Thanks to the modern technology, the consumers are given with more payment options other than traditional payment methods like cash or credit card. Nowadays, the consumers can make payments with their wearables/accessories, such as watch.To use wearable accessories to make payment, the users can download the mobile app of the bank and connect it to the bank account. The devices have contactless facility which is the same as contactless card. However, using wearable devices to make payment is much more convenient, because you do not need to take out your wallet from your pocket to find your cash or credit card.
This payment technology is believed to have steady growth with high market and business potential in the future. One of the UK’s top leading clothes retailers, Topshop, has co-branded with Barclays’s bPay. By purchasing the accessories devices like stickers, key chains or wristbands, offered by Topshop and connect it to bPay mobile app which is linked to your bank account, the customers are allowed to make payment simply with their wearable accessories.
To survive in competitive industries and stand out among the competitors, the retailers and card issuing banks do whatever it takes to renew, remodel, reinvent their products and services, and sometimes, they work closely with one another to provide customers with different experience. This technology not only brings the convenience to the people but also provides the customers a different shopping experience.