Payments made using wearable devices such as smart watches, fitness trackers and wristbands will grow from US$3.1bn in 2015 to $501.1bn worldwide by 2020, research from market intelligence firm Tractica finds. “By that time, wearable payments will represent approximately 20% of the total mobile proximity transaction volume and about 1% of total cashless transactions in retail,” the firm adds.
- Europe to relax requirements on strong customer authentication for online and unattended payments
- Visa Token Service to spread across Europe in 2017
- Gulf Oil unveils Gulf Pay for mobile payments and special offers at fuel stations
- STMicroelectronics announces new NFC devices for contactless payments and IoT
- Bank of China brings Apple Pay to UnionPay credit cards