Wearables the new payment fashion!
For the hip and trendy shopper, you probably rarely carry cash.
The days of a cash only are long gone. The latest to come to Australia is the wearable tap n’ go option. Ever wished you had a ring or a watch that could buy you lunch or the latest fashion. Wish no more!
Australian’s are one of the quickest to uptake contact payments in the world.
We love convenience and the new way of paying is doing two things:
1. Changing How We Spend 2. Making Money Even Less Tangible
So what are contactless payments?
Also known as tap n’ go, it is a device (tag, watch or ring) that contains your card information without the need to carry the actual card itself. The complex term RFID (Radio Frequency Identification), is the chip on your card or stored inside a watch or ring that contains your card details. This allows you to still pay, without the need for the physical card itself.
With the evolution of wearable tap n’ go, we’ve broken down the pro’s and con’s for you of using these types of devices:
Super convenient. No need for a PIN or signature and faster payments in store
Forgetting your wallet will never be an issue. You can pay with your accessory (ring, watch)
No need to carry cash or coins
Wearables are both fashion and a payment option
Risk of being skimmed. Whenever you are wearing something that has your payment details in it, they can potentially be stolen
Can only be used to pay for goods up to $100
You never physically exchange any money
Not all shops accept tap n’ go
No longer being told how to pay, payment providers are giving consumers the opportunity to pay the way you want to. With the latest wearable payment option, a ring set to be introduced this year, understand whether a ‘wearable’ is right for you.
Why it’s YES to a wearable payment option:
If you’re about convenience, faster payments and can handle never seeing physical money then a wearable is perfect. No longer will you need to carry a wallet round full of cards, but rather have multiple cards accessible via your smartphone and ring/watch.
Wave your watch or ring over the payment machine, it’s that simple. The danger being if you aren’t good at keeping track of your money, you can rapidly spend money you don’t have or hadn’t planned on spending.
Why it’s a NO to a wearable payment option:
If keeping track of your spending is difficult, you find yourself spending too much or you know you just can’t control yourself. Maybe a wearable isn’t for you.
With no physical money ever changing hands, you can quickly spend much more than what you had wanted or planned on.
If you know this is you, it might be wise to resist ordering a watch or ring that can pay for your morning coffee or Friday night drinks. You’ll thank yourself for it. For many people, the old fashion PIN and cash work just fine.