Jan 12, 2017 09:13 PM EST

Wearable Payment Device Vs. Mobile Payments: Which Would Be Good For Your Business?

Wearable payment devices and mobile payments both offer something new to consumers and businesses. They both try to sell ease of use and comfort to potential users. However, mobile payments took off faster than wearable payment devices.

A number of businesses in various industries easily adopted mobile payments. Citing an Auriemma Consulting Group study, Mobile Payments Today reported that 27% of smartphone users have paid for goods and services using mobile payments.

It is not hard to see why a considerable number of people use mobile payments. Anyone with a mobile phone can use mobile payments. It did not hurt that technology and mobile giants made mobile payments like Android Pay, Android Pay, Google Pay and Samsung Pay readily available and effortlessly accessible for consumers and businesses.

On the other hand, wearable payment devices have a hard time becoming popular, especially with businesses. Consumers who buy wearable devices sometimes find it hard to look for establishments that are capable of processing wearable payments.

In choosing the perfect method for your business, you have to think about what will give your consumers more ease. Wearable payment devices are still not as popular compared with mobile devices so it makes much more sense to offer mobile payments for now. Additionally, mobile payments recently had additional protection after PCI Security Standards Council updated its card production and provisioning standard, NFC World reported.

Another plus side of using mobile payments is that banks are currently starting to widen their mobile payments capability. PYMNTS reported that Fifth Third Bancorp is now allowing its customers to use Apple Pay, Samsung Pay, MasterPass, Android Pay and Microsoft Wallet to make payments.

Offering mobile payments and wearable payment device can expand your customer base. Jobs & Hire previously reported about other marketing tips that can help businesses attract more customers.

 

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