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.
- Swedish banks roll out wearable payments on fashion watches
- Visa to acquire Rambus’ payments and ticketing business
- Apple Pay to go live in Greece, Portugal and Slovakia this week
- Apple Pay to add support for Octopus transit cards in Hong Kong
- EU offers issuers extra time to implement strong customer authentication