Wearable devices are stepping up from novelty to mainstream. And mobile payments are also on the same way. But both these technologies are too young to hold the burden of users demands. What if we mix both these technologies?
Wearable technology poses a significant opportunity when combined with mobile payments. Both together can be a game-changer for each other resulting into a field that one refuse to ignore.
Consumers interaction with new devices is increasing day by day giving a boost to increase in supply of wearables. The more number of wearables prevail in the market, the more ways expand for mobile payments to reach the users. But how wearables can define the future of mobile payments? Let’s figure it out.
Can wearables enhance mobile payment experience?
Wearables collect data in a different way than smartphones. It offers new ways to know who you are, where you are, when you are, what you need at what time, etc. Co-operating location and behavioral data with payment options will make the users payment decisions more responsible and payment actions more accurate.
According to Paypal’s Varun Krishna,”Wearables give rise to more connected, more personal experiences.” He says, “Wearables provide connectivity at a point that mobile apps can’t. By nature, they are more connected to the user than a phone can be”.
So, we can say that wearables bring new techniques to collect users data through which it can improve mobile payment experience.
How wearables data can be a key to mobile payment success?
With wearables, data will be huge and its analytics will be higher. One can turn this analytics into useable insights which will give birth to predictive mobile payments based on context. Let’s make it clear with an example.
Suppose you are daily visiting a coffee shop. Your smartwatch will save your daily visits and automatically serve you a payment option whenever you visit that particular shop. Overall, mobile payment will predict your payments based on your daily visits + daily payments.
Future of Mobile Payments with Wearables
Instead of change, you can expect a replacement, replacement of all your credit & debit cards, membership cards and your traditional wallet with one mobile or wearable wallet. Still, it’s hard to say whether mobile payment would be a one-size-fits-all approach.
News for app development companies and app marketers is that they may work on data analytics + predictive mobile payment options which will play a key role in gaining customers loyalty.
Mobile app ecosystem is quite immature for both wearables and mobile payments as other than inventing a new way of data analytics some more issues are blocking the way like security issues. Mobile app developers are working on this and trying to make things ready for upcoming future of mobile payments and wearable technology.