Financial institutions are gearing up for a growing number of their customers using various forms of mobile payments while shopping. During the Wearable World Congress in San Francisco, executives from MasterCard, Capital One and PayPal discussed how each company is embracing the market - and watching to see what products and services emerge.
"As we look at the future, consumers are clearly interacting with a whole host of new devices that extend beyond plastic or the devices in their pocket," said Stephane Wyper, VP of startup engagement at MasterCard. "How do we enable all of those connected devices to be payment devices?"
As the number of wearables reach the market, they could play a major role in how payments are made - moving away from the idea that just smartphones will be used for transactions. The use of smartwatches and other wearables, which keep owners connected, provide new opportunities for banks and credit card companies.
However, it'll depend on the "acceptance network," consisting of retailers and other public services that want to support mobile payment ecosystems.