Trying to figure out how wearables will help mobile payments ecosystem

The mobile payments market is growing, and it looks like wearables could help make a difference.

| May 30, 2015 at 12:20 pm CDT

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.

Trying to figure out how wearables will help mobile payments ecosystem | TweakTown.com

"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.

Last updated: Jun 16, 2020 at 04:29 pm CDT

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An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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