RFID and the Rise of Wearable Banking Technology
Once considered the domain of science fiction, wearable devices are now an increasingly common medium for facilitating secure payments on the go. RFID -enabled smartwatches, wristbands and jewelry enable today’s users to conduct banking activities without needing physical cards or cash. The growing popularity of contactless transactions since the COVID-19 pandemic makes adopting this technology viable on a broader scale. Delve into the dynamic landscape of RFID wearables, exploring their pivotal role in driving this evolution and shaping the future of banking. RFID Technology Applications in the Banking Sector The popularity of wearable banking has soared in recent years, with an estimated 16.8 percent compound annual growth rate by 2032. This demand surge has prompted financial institutions to introduce innovative applications that leverage RFID systems into their service offerings. No-Touch Payments. RFID-enabled wearables facilitate contactl...