Tap-to-pay technology is worked into common everyday items
Implications - As secure cashless payment technology has proliferated, brands have moved far beyond credit cards, debit cards, and even smartphones as payment hubs. Removing as many barriers to purchase as possible, brands have incorporated tap-to-pay tech into common everyday items like gloves, keys, and watches. Simplifying the process of purchase itself lets brands shift consumers' focus more wholly towards the benefits of their product or service (as opposed to the peripheral aspects of acquiring that offering).
Workshop Question - What is the most direct way in which your brand could deliver your product or service to consumers?
Trend Themes
1. Contactless Payment Integration - As secure cashless payment technology has proliferated, brands have moved from credit cards, debit cards, and even smartphones as payment hubs to common everyday items, automating donation keychains, smartwatches, winter gloves and elegant contactless payment watches to provide more convenience and connectedness for consumers.
2. Wearable Technology - Donate The Change recently collaborated with Barclaycard on a new range of contactless wearables, including bracelets and keychain key rings and PayRing is set to be introduced as an alternative to the traditional Troika transport card in Moscow making wearable technology the new mode of transportation.
3. Seamless Shopping Experience - The introduction of tap-to-pay technology in common everyday items like gloves, keys, and watches has shifted consumers' focus more wholly towards the benefits of the product or service, as opposed to the peripheral aspects of acquiring that offering, hence brands can look to provide better and more diverse payment options, thus improving the shopping experience for customers.
Industry Implications
1. Payment Systems - As secure cashless payment technology has proliferated, brands have moved beyond the traditional payment gateways allowing for secure and easy transactions, increasing customer satisfaction.
2. Transportation - PayRing is set to be introduced worldwide as a sleek new wearable alternative to traditional travel cards in metro systems, enhancing commuters' satisfaction with a hassle-free and modern mode of transportation.
3. Fashion Tech - The integration of tap-to-pay technology in winter gloves, smartwatches and stylish traditional watches presents the fashion industry with an opportunity to introduce more convenience and connectedness in everyday wearables.
