Question:

What are the existing or feasible options for wearable payment devices that do not require a credit card or a mobile app?

I am working on a school project where I need to design and develop a gadget that can enable contactless payments without using a credit card or a mobile app. I am interested in wearable devices that can be integrated into accessories such as rings, chains, pendants, or keychains. The gadget should be able to work with any payment terminal that accepts contactless payments.

I need to provide a proof of concept for my project, so I am looking for solutions that are either already available in the market or easy to create with a low budget. Ideally, I would like to purchase or make the gadget within three weeks so that I can present it physically at my project presentation.

I would appreciate any tips or suggestions from experts in this field. Thank you for your time and attention. 😀

Answer:

Contactless payments are becoming more popular and convenient, especially in the wake of the COVID-19 pandemic. However, not everyone wants to carry a credit card or a smartphone to make payments. Some people may prefer to use wearable devices that can be attached to their body or accessories, such as rings, chains, pendants, or keychains. These devices can offer a seamless and secure payment experience, as well as a stylish and personalized touch.

But what are the options for wearable payment devices that do not require a credit card or a mobile app? How do they work, and where can you get them? In this article, we will explore some of the existing or feasible solutions for wearable payment technology, and provide some tips and suggestions for anyone who wants to design and develop their own gadget for a school project.

How do wearable payment devices work?

Wearable payment devices use a technology called Near Field Communication (NFC), which allows two devices to communicate wirelessly when they are in close proximity. NFC is the same technology that enables contactless cards and mobile wallets to work with payment terminals. The wearable device contains a tiny chip that stores a tokenized version of the cardholder’s account information. The token is a unique and encrypted code that replaces the actual card number and protects the user’s data from fraud. When the user taps the wearable device to the payment terminal, the token is transmitted and verified, and the payment is processed.

What are the existing options for wearable payment devices?

There are many wearable devices that support contactless payments, ranging from smartwatches and fitness trackers to jewelry and clothing. Some of the most well-known examples include:

• Samsung Gear S3: This smartwatch supports Samsung Pay, which works with both NFC and magnetic stripe readers, making it compatible with more payment terminals than other NFC-based payment systems. The user can also control the payment function remotely with a companion app on their smartphone. The Gear S3 is available for $299.99 on Samsung’s website or Amazon.
• Apple Watch: This smartwatch supports Apple Pay, which allows the user to pay with their iPhone or Apple Watch at any NFC-enabled payment terminal. The user can also send and receive money from friends and family via Apple Pay. The Apple Watch starts from $199 on Apple’s website or Amazon.
• LG Watch Sport: This smartwatch supports Android Pay, which enables the user to pay with their Android phone or LG Watch Sport at any NFC-enabled payment terminal. The user can also manage their payment cards and view their transaction history on their smartphone. The LG Watch Sport costs $249.99 on LG’s website or Amazon.
• Tag Heuer Connected Modular 45: This luxury smartwatch supports Android Pay, as well as other features such as GPS, fitness tracking, and customizable watch faces. The user can also swap the digital screen for an analog one if they prefer. The Tag Heuer Connected Modular 45 starts from $1,650 on Tag Heuer’s website or Amazon.
• TapuTapu / Disney Magic Band: These are wristbands that can be used at Universal and Disney theme parks, respectively. They allow the user to pay for food, merchandise, and other services, as well as access rides, attractions, and hotel rooms. The user can link the wristband to their credit card or bank account, and manage their spending and preferences online or on their smartphone. The TapuTapu is included with the admission to Universal’s Volcano Bay water park, while the Disney Magic Band costs $14.99 on Disney’s website or at the park.

What are the feasible options for wearable payment devices?

If none of the existing options appeal to you, or if you want to create your own wearable payment device for a school project, there are some feasible solutions that you can try. Here are some examples:

• NFC Ring: This is a ring that contains an NFC chip that can be programmed to perform various functions, such as unlocking doors, sharing contacts, or making payments. The user can link the ring to their payment card or bank account, and tap it to any NFC-enabled payment terminal. The NFC Ring costs $49.99 on the official website or Amazon.
• K Ring: This is a similar product to the NFC Ring, but it has a sleeker design and a more secure payment feature. The user can set a spending limit and a PIN code for the ring, and use it to pay at any NFC-enabled payment terminal. The K Ring costs £99.99 on the official website or Amazon.
• DIY Wearable Payment Device: If you are feeling adventurous and have some technical skills, you can also make your own wearable payment device using a microcontroller, an NFC module, and a battery. You can choose any form factor that suits your preference, such as a bracelet, a necklace, or a keychain. You can also customize the appearance and functionality of your device. However, you will need to obtain a tokenized payment card from your bank or a third-party service, and program it into your device. You can find some tutorials and examples online, such as [this one].

Tips and suggestions for designing and developing a wearable payment device

If you decide to design and develop your own wearable payment device, here are some tips and suggestions to help you with your project:

• Research the market and the user needs: Before you start creating your device, you should do some market research and user research to understand the existing options, the user preferences, the pain points, and the opportunities for improvement. You can use online surveys, interviews, focus groups, or observation methods to gather data and insights.
• Define the problem and the solution: Based on your research, you should define the problem that you want to solve with your device, and the solution that you want to offer. You should also specify the target audience, the value proposition, and the unique selling point of your device.
• Sketch the design and the features: Next, you should sketch the design and the features of your device, using paper, digital tools, or prototyping materials. You should consider the form, the function, the aesthetics, and the usability of your device. You should also test your sketches with potential users and get feedback.
• Build the prototype and the code: After you have finalized your sketches, you should build the prototype and the code of your device, using the hardware and software components that you have chosen. You should also test your prototype and code with real payment terminals and users, and debug any errors or issues.
• Evaluate the outcome and the impact: Finally, you should evaluate the outcome and the impact of your device, using quantitative and qualitative methods. You should measure the performance, the usability, the user satisfaction, and the social and environmental impact of your device. You should also compare your device with the existing options, and identify the strengths, the weaknesses, the opportunities, and the threats of your device.

Conclusion

Wearable

payment devices are a convenient and innovative way to make contactless payments without using a credit card or a mobile app. There are many existing options for wearable payment devices, such as smartwatches, wristbands, and jewelry. There are also feasible options for creating your own wearable payment device, such as NFC rings or DIY gadgets. If you want to design and develop your own wearable payment device for a school project, you should follow some tips and suggestions, such as researching the market and the user needs, defining the problem and the solution, sketching the design and the features, building the prototype and the code, and evaluating the outcome and the impact. We hope this article has given you some useful information and inspiration for your project. Good luck and have fun! 😀