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November 23, 2015

Wearable banking to hit 2bn users by 2020

News: Wearable banking to witness faster adoption rate than mobile banking - especially amongst millennials.

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The ease at which millennials accept new technologies will help to propel the usage of banking apps on smartwaches.

Analysts estimate the global mobile banking user base to reach two billion by 2020, representing 37% of the global adult population.

A study has found that the global number of banking apps accessed via smartwatches will reach ten million in 2017, rising to more than 100 million by 2020.

The recent launch of several wearable payment services – like Apple Pay, Samsung Pay, and numerous bank apps – together with the launch of several smartwatch models – will help the predicted growth.

Juniper Research’s "Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020" report found that while wearable based banking information services has emerged as a key trend, it is perceived by many as a gimmick at present.

The company said wrist based wearables will become a key device for multi-factor authentication – for banking transaction approval in the future.

The report has also revealed that technologies such as AR banking apps and cashless money boxes, generally have a short life span with the consumers.

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Claire Maslen, head of the GSMA’s Head of Financial Services, told CBR: "The ultimate success [of mobile payments] will be driven by clear education from the industry – not talking about technology, but talking about real life examples of making consumers lives easier.

"Providing that the mobile industry, financial institutions, and retailers come together with clear messages, customers should find adoption easy and beneficial."

 

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