This is expected to grow as more mobile-wallet solutions become available for consumers.
With such a high penetration of wearable devices around the globe, along with the ever dwindling number of cash payments being made, getting on board the wearable payments revolution is a no-brainer for payment providers.
Save a life
The market is big, and it’s getting bigger. What’s also interesting is how smart these devices are getting.
In August, Fitbit announced the launch of Fitbit Pay enabling health fanatics to make purchases using their wearable tracking devices.
Wearables could eventually go beyond the current- let’s say superficial - fitness data tracking and move into real diagnosis of serious medical conditions. They could ultimately save lives.
A study conducted by the Apple Watch app Cardiogram and researchers from the University of California San Francisco’s, called ‘mRhythm’, tested how accurate the Apple Watch could be at detecting a heart condition known as arterial fibrillation.
Arterial fibrillation is a serious heart condition which can lead to stroke. People with the condition don’t usually experience much in the way of symptoms.
When detected early, the condition is treatable but often it’s too late by the time it’s discovered. The study found the Apple Watch can detect arterial fibrillation with up to 97 per cent accuracy.
In September, Apple announced it would partnering with Stanford University for a study to further investigate just how accurate the watch can be in detecting abnormal heart rhythms.
The implications of this type of technology on healthcare and medical diagnosis could be huge.