In today’s busy world, there is an emerging trend in quick and easy bill payment on the fly. Consumer interest is growing at a rate that is driving firms to look for ways to create connected payment solutions.
According to Tractica, wearable payment transaction amounts could grow to around $501 billion by 2020, with close to 20% of consumers showing a great interest in connected device payments. These include wearables. This positive feedback causes programs such as bPay to likely be wise investments for interested financial firms.
In response to this emerging trend, major UK issuer Barclaycard created a new product recently, named Loop. Loop allows users to integrate payment functionality into wearables that they already own.
The firm already provides a line of bPay wearable pay devices, with Loop being the newest option. The silicon case, with an NFC chip that can be slid onto the strap of a watch or fitness band to enable payment, is priced at $25.79.
Barclaycard gets increased exposure
Barclaycard is also planning to join up with Garmin and Mondaine to offer Loop to users purchasing Garmin or Mondaine products. The service, much like other bPay products, is available to any person with a UK-issued Visa or MasterCard.
Loop could be a valuable addition to Barclaycard’s bPay line, considering that consumers who live in the UK already tap-to-pay on a regular basis. There are already 86.5 contactless payment cards in circulation.
For those who don’t want to necessarily set up a mobile wallet or buy a smartwatch, Loop could be very appealing.