Monday, January 25, 2021
Techiexpert.com
No Result
View All Result
  • Login
  • Register
  • Home
  • Tech news
  • Startups
  • AI
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • ML
  • Blogging
Techiexpert.com
No Result
View All Result

How SmartWatches Can Revelutionise The Banking Experience

Amartya Baidya by Amartya Baidya
April 30, 2016
in Internet Of Things
Reading Time: 3min read
A A
0
How SmartWatches Can Revelutionise The Banking Experience
9
SHARES
132
VIEWS
Share on FacebookShare on Twitter

Despite being a $11.5 Billion market, smartwatches have till now been classified as a failure. In fact, 2015 has come and gone and the Year of the Wearable still hasn’t come to fruition. While one of the main deterrents holding back smartwatches from mass adoption is their high ASP considering they’re basically a smartphone accessory, the other is, of course, their limited functionality.

While the first point of contention can be shrugged off as RnD costs of a new generation of devices, the second one is a more pertinent problem in the sense that the success of any commercial electronic device depends on their ability to solve an everyday problem that humans have.

Android-Wear-Vs-Apple-Watch-14

This is why any new avenues of development in the field of smartwatches are greeted with much enthusiasm, and the involvement of the banking sector in this budding technology is indeed great news!

ADVERTISEMENT

Banking Apps and SmartWatches: A Match Made in Heaven?

pagare-pebble-strap

With the advent of Apple Pay, contactless payments in smartphones have picked up pace, and now Android OEMs like Samsung and LG have joined in the fun as well. While using the phone is okay, in most situations, getting the phone out of the pocket while both your hands are occupied can be a bit of a hassle.

This where smartwatches come in! They make contactless payments many degrees easier by simply reducing the need of having to bring out your phone for every transaction. And as it is safely strapped to your wrist, it helps in maintaining your digital security as well. Like this, there are loads of ways we can use our smartwatches for our daily transactions, a few of which we have highlighted below.

#1. Restoring Privacy in Banking

apple-pay-1429282900-R2m7-column-width-inline (1)

One of the most important things that the denizens of the digital age are afraid of is being hacked. With our credit cards and bank accounts being linked to our phones, the wrong message in the wrong hands can lead to catastrophic results. As a result, smartwatches are perfect for receiving sensitive information. The small screen ensures that no peeping toms will get their eyes on private information and being tethered to the wrist guarantees that the message is for your eyes only.

#2. Replacing Credit and Debit Cards

_77488958_04f6d0fb-4971-439c-bcce-74e04ea7a035

While contactless NFC payments are already easier with the smartphone, smartwatches add the convenience of simply being able to reach across and tap the Payment Gateway to get the money transfer process completed. Not only does this guarantee that no tampering of the device is being done by the operator, but it also eliminates the need for you to hand over your phone to a stranger across the counter.

#3. Making Transactions Easier

LG G Watch R review (2)-970-80

One of the more unique uses of smartwatches in Banking could be to send a small amount of money to other users. One of the best use cases for this would be if your wife needed a few bucks in change at the grocery store and you could just swipe on your watch and send it over to them. For parents in the digital age, this could also turn out to be an excellent way to keep a tab on their children and how they spend money either in App Stores or for In-App Purchases.

Not only are our homes getting smarter, so are our wearables. With the help of the banking sector, smartwatches may help us make the leap to a truly cashless society.

Share4Tweet2Share1Pin1
Amartya Baidya

Amartya Baidya

A 22-year-old Bong from Kolkata, Amartya’s passion for ‘sondesh’ is matched only by his curiosity in tech. Rumor has it, that he once got a nasty electric shock. Ever since then he has been found to dismantle electronics with a vengeance and mod everything that goes beep.

Related Posts

Meet India’s Atmanirbhar Microprocessor chip ‘Moushik’, meant for IoT devices
Internet Of Things

Meet India’s Atmanirbhar Microprocessor chip ‘Moushik’, meant for IoT devices

January 22, 2021
IOT Security
Internet Of Things

Revolutionizing Quality through IoT Security

December 31, 2020
Top 12 Revolutionary IoT Trends for 2021
Internet Of Things

Top 12 Revolutionary IoT Trends for 2021

December 7, 2020
PCB Design Software Options for your IOT Product
Internet Of Things

How To Successfully Design A PCB For IoT Products

October 23, 2020
IoT monitoring systems..Services offered By AWS,Azure
Internet Of Things

IoT monitoring systems..Services offered By AWS,Azure

August 31, 2020
Understanding the Convergence of IoT and data analytics
Internet Of Things

Understanding the Convergence of IoT and data analytics

August 26, 2020

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Latest Stories

Alibaba Cloud Computing Now Ranked Third-Largest Infrastucture as a Service Provider
Cloud Computing

Alibaba Cloud Computing Now Ranked Third-Largest Iaas Provider

by Srikanth
January 25, 2021
How a SERP Checker Can Improve Your Search Rankings
Marketing Trends

How a SERP Checker Can Improve Your Search Rankings

by Srikanth
January 23, 2021
Meet India’s Atmanirbhar Microprocessor chip ‘Moushik’, meant for IoT devices
Internet Of Things

Meet India’s Atmanirbhar Microprocessor chip ‘Moushik’, meant for IoT devices

by Srikanth
January 22, 2021
Bolo Indya
Startup news

Bolo Meets is helping content creators by monetizing their content

by Sony T
January 22, 2021
Increasing Adoption of Informatics will Promote Growth of Data Analytics.
Tech news

Increasing Adoption of Informatics will Promote Growth of Data Analytics.

by Sony T
January 22, 2021
Load More
Techiexpert.com

© 2020 All Rights Reserved

  • Terms of use
  • Privacy Policy
  • About Us
  • Contact us
  • Write For Us
  • Cookie Policy

  • Login
  • Sign Up
No Result
View All Result
  • Home
  • Tech news
  • Startups
  • AI
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • ML
  • Blogging

© 2020 All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.