Wearable devices could have major mobile payments potential

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Full potential of wearable technology may not yet be fully understood

Wearable devices are still in an early stage of their life, which means that many consumers do not understand their true potential. These devices could have a lot to offer to the mobile commerce space, where convenience is often favored above all else. Smartwatches could become the next major mobile payment device, allowing people to make a transaction directly from their wrist, rather than using a smartphone or payment card.

Apple’s wearable device may struggle in the mobile commerce space

Apple has broken into the wearables market with its Apple Watch. The device is equipped with NFC technology that will allow it to participate in mobile commerce, but the device has not yet been integrated with Apple Pay, the company’s mobile payment platform. Apple is not the only company trying to integrate mobile payments with wearable technology. LAKS, recently unveiled its own payment program, called Watch2Pay, which can be used with smartwatches.

LAKS offers a way to bring mobile payments to wearable devices

mobile payments EuropeLAKS has partnered with MasterCard in order to launch its new payment platform. The platform can be used with LAKS’ wearable device, using MasterCard’s payment services to process transactions. The device will interact with NFC-enabled point-of-sale terminals, which can collect digital information from a mobile device that is in close proximity. LAKS is currently only available in Poland, Serbia, Austria, and the Czech Republic, but the company’s technology may soon be coming to the United States once it forms a partnership with a major financial institution.

Wearables may not be attractive to consumers until they have better features

Wearable devices have the potential to make waves in the mobile commerce market, but whether or not consumers will be interested in these devices has yet to be seen. There has been some mild interest among consumers, but many do not see the value of having a smartwatch when they have a smartphone that has more features and supported applications. Mobile payments may help make wearable devices more popular, because these devices could make transactions more convenient for consumers.

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