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.
- Apple Pay launches in Norway
- Beijing metro looks to biometrics to speed up payments at turnstiles
- Bankwest wins new customers with NFC payments ring
- Paytm integrates games, TV, sports and news into its mobile wallet app
- Spanish banks to build blockchain customer identity verification platform