Digital payments in fashion

Digital payments in fashion

Banking on the go through smartphones is now popular and easy-to-do. Users can choose a gadget from hundreds of models available on the market. However, smartphones are not the only smart appliance supporting digital payments today.

MORE THAN BANKING

Fashion brands are seeking to incorporate payment capabilities into wearable devices. So, smart jewellery has appeared in our lives and is continuing to evolve, with more and more stylish smart products on the market.

BESIDES CONTACTLESS PAYMENTS, SMART DEVICES CAN OFTEN PERFORM MANY TRICKS SUCH AS VOICE SEARCH, TRACKING LOCATION WITH A GPS OR MONITORING HEART RATE TO PROTECT OVERALL HEALTH

To perform payments all smart devices have a built-in NFC module. The module transfers information about the payer's bank card to the POS, which in turn makes a request to the bank and deducts money for the purchase from the account. The technology itself interacts with any payment system.

WHAT DO THEY LOOK LIKE?

The highest-profile example is the smart watch, where wearable and payment technologies go hand in hand. The market offers a variety of models, some of which completely duplicate the mobile app functionality, while others offer a limited set of the most important functions.

Smart bracelets are also commonly used as payment devices. These bracelets require recharging extremely rarely, and being durable and inexpensive they have become very popular among athletes as attachments specially designed to use when doing sport.

It is also possible to make payments with smart rings. Using a ring to pay is suitable for those who appreciate elegance and seek to combine a beautiful accessory with modern technologies. Payments with rings are faster than with smartphones which need taking out of the user’s pocket and unlocked. Rings are always right there on tap, ready to go.

Different types of smart pendants and even necklaces are also available on the market. So, consumers can choose the option that best suits their lifestyle.

WHAT’S NEXT?

The introduction of new technologies such as biometrics, face and video recognition and user behavioral data analyses may bring a new level of security and comfort to smart wearable devices.

There is a lot more to many accessories nowadays than just their aesthetic value. But the current technologies suffer from problems such as the need to enter a PIN code when a transaction exceeds a certain amount. In future these technologies are set to evolve or even fundamentally change to provide a more convenient experience for customers.

Today some brands are designing creative smart devices such as glasses which use augmented reality technologies, displaying comprehensive information about products just by looking at them, including customer reviews, purchase and delivery options. It is planned that users will be able to control the glasses interface using eye and hand movements or voice.

Wireless, hands-free, fashionable smart earrings developed by Peripherii Inc. can make phone calls and work with Siri/Google smart assistants might also be used in the nearest future as a voice-controlled payment tool.

THERE IS NO LIMIT TO THE IMAGINATION OF DESIGNERS IN TERMS OF EMBEDDING NEW TECHNOLOGIES INTO ORDINARY THINGS, MAKING SHOPPING MORE FUN AND OPENING UP A WHOLE NEW WORLD OF E-COMMERCE OPPORTUNITIES