4 Wearable PayTech firms enabling cashless payments in Europe

By Gloria Methri

In today’s hyper-connected world, payments are becoming increasingly digital. Contactless payments have become the norm, with consumers enjoying the convenience and flexibility of choosing any payment device at the point of sale. Cards, smartphones, wearables, and more are now in the mix.

Thanks to near-field communications (NFC) technology, contactless payments have seamlessly integrated into smartphone users’ lives, heralding a new era of convenience and security.

By integrating NFC chips or other similar technologies, wearables such as smartwatches, fitness bands, and even jewellery are becoming payment-enabled. This integration eliminates the need for carrying physical wallets or smartphones, offering users unparalleled convenience and mobility.

Let’s look at 4 wearable payment technology start-ups transforming contactless payments in Europe: 

• CNICK

Georgian startup CNICK manufactures smart rings to enable wallet-free payments. CNICK rings can be connected to a card online or through the Android app. They are made of argentium silver, a strong alloy that resists tarnishing. CNICK rings can be used to make payments wherever VISA and MasterCard are accepted and to unlock Tesla Model S, Model X, Model 3, and Model Y vehicles produced in 2021 or later.

• Flywallet 

Flywallet is an Italy-based digital platform that connects contactless payment services, personal health monitoring, insurers, transport ticketing, and access control services in a single ecosystem. Flywallet’s wearable device, Keyble, is a smart module that can be inserted into fashion accessories like bracelets or watch straps. Keyble has biometric sensors for user authentication and to monitor their health. The wearable uses NFC technology for payments, ticketing, access to physical places and Digital Keys for cars.

• Infinion Technologies

German semiconductor manufacturer Infineon Technologies offers SECORA™ Connect NFC wearable solutions for contactless payment, transportation ticketing, and other applications. SECORA™ Connect is a system solution that uses NFC to be embedded into smart wearables. It is optimized for battery-less payment accessories such as key fobs, wristbands, and bracelets. Infineon also offers SECORA Pay W for Smart Payment Accessories (SPA), which combines an EMV chip with the card operating system and payment applet.

• Wearonize

Wearonize is a Swiss FinTech company that offers a 360° payment solution for brands, events, festivals, and sports clubs. The startup provides ready-to-integrate as well as customizable antennae and contactless payment modules that are attached to accessories like watches. Its platform connects banks developing their wearable payment solutions with manufacturers and facilitates fulfilment services. The company’s end-to-end service enables banks to provide wearable devices to their customers at low capital costs and in less time.