NFC technology gradually matures wearable device payment into reality
While wearables are still considered niche in most parts of the world, in China, payment technologies that support wearables are already on the market.
NFC technology gradually matures wearable device payment into reality At present, the status of cash in China is no longer dominant. Coins and banknotes have gradually been replaced by credit cards, bank cards and other local payment methods. In 2012, cash transactions in China, India, Indonesia, Thailand and Malaysia exceeded 90% of the overall transaction. In Japan, South Korea, Singapore, and Hong Kong, the ratio is over 50%1. Nowadays, new payment methods are catching up. In 2016, China's most popular payment method was e-wallet, which took the lead in the e-commerce market with a market share of 56%.
The Chinese market is happy to accept new things, and consumers are increasingly interested in innovative payment technologies, including of course wearable payment devices. While wearables are still considered niche in most parts of the world, in China, payment technologies that support wearables are already on the market. In Shanghai, Shuhuahua is known as the world's first smart bracelet. Users only need to lift their wrists to align the machine and take the bus, and pay in supermarkets, theaters or more places. Transaction 3.
Undoubtedly, we will see more innovative wearable technologies emerging in the next few years. NFC is a technology that enables communication between two electronic devices, and it also makes wearable payments and contactless payments a reality. With the rapid development of NFC technology, new payment methods have emerged on the market, such as new payment methods such as light-touch credit cards and contactless mobile payments. With the local payment methods such as Apple Payment entering the Chinese market in early 2016, the competition between international payment service brands and local Alipay and WeChat payment is increasing. It is not difficult to imagine that NFC technology will have wider market applications in the future.
As NFC technology opens up new opportunities for wearable payments, merchants and the payment industry should be well prepared to meet the needs of consumers. The best wearable devices on the market provide a fast, convenient and secure payment experience, and those who are willing to invest in new technology devices certainly expect more opportunities to use these trendy devices. Retailers should begin to adopt POS systems that can handle NFC payments. In fact, advanced POS systems not only enable merchants to generate revenue from consumers who use wearable devices for payment, but also attract new generations of young consumers who are keen on new technologies, interactive and omni-channel shopping experiences.
To further expand the influence of wearable devices, all parties affecting China's payment pattern need to cooperate more. The main institutions dealing with payment transactions, including banks, card issuers and payment processors, need to work closely together to ensure that consumers can use their preferred payment methods on their wearable devices and unimpededly in each store. Pay with the service outlets. In addition, whether in the Asia-Pacific region or China, the electronic payment methods adopted by major market competitors (such as Alibaba) are often promising. At the same time, however, there are many local payment methods with a small share in the market. Their coexistence makes the entire payment community appear in a decentralized pattern. Therefore, traditional and innovative payment systems must be further coordinated in order to make wearable payment technology popular in China.
In addition, the relevant agencies must also face up to the security issues of wearable payment devices. According to the 2015 Consumer Online Payment Survey, nearly 24% of respondents believe that security is a major consideration in shopping; 57% of respondents expressed the desire to increase transparency in order to understand how service providers can protect their Personal data 6. When paying operators to combine wearable technology, payment operators should clearly state how devices and payment partners protect personal data, and what hardware and back-end security measures are in place to meet consumer demand for security and transparency.
If consumers rely on wearable devices to take the bus without an alternative payment plan, once the wearable device goes wrong, it will cause great inconvenience. Therefore, consumers should also ensure that their wearable devices avoid problems. Although smart watches are currently very popular in China, smart rings, with their long-lasting power, are likely to become the new darling of the market in the future. In addition, the exquisite quality of the smart ring also reminds the rising stars of wearable devices that they must have a stylish style.
At present, wearable devices are still in the early stage of development as a payment method. Although there are some challenges, they are full of opportunities. Considering the preference of Chinese consumers for e-wallets and the demand for fast and efficient checkout by Chinese retailers, with the further development of mobile payment technology, the market for wearable payment is worthy of our expectation in the next few years.
NFC technology gradually matures wearable device payment into reality
The Chinese market is happy to accept new things, and consumers are increasingly interested in innovative payment technologies, including of course wearable payment devices. While wearables are still considered niche in most parts of the world, in China, payment technologies that support wearables are already on the market. In Shanghai, Shuhuahua is known as the world's first smart bracelet. Users only need to lift their wrists to align the machine and take the bus, and pay in supermarkets, theaters or more places. Transaction 3.
Undoubtedly, we will see more innovative wearable technologies emerging in the next few years. NFC is a technology that enables communication between two electronic devices, and it also makes wearable payments and contactless payments a reality. With the rapid development of NFC technology, new payment methods have emerged on the market, such as new payment methods such as light-touch credit cards and contactless mobile payments. With the local payment methods such as Apple Payment entering the Chinese market in early 2016, the competition between international payment service brands and local Alipay and WeChat payment is increasing. It is not difficult to imagine that NFC technology will have wider market applications in the future.
As NFC technology opens up new opportunities for wearable payments, merchants and the payment industry should be well prepared to meet the needs of consumers. The best wearable devices on the market provide a fast, convenient and secure payment experience, and those who are willing to invest in new technology devices certainly expect more opportunities to use these trendy devices. Retailers should begin to adopt POS systems that can handle NFC payments. In fact, advanced POS systems not only enable merchants to generate revenue from consumers who use wearable devices for payment, but also attract new generations of young consumers who are keen on new technologies, interactive and omni-channel shopping experiences.
To further expand the influence of wearable devices, all parties affecting China's payment pattern need to cooperate more. The main institutions dealing with payment transactions, including banks, card issuers and payment processors, need to work closely together to ensure that consumers can use their preferred payment methods on their wearable devices and unimpededly in each store. Pay with the service outlets. In addition, whether in the Asia-Pacific region or China, the electronic payment methods adopted by major market competitors (such as Alibaba) are often promising. At the same time, however, there are many local payment methods with a small share in the market. Their coexistence makes the entire payment community appear in a decentralized pattern. Therefore, traditional and innovative payment systems must be further coordinated in order to make wearable payment technology popular in China.
In addition, the relevant agencies must also face up to the security issues of wearable payment devices. According to the 2015 Consumer Online Payment Survey, nearly 24% of respondents believe that security is a major consideration in shopping; 57% of respondents expressed the desire to increase transparency in order to understand how service providers can protect their Personal data 6. When paying operators to combine wearable technology, payment operators should clearly state how devices and payment partners protect personal data, and what hardware and back-end security measures are in place to meet consumer demand for security and transparency.
If consumers rely on wearable devices to take the bus without an alternative payment plan, once the wearable device goes wrong, it will cause great inconvenience. Therefore, consumers should also ensure that their wearable devices avoid problems. Although smart watches are currently very popular in China, smart rings, with their long-lasting power, are likely to become the new darling of the market in the future. In addition, the exquisite quality of the smart ring also reminds the rising stars of wearable devices that they must have a stylish style.
At present, wearable devices are still in the early stage of development as a payment method. Although there are some challenges, they are full of opportunities. Considering the preference of Chinese consumers for e-wallets and the demand for fast and efficient checkout by Chinese retailers, with the further development of mobile payment technology, the market for wearable payment is worthy of our expectation in the next few years.
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