"Dr. Katina Michael of the University of Wollongong, told OmniChannel Media that “Lloyds Bank revealed recently in a study they made last month in the UK, where they found that 28% of consumers there are willing to make payments using wearable devices, including watches and wristbands in the next ten years,”. Michael is an associate professor at the University of Wollongong’s School of Information Systems and Technology, and the editor in chief of IEEE Technology and Society Magazine.
“About 22% think they will regularly be using fingerprints to make those payments,” Michael said, “and even 7% of the population would consider things like implantable devices.”
She believes that the trend to apparel based contactless payment could well be taken up with enthusiasm in Australia.
“I think it’s an interesting question,” Michael said. “Australian studies are showing that locals are going contactless, using different kinds of form factors and are using touch and go systems,” Michaels adds: “How much would it stretch the consumer to consider an e-payment system with a similar embedded device either in the cuff or collar.”
Still, Michael explains, there are troublesome issues, like security, that impact the consumer’s confidence with this kind of innovation. Since the technology was never designed for security devices it can be hacked, killed, cloned, and identities stolen and all of this can be done so remotely and discreetly. “What we are doing by introducing yet another form factor is increasing the vector for fraud.”
Michael notes that the Apple watch take up in Australia has been significant and predicts that as much as one-third of the country’s consumers could move to contactless payment. “But I would say the vast majority [of shoppers] would use their common sense and would not invest or expose them to more security risk.”