Source: Thames Technology
Launched by Thames Technology, PayCard+ combines a traditional payment card with a piece of stylish wearable payment technology such as a ring, wristband, or key fob.
Contactless payment methods have been growing in popularity over the past 10 years and even more so during the pandemic. This payment method is likely to continue to grow in popularity following the planned £100 contactless limit increase in October.
In the UK alone, more than 27% of transactions of all payment transactions in 2020 were contactless, and many consumers are ready to embrace the latest trends in the search for convenient payment methods.
This is why many banks and fintech businesses are looking to elevate their product offering by providing customers with an alternative, more versatile method of paying.
PayCard+ offers banking providers a quick-to-market, easy-to-implement companion solution. Wearable technology is delivered alongside a payment card for maximum impact and the all-important ‘wow’ factor. With payment chips pre-embedded and accounts already linked, the banking customer’s choice of wearable device is ready for action as soon as it’s been received and securely activated.
With people increasingly looking for more convenient, frictionless, and stylish ways to pay, wearables are the perfect option.
Wearable technology offers banking customers a convenient payment solution for wherever they go and whenever they need. Ideal for festivals, sporting events, theme parks, public transport, the beach and even the swimming pool, with a payment device around their wrist or on a finger, it's the ultimate in convenience.
Angela Davies, Head of Financial and ID Sales at Thames Technology, said:
“In today’s competitive financial product market, it’s more important than ever for banks and fintech businesses to stand out from the crowd when trying to attract customers.
“Modern jewellery with an integrated payment function such as a ring or bracelet, offers your customers a stylish and convenient way of paying which will quickly become the preferred way of using an account.”