How do retailers prepare for wearable payments?

As wearable payments are becoming increasingly important, retailers must consider the implications of this technology. But how does the wearable payment landscape look like right now?

The growth of contactless card usage as well as the slow, steady rise of mobile wallets such as Apple Pay signals a growing consumer interest around wearable payments.

According to ABI Research, global wearable device shipments are set to hit more than 500 million by 2021. Analysts estimate 20 percent of these devices will be connected with a payment, transport or access control application.

Recently, Nordic banks Nordea and Swedbank introduced a new range of watch wearables that can be used for making contactless payments. Further, one of Europe’s largest music festivals, Roskilde Festival, allows visitors to pay for everything using a wristband.

Handling the complexity of wearable payments.

Where does this leave retailers? Accepting wearable payments may seem complex, but businesses should consider the credibility of these technologies. Wearable payments is not a passing fad as more devices are born with payment functionality such as NFC chips.

Many customers started out their journey in wearable payments thanks to multi-function devices. In many ways, wearables are the perfect outlet to embed contactless payments and therefore seem a logical next step in the payments industry,” says Bettina Thorkelin, Nordic Director at Valitor.

How retailers should prepare.

Retailers of all sizes must meet the demands of the digital consumer in order to stay ahead of the competition. And this includes wearable payments.

Modern consumers do not care if you are a multinational enterprise or a local business employing five people. They expect great service no matter what. That is why it is crucial that retailers open up to accept contactless payments from wearable devices,” says Bettina Thorkelin, Nordic Director at Valitor, and continues:

If small businesses are to gain a critical advantage in their marketplace, giving people the seamless payment options that they have come to expect will be essential. Such changes give businesses the chance to punch above their weight and ensure that every aspect of the customer experience is optimised. It is the full responsibility of the business to make sure it is prepared for the emerging tech coming on the horizon. Customers certainly are not going to wait for them.

 


 

Sådan kan nordiske retailere forberede sig på wearable-betalinger.

Wearable-betalinger vinder frem, og derfor bør nordiske retailere overveje, hvordan de udnytter teknologien bedst muligt. Men hvordan ser markedet for wearable-betalinger egentlig ud lige nu?

Et stigende antal kontaktløse betalingskort og wallets som fx Apple Pay vidner om øget interesse for wearable-betalinger blandt nordiske forbrugere.

ABI Research forventer, at der i 2021 på globalt plan vil være flere end 500 mio. wearable-enheder. Og ifølge analytikere vil op mod 20 pct. af disse enheder være direkte forbundet via betalinger.

For nyligt introducerede Nordea og Swedbanken ny serie af ure, som kan bruges til kontaktløse betalinger. Også Roskilde Festival har introduceret et betalingsarmbånd, så deres gæster hverken har brug for mobil, kort eller kontanter.

Wearable-betalinger er kommet for at blive.

Men hvad betyder udviklingen konkret for nordiske retailere? Området for wearable-betalinger kan virke komplekst, men teknologien er kommet for at blive. Det skyldes bl.a., at mange enheder har indbygget NFC-chip og dermed kan benyttes til betalinger.

Det er logisk for betalingsudbydere at tænke i wearables, fordi eksempelvis et armbåndsur er noget, som forbrugeren har lige ved hånden og bruger til hverdag,” siger Bettina Thorkelin, Nordic Director hos Valitor.

Hvordan skal nordiske retailere forberede sig?

Kravet til små og store retailere er det samme. De skal forberede sig for at kunne imødekomme den digitale forbrugers forventninger. Derfor er det også vigtigt at forberede sig på wearable-betalinger.

Moderne forbrugere er ligeglade med, om du er en stor eller lille virksomhed. De forventer god service, uanset hvem du er. Derfor er det vigtigt, at nordiske retailere forbereder sig og er meget åbne over for wearable-betalinger,” siger Bettina Thorkelin fra Valitor og fortsætter:

En strømlinet betalingsoplevelse er altafgørende for at leve op til forbrugernes krav. Det kan give retaileren en fordel ift. konkurrenten. Men det er retailerens eget ansvar at være godt forberedt på den nye teknologi. Forbrugerne kommer nemlig ikke til at vente på dem.