Personal finance app Moven is now available on Motorola 360 and Samsung Gear smartwatches as the company anticipates a boost in wearable tech in 2015.
The app and debit card collaboration provides real-time behavioural feedback to help customers change their spending habits and save more.
Wearable technology is expected to grow by 78 per cent each year until 2018, according to IDC, with the number of devices surpassing 19 million last year alone and expected to reach nearly 112 million by 2018. Health and wellness apps have already found a niche in wearable tech, but smartwatch users can also benefit from a better view of their finances while on the move.
Smartwatch users who install Moven will be able to access key features of the app, including instant receipts that automatically categorize every transaction and provide insights on where users spend their money, as well as the color-coded spending meter, which makes it easy to know where users stand towards meeting personal saving goals and introduces gamification to spending behaviours.
They will also be able to check and see if they’re in the green (spending less than their monthly average), yellow (spending around average), or red (spending higher than average) to make more mindful spending decisions and improve their daily financial habits.
“Wearable technology is a powerful way to offer additional support to users looking to improve their spending habits and learn what kind of purchases get them into trouble,” said Moven president Alex Sion in a release. “People today are struggling to find a tool that empowers them to improve their financial wellness and combat financial anxiety in a way that doesn’t feel out of sync with their daily routine.”
“Wearables are poised to help users adjust their spending habits as fast and simple as glancing down at your watch,” he added.
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