Wearables and Mobile Payments – Where Do We Stand?

digital payment

Mobile payments are revolutionizing the way we used to pay for the products and services we used. The idea is to replace cash and credit cards and pay with apps on smartphones and wearable devices.

Making mobile payment is convenient, flexible and timesaving. Not only are they attractive for business owners, like retailers and restaurant managers, mobile payments make life easier for consumers as well.

The mobile payment ecosystem has the potential to completely transform in-store transactions.

There are some mobile payment technologies that are looking to connect mobile devices and wearable into payment infrastructures. Let’s provide a brief description of these technologies to give you an idea of where we stand in the mobile payments arena:

NFC – The Frontrunner in Mobile Payments

online payment

NFC or Near-Field Communications technology has emerged as a leading payment technology in recent times. It uses a set of protocols that lets two electronic devices communicate with each other. NFC technology helps people make EMV contactless payments through their mobile devices.

As mobile wallets continue to evolve, NFC technology will keep getting better and better.

QR Codes Making a Comeback

QR codes have made a comeback when it comes to proximity mobile payments. Some of the QR-code based payment platforms include AliPay and WeChat Pay.

Retailers around the globe are looking to implement QR codes because of the flexibility and simplicity they offer.

In-Aisle Payments – Ditching Those Long Lines

More and more retailers are looking to simplify the buying process. Streamlining the checkout process is a key goal.

With the latest scan-and-go technology, customers can scan items and then at the checkout, they can easily pay through app.

Bluetooth Low Energy Technology – Making Invisible Payments Happen

With the help of Bluetooth Low Energy technology, there is no interaction required between the consumer and the retailer whatsoever.

The integrations required to make invisible payments happen is quite complex. Bluetooth Low Energy technology is also quite handy as it allows consumers’ retailers to communicate with customers through their connected devices.

Tokenization – Making Mobile Payments Safer

No matter what kind of payment method a retailer has employed, tokenization can be a critical security measure.

Payment tokenization changes a customer’s primary account number to a unique payment token that has restricted usage.

From NFC to QR, tokenization helps protect payments through a wide variety of technologies.

Passionate about deploying customized payment systems, UIC World offers a wide variety of EMV payment service applications and near field communication products. The company implements a multi-channel approach to make mobile payments seamless. Contact them to learn more.

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