Who wants to take their wallet on a trip to the beach, a morning jog or on a hike through a national park? Not many people, judging by how spenders are taking to wearable payment technology like fish to water.
In fact, Tractica research reported that wearable payment transactions would account for $501.1 billion worldwide by 2020 - up from $3.1 billion in 2015.
And according to Visa research*, Aussies are some of the fastest adopters of cashless technology, with a 10% increase in cashless payments - including using wearables - in the past 12 months.
But we’re also a discerning lot, with a keen eye for fashion - a Westpac report showed that 70% of Aussies would only be interested in a wearable payment device if it matched their personal style or habits**.
If that sounds like you, the newly launched American Express wearable payment option might be a sight for sore eyes. It comes in the form of a leather wristband designed in partnership with Jean Rousseau and HIRSCH. The band is made from sustainably sourced, genuine leather and is available in either navy blue or black.
“If you’ve ever said to yourself, I’d love to use a wearable payment option, if only it came in designer, genuine leather, then here’s your answer,” Mozo Data Manager Peter Marshall quipped.
“But in all seriousness, striking the right balance between useful payment technology and a design that people will actually want to wear has always been key to the success of wearable payment technology. It doesn’t matter how innovative your product is if no one wants to use it.”
Other payment technologies in the market include, Westpac’s pioneering PayWear, the bcu ActivePay wristband, Heritage Bank’s HOVA wristband and the Bankwest Halo ring, which took out a Mozo Experts Choice Innovation Award in 2018.
American Express cardholders can head to the Vogue American Express Fashion Night Out in Sydney, 6th September 2018 and the first 1,000 cardholders to front up at the Amex Wearable Bands stand can pick up a free Amex Wearable Band. If you’re after a free band, you’ll need to link it to your American Express credit card on the night.
Cardholders will also be able to use their spiffy new band to register for the Vogue American Express Fashion’s Night Out Offer, which allows them to claim $20 cashback for every $50 spent at up to 3 different participating retailers, between 31 August 2018 and 14 September 2018. This offer is limited to the first 100,000 Card Members.
Need a new credit card before jumping on the wearable payment bandwagon? You can find American Express credit cards here, or check out our credit card comparison table to compare options from a bunch of different providers.
*Cashless Cities: Realizing the Benefits of Digital Payments Report – Nov 2017
**Consumer study ‘pay with your watch’ commissioned by Westpac – Oct 2017