These wearable payment devices make it incredibly easy for consumers to make purchases. Bracelets and watches are accessories that people commonly put on before leaving the house and infusing these items with digital purchasing capabilities adds even more value to them.

The 'RumbaTime Perry Go' and 'PayPass' are examples of watches that can be swiped just like a credit card. Even though these items are essentially equivalent to carrying around cash, their ordinary forms leave others none the wiser -- not to mention the chances of forgetting your wallet are much slimmer if it's strapped to your wrist.

Other examples of innovative wearable payment devices include tattoos and QR codes printed onto fabric, which have the potential to be scanned to allow a user to authorize a purchase.