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Wearable banking in the offing

wearableWearable banking is poised to take over from mobile banking. According to a research report from Juniper Research, some 100 million wearable devices will ship by 2017, and that wearable banking and payments via smart watches and smart glasses will be a key trend over the next one to two years. The report says while banks push for mobile banking, Google and Apple want banks to look beyond mobile and focus on wearables. Banks have already developed apps for Google Glass that allow customers to use the device to make transactions and contact customer service. Customers can also tap into the GPS to find the closest ATM or bank. An app for checking balances with Google Glasses is also being developed. Smart watch apps from banks and payment providers like PayPal are also being launched. However, some industry experts feel wearable banking right now does not have any standout devices that can push mass adoption. But Apple expected to bring into the market some 30 million to 60 million Apple Watches in the first 12 months, which could clearly change the wearable banking landscape, according to Juniper report. Apple Pay users added 1 million credit cards to the app within 72 hours of its launch, and Apple CEO Tim Cook said the company leads the competition in contactless payment POS. According to Juniper, Apple Pay is a huge inroad for getting consumers familiar with using wearables for personal finances and tying their credit cards to a wearable device.

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