Wearables seem to be making some noise in financial services. PayPal announced yesterday that it has introduced its app for Pebble smartwatches, and now has its app available on all wearable device platforms including Samsung Gear and Android Wear devices.
The launch comes just a week after new research from Cisco showed that nearly half (47%) of US banking customers are interested in banking and payments capabilities on smartwatch devices. The survey found that 28% of the 600-plus respondents would like to use a smartwatch to check balances, 23% would like to transfer funds between accounts, and 22% would like to be able to pay for an item in-store.
[For more on Cisco's banking customer survey, check out: For Banks, Business Needs to Get Personal.]
The PayPal app for Pebble will allow users to pay by checking in to business locations on the app, or via a payment code delivered through the app. Users will also be able to receive payments alerts on their Pebble device.
PayPal’s Pebble app launch also coincided with Apple’s announcement yesterday that developers can start building apps for its upcoming Apple Watch. Apple’s device is expected to give the whole smartwatch market a boost when it is released early next year.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio