Wearables are Now in the Mainstream – and There is Plenty More Potential Growth to Fulfil
- Phil Campbell, Founder at Kerv
- 02.06.2016 12:15 pm Wearables
Wearables have made a major breakthrough in the last two years. I believe that in several sectors including payments they are now mainstream technology rather than a minor tributary.
Not long ago, the term ‘wearables’ would draw blank looks from nearly everyone. But now it is associated with brands such as Apple, Barclays Bpay, the Fitbit, the Jawbone and many others. These have taken wearable devices into the everyday lives of many of us and made millions of others aware of the trend so that they can now engage in discussions about them. This is no longer only the niche world of techies and geeks.
The Apple Watch and Bpay have certainly taken wearables forward in the payments sector, with highly practical, high potential products backed by major brands and marketing investment.
Payments technology is, I believe, still a market with vast unfulfilled potential for both innovation and growth. As I shall explain in more detail in my presentation at PayExpo Europe on Wednesday 8 June, it was because I felt that general prepaid, specialist travel cards and even the first contactless payment devices weren’t delivering to their potential that I was motivated to develop my own product. The underlying philosophy always has to be to put the user first and think about what they really want to achieve, and the best way of doing so. In short, we didn’t set out to produce a wearable product – but the concept of the ring evolved from considering that process.
The reality is wearables not only have to serve a desired purpose but also be highly practical for users to wear and keep on them for a prolonged period. The essence of the KERV ring is convenience and longevity. The motion to make a transaction with the ring is much easier than a wrist based device and it doesn’t require charging.
I’m sure that more devices will be developed as innovators identify further ways to meet consumers’ needs and demand is likely to increase as the trend for “frictionless payment” continues. There has been much work on optimising the shopping basket but far less on the payments side. Any new payment innovation that allows a quicker, easier payment for the user will be an enhancement. Wearables certainly facilitate this in physical locations – though it’s imperative that the experience is joined up – across hardware, software and the payments programme itself.
It is going to be interesting to see how banks, retailers and the industry reacts to the products on display at the Wearables Zone at PayExpo Europe.
Phil Campbell will be revealing the story behind the success of the KERV contactless payment ring at PayExpo Europe at ExCel London on Wednesday 8 June at 1040.
