If you're still wondering why Apple has been pushing to make wearables a thing, allow me to break it down to you in one, simple word. Imagine Homer Simpson whispering in your ear: “Paaaaaaymeeenttts”.
That’s right. The whole point of wearing the smartwatch on your wrist is to be able to purchase stuff with it, and of course with every purchase – a small fee goes to whoever manages the transaction.
As The Daily Star says, wearable payments are gaining traction, and tech companies see the convenience of paying from your wrist as a big draw for the uptake of wearable tech.
And having millions of micro-transactions every day means quick and easy cash flow for these companies.
There is a number of wearable devices which already offer the convenience of buying things from your wrist, including (obviously) the Apple Watch, Jawbone, Pebble Smartwatch and Samsung wearables, to name a few.
There are more than a million people in the US using the Apple Watch right now and its payment service Apple Pay works for Visa, MasterCard, and American Express customers.
Jawbone may be less than half the price of the Apple Watch, put it also comes with less than half the options. It only has American Express signed up so far.
Another competitor, Samsung, acquired LoopPay recently in a bid to combat Apple and Google with mobile payment systems. The payment system is expected to be launched this summer, and it should work with Samsung devices only. Those include the Galaxy S6, and the mysterious new smartwatch, yet to be unveiled.