Munich – January 2023: Payment with cash is becoming less and less popular. Simultaneously, digital and contactless payment methods are encountering a rising demand. But paying with your smartphone bears the disadvantage of battery-dependance. The perfect alternative here are passive wearables, as – for the lack of batteries – they do not need to be charged. Including the additional benefit of being able to wear them, passive wearables offer the extra oomph-factor that our generation is looking for. Think wearable payment with clothes. Think wearable payment with jewelry, or stylish accessories. Convenient. Fashionable. Modern. Sustainable. A change in the way we view payment was long overdue, but the complex onboarding requirements passive wearable technology usually bears for banks, let them stay far away from this flourishing market. As the market leading company in the passive wearable payment field, wearonize offers banks a unique 360°-experience, promising to take care of every single detail in the initialization process.
What are the advantages of passive wearables?
Wearables, as the name already indicates, are electronic devices that are worn, like rings, wristbands, or smartwatches. They are becoming more and more popular, as they are a practical, stylish, and secure alternative to smartwatches. With their NFC (Near Field Communication) technology they offer the exact same payment possibilities as smartwatches and contactless payment cards, while abandoning the traditional charging hassle electronic devices have and the dull boredom classic bank cards embody. Payment with passive wearable devices is practical, fashionable, sustainable, and dead easy. No searching for the purse and no annoying smartphone when jogging. Paying with wearables is one of the fastest, easiest, and safest methods to spend money. They are even more affordable than active smart devices, because wearables have much lower production costs and a longer lifespan. Young people might find wearables especially interesting, as the price range starts at around $30.
Why is partnering with wearonize so intriguing?
wearonize is the first company to offer everything from one source domain. While other
wearable producers only offer wearable devices that have to be paired with unknown third party phone applications, wearonize promises a 360°-experience. With its own sub brand LAKS PAY wearonize sells their own payment pieces, while simultaneously equipping each customer with the wearonize wallet app, allowing them to initialize and manage their wearables, cards and payments. Additionally, wearonize provides help and support, so that the banks wearonize cooperates with do not need to worry about anything.
A partnership with wearonize therefore is low maintenance, as wearonize wants to be viewed just like an ordinary card provider – but only offering wearables instead.
Past problems banks used to face, like having to connect wearable production, wearable initialization, and customer support are gone with wearonize. The 360°-experience wearonize offers, includes hardware, software, production, sale, and support leaving the partnering banks alone and only providing their bank accounts. This is a new full-service solution for banks that is unique worldwide. For banks this is an opportunity to generate new customers especially targeting young people, who put lots of stress on the day’s important aspects like sustainability, less waste, practicability, and global independence. In 2019 a Swiss study showed that this new payment method increased customer transactions by 28%, which led to a further profit increase of 15% for banks.
What are the challenges wearonize faces?
The biggest challenge wearonize faces is convincing banks, brands, and customers that their payment solution is easy to implement, and most of all as secure as ordinary payment cards, as wearonize follows the security guidelines by Mastercard and Visa.
Changing old conventions is always difficult, but with wearonize banks and partners never jump into the unknown. wearonize is the market leader in the wearable payment business. Partnering with more than 85 banks, like the BLKB and Curve, and cooperating with brands, like Swatch and LAKS, wearonize currently offers their technology to more than 400 million customers in more than 35 different countries. And these promising prospects are specifically interesting to future partners.
Cash at cash registers? No! Contactless payment with wearables is the way to go.