Seeking productivity, consumers turn to multifunctional credit card options
Implications - As technological integration expands, a reliance on speed and efficiency becomes commonplace, prompting a desire for more productive methods of everyday routine. Seeking to make daily transactions more economical, consumers are turning to dual-purpose payment options to add diversity to traditionally single-serving credit sources. Multifunctional payment innovations speak to a desire for more utilitarian, yet equally effective methods of day-to-day purchase.
1. Dual-purpose Payment - Consumers are turning to multifunctional payment options to add diversity to traditionally single-serving credit sources.
2. Smart Wallet Technology - High-tech wallets designed to securely store electronic versions of plastic cards are becoming increasingly popular.
3. Wearable Payment Systems - Smartwatches are being developed to function as a payment method, using Bluetooth Low Energy beacons to connect with payment systems.
1. Retail - Businesses are optimizing portable sales with card-swiping smartphone cases and innovative payment technologies.
2. Fashion - Disruptive innovation opportunities are available for fashion brands seeking to integrate payment hardware into clothing items, such as payment-enabled suits and accessories.
3. Finance - The finance industry can capitalize on the trend of smart wallets and wearable payment systems by developing new products and services to meet changing consumer needs.