there is a huge opportunity for financial services companies to explore new payment technologies.
2. Retail - The use of smartwatch payment systems has the potential to transform the retail industry, providing a more efficient and contactless payment method for customers.
3. Technology - The intersection of smartwatch technology and payments presents new innovation opportunities for technology companies, such as developing new payment apps and software.
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