What is The Next Big Thing in Payments?

Regardless of the rapid growth of mobile technology enabled mobile payments, industry professionals can’t assume it will stay the next big thing forever. Payments are evolving and so are technology and consumer habits. Although at this point mobile payments seem to be the most potent consumer facing proposition, there is the next wave close on its heels– wearables.

Smartwatches, in particular, are believed to be gaining traction and in the nearest future will be an inseparable part of daily habits. In their desire to simplify and smoothen the payments process, financial institutions and payments companies will eventually turn to smartwatches or other types of wearables instead of phones.

Not only financial institutions, but the technology companies have also expressed optimism in payments via wearables. Samsung, for example,