NEW YORK—The global market for wearable payment technology is expected to be worth $137 billion by 2030, a new report predicts.
Those devices include smartwatches, bracelets, jewelry, or even having a chip embedded under the skin.
“Wearable payment devices are not gimmicks: they offer fast, convenient and secure ways to pay. Most are based on near field communications technologies, enabling smart payments, processed automatically via secure links between the device, payment terminal and the consumer’s bank account and/or digital wallet,” Information Age stated.
Information Age said the current key drivers of wearable tech are well-established devices already used by many credit union members and consumers, such as smart watches or Fitbits.
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