According to TechRadar, the Android Wear 2.0 watch is set to be revealed to the market in the next few days, and its tech upgrades will include Android Pay, meaning that owners will be able to make transactions without physically holding either a card, cash, or smartphone.
A leak from the Google Play Store appears to indicate that consumers will be able to pay for goods using wrist technology that will be tapped against a terminal to pay. The leak also shows a simplified screen which will confirm if a payment has been accepted, and also detail previous transactions without the need to check this on the smartphone.
The LG Watch Sport is also rumoured to have Android Pay compatibility.
News of Google’s latest payments innovation comes hot on the heels of last week’s announcement that its Hands Free project, allowing consumers to make transactions using voice recognition technology, had been scrapped due to the difficulties of scaling.
As part of the announcement the company declared that: “We’re now working to bring the best of the Hands Free technology to even more people and stores”. With Android Play already available in 24% of merchants in the U.S. according to a recent report, and this figure expected to double by 2020, pushing the Android Wear 2.0 as that method of hands free payments at scale makes sense.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
A new report published by Earnix shows findings stating that most millennials will use a single portal to aggregate services from multiple banks with which they have existing customer relationships in the future. The report, The Role of Analytics in the New Banking Age 2017, also states that most banks believe predictive analytics and machine learning will become the most powerful way to win back customers over the next five years.
CMA accepts Mastercard’s proposal to address competition concerns following the acquisition of VocaLink
The deal, which was first announced in July 2016, should now be concluded quickly.