Contactless Payments: The Next Must-Have Wearable Capability (Wearable USA 2016)

Contactless payments are expected to grow from $6.70 Billion in 2016 to $17.56 Billion by 2021. How much of this rapidly expanding market wearable device OEMs can capture will be determined by how quickly they are able to integrate payment capabilities into their product roadmap. In May FitBit, the largest fitness wearable player, purchased mobile payment company COIN, signaling that it sees adding payment capabilities as an important step in the evolution of its industry-leading line of fitness trackers.

 

But how difficult is it to add payment capabilities to a wearable device? How can an OEM integrate wearable with retail locations, card networks and issuing banks? What hardware and software stacks are needed? What are the data security requirements?

 

In his presentation payment industry expert, Michael Orlando will unravel the complicated world of payments. The presentation will cover the technological, security and integration requirements necessary for wearable OEMs to add payment capabilities to their device roadmaps. The presentation will provide an overview how OEMs can introduce their products into the complicated retail payment ecosystem.

 

With more than 22 years of payment services experience, Orlando has served in leadership positions in several successful companies, including on-line payment pioneer, Cybersource, where he played a primary role in the company's $2 Billion acquisition by Visa Inc. His new company, Fit Pay, is leading the industry in making payment capabilities more attainable for a wider variety of wearable devices.

Michael Orlando is the co-founder and CEO of Fit Pay, Inc., a provider of contactless payment platforms for wearable devices. With 22 years of payment services experience, Orlando has served in leadership positions in several successful companies, including Cybersource, where played a primary role in the company's $2 Billion acquisition by Visa Inc.

FitPay offers an entirely new way for transacting payments using any wearable device. It frees consumers from having to carry cash, credit cards or a smartphone. All personal data and card information is fully encrypted and not shared at the point of sale where it can be compromised. FitPay is a new, secure, touch-free way to pay.