Will mobile payments move to smartwatches?
July 03, 2013

Portable electronics have recently had a significant impact on business strategies as more consumers become interested in using a handheld device at the point of sale. However, smartphones and tablets may not be the only portable gadgets that accept mobile payments in the near future, as other types of mobile gadgets are getting upgrades. Several technology companies are coming out with smartwatches, or watches with extensive functions. As these devices grow more sophisticated, consumers may be able to sync their watch with their smartphone or tablet to access their mobile wallet or online banking account to make a payment in stores. Retailers may even be able to attach their mobile payments scanner to a watch instead of using larger electronics as a mobile point of sale.

Wearable technology on the rise 
The watch, a traditionally low-tech electronic, is receiving major updates from software companies that look to enhance wearable devices. According to VentureBeat, technology giants such as Google and Samsung have announced plans to invest in smartwatches. The source stated smartwatches will likely appeal to many types of consumers and may see early widespread adoption. 

According to TechTree, Sony had already enhanced its Sony Smartwatch with near-field communication technology support to allow the device to connect with other portable electronics. However, NFC support may not be the only way mobile payments can get a boost from smartwatch technology; Bluetooth capabilities or a port for mobile payments hardware may be on the way for the wearable innovation. 

TechTree and VentureBeat suggested the merging of smartphones and smartwatches may aid in the adoption of mobile payments across the country. Wearable technology may be better for consumers to use in the store than smartphones or tablets, which can be lost or stolen more easily than an electronic device that is physically attached to a person. Smartphones and tablets are here to stay, but low-energy tech, like smartwatches, that can be worn at all times may be a key factor to the integration of offline and online.

Smartwatches may go beyond just syncing with other electronics. As the world grows more digital, small and medium-sized businesses may begin to see software advancements emerge and become part of daily life in a way many hadn't thought possible. 

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