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Multiple applications can be utilized enabling financial applications to be alongside others such as Mass Transit or Access Control. In essence, the Smart Watch puts a smart card into the watch and taps the combined market opportunity for both the watch and smart card industries.
For card issuers, the ABnote-LAKS Smart Watch will provide a “top-of-the-wallet effect,” driving users to utilize their payment account much more often than with a card alone. Contactless-enabled payment has been shown to cause cards that were less used or even dormant to become the most frequently used when contactless payment capability was added.
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Maggie Dewitt
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