Mobile Payments: Wear Your Credit Union

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Mobile Payments

The combination of mobile payments and innovative new mobile devices may soon allow millions of credit union members to literally wear their CUs.

Just a few years ago, wearable mobile devices were seen as a niche category in the market – or worse, a gimmick. The trend was toward bigger screens, and more powerful smartphones and tablets. Who wanted a shrunken, limited device?

But the tables have turned, with a new crop of wearables that are vastly more capable, and are increasingly being supported by mobile OS providers like Apple and Google. The latest smart watches, for instance, are able to synch with iOS and Android devices, and provide a handy way for users to keep track of alerts, texts and emails.

At the same time, there has been a proliferation of new mobile payments options offering convenient ways to make purchases while on the go.

Advanced mobile payments technology and handy wearable devices could make a lot of sense – providing you with a new way to manage your money while on the go. Imagine being able to access your various accounts right from your wrist – choosing payment options and keeping track of balances with just a glance, and a simple touch or voice command.

It’s clear that the next wave of mobile payments technology will seek to make transactions nearly seamless, with machines essentially “talking to each other” as consumers shop. Yet, consumers will still need to make choices, check for errors and approve of transactions. Wearable tech could provide a handy way for them to do so.

The pace of change in personal finance is truly astonishing. Right now, more than 85% of all consumer transactions are cashless. New technologies promise to eliminate check-out lines in stores, using powerful mobile payments tech to open up whole new possibilities for self-checkout. Mobile banking already connects users to their accounts wherever they are.

With technology eliminating many of the steps you previously had to take to make purchases – and manage your money – it’s only a matter of time before the whole process could take place on a tiny device that you wear.

 

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