Published Date : Jan 15, 2016
Europe has since long been the face of technological and scientific innovation and its position as an influential player in many sectors and markets has remained unperturbed by the recent economic slump and in fact strengthened by the might of nations such as the UK and Germany. As far as premium consumer goods such as wearables are concerned, Europe is still considered to be one of the prime markets.
Owing to their high costs, wearable tech devices have been, to a large extent, been rejected in developing nations but witnessed strong demand in two of the most prosperous regions in the world – Europe and North America. The Europe wearable technology market, analysts predict, will develop at a pace of over 40.0% between 2014 and 2019.
Thanks to the ease of use of cashless payments and the proliferation of smart cards, cashless payments are anticipated to soon become the norm in Europe. Keeping this trend in mind, giants in the wearable technology sphere are preparing to develop the next winning product in the category of cashless payment devices.
One of the most prominent cashless payment gateways across the globe, Visa has partnered with students from a London based arts school Central Saint Martins to develop innovative concepts for wearable devices of the future; devices that will help users deal with cashless payments.
This collaboration resulted in several impressive devices. Small Change is a device that enables the wearer to digitally pay small change via a linked bank account, thereby facilitating the smooth transition to a coin-free economy. Budgeteer is a sensor device worn on the wrist. With simple motions of the fingers, the device saves major expenses of the wearer. Thread is a fashion oriented wearable that can review and compare garments wirelessly. These devices bring to the fore the direction that the Europe wearable technology market is headed over the next few years.