Wearable payment technology is growing in popularity, with several companies developing bracelets and rings that allow the user to pay for their purchases without ever needing to pull out a card or phone. Smartwatches already offer this functionality and some fitness bands have begun to include it as well, but for users who don’t want or need the full functionality of a watch, other options are emerging. While innovators have been developing wearable payment devices for some years now, the current global trends make 2022 the year for them to pick up momentum with consumers.
Purewrist, for example, offers an affordable option in the form of a wristband managed through an app. The band isn’t tied to a specific phone model or operating system, making it available to a wide range of users. It also isn’t battery powered, meaning that it won’t run out of charge at a critical moment. The amount of funds accessible through the product can also be controlled, allowing parents to give young teenagers access to a digital wallet while managing the amount available to spend.
Payment rings are growing in popularity in the contactless payment industry as well. As with wristband payment systems, these rings operate using NFC technology and don’t need to be charged. The K Ring, one of the first contactless payment rings on the market, links to a prepaid Mastercard account that can be accessed online in order to add or remove funds, with the same level of security as debit and credit cards. There are several different payment rings currently on the market in varying price points and styles.