Bracelets, rings, key fobs and watches that double as credit or debit cards are enjoying a burst of popularity as COVID-wary consumers gravitate toward contactless payments.
Where it stands: While people have grown accustomed to waving their phones — or smart watches or Fitbits — in front of payment terminals, the next generation of wearables will likely be cheaper and/or more fashionable.
Driving the news: Several recent product launches point toward a future where payment features are built in to clothing and jewelry — and may include biometric features.
- A company called Purewrist introduced a payment bracelet that comes in six colors, costs $25, and can be used to spend up to $1,000 at a time.
- It's a linked to a reloadable Mastercard account that the wearer can manage online.
- At CES this year, a startup called Flywallet showed off Keyble, a "small smart module that fits into bracelets, watch straps and key rings" and uses the wearer's finger image to authenticate payments.
- On the high end, a European company called Armillon introduced limited-edition diamond-encrusted payment bracelets for men, which GQ UK says start at £38,130 ($52,000)
- ABN Amro, the Dutch bank, allows customers shop for payment rings, watches and bracelets through its website.
Of note: Europe is way ahead of the U.S. in its adoption of payment wearables.
- Some surveys show that smart rings, like the ones being issued by Belgium's KBC Bank, are the most popular form factor.
What they're saying: "We expect people to be using...