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Smartwatch payments: an alternative to mobile phones

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A feature that serves everyday purposes is the use of Apple Pay or MB WAY payment systems via mobile phone, whatever the model. However, the possibility of migrating the service to wearable devices, such as smartwatches, is revolutionizing the way we make payments.

MB WAY, a service owned by SIBS, the company that manages the Multibanco network, is the most popular when it comes to payments without the use of a bank card. With the arrival of the latest models of smart watches, this feature quickly moved to our wrist. On the mobile phone, we have to open the application and start the payment with a QR Code reader, which requires the use of the camera. Smartwatch is much simpler.

At this time, MB WAY is only available on some Samsung models and the expansion of the service to other brands, such as the Apple Watch, is not guaranteed. Galaxy Watch 46mm (SM-R800), Galaxy Watch 42mm (SM-R810), Samsung Gear Sport (SM-R600), Samsung Gear S3 Classic (SM-R770) and Samsung Gear S3 Frontier (SM-R760) are compatible models with the MB WAY App.

Smartwatch payments an alternative to mobile phones

Its use is very simple: “to make your payments, just open the MB WAY app on your Samsung Watch, select the desired card and touch the watch to the payment terminal. If the purchase exceeds € 20, you will have to enter your MB WAY PIN on the watch and touch the watch to the terminal again ”, as the company explains on its website.

Apple Pay gains more and more expression in the market

Another payment service that is growing in Portugal is Apple Pay, present in any branded device. If, when launched in Portugal, in 2019, this service had a low acceptance rate by merchants, in 2021 the number of terminals compatible with this functionality multiplied. Still, far short of MB Way.

Another “crossing the desert” for Apple, in Portugal, was the acceptance by the banking institutions of the introduction of debit or credit cards in this payment service. To give an example, it was only in November last year that Caixa Geral de Depósitos customers started to be able to use the service (after Millenium and Active Bank, last June, and Crédito Agrícola and Revolut, in 2019).

1612779855 242 Smartwatch payments an alternative to mobile phones

The use of Apple Pay (available after the association of the bank card through Wallet, native application in equipment of the Cupertino brand) is possible on iPhone, iPad and Mac, but it is precisely on Apple Watch that this feature gains more evidence.

In fact, the service has gained greater interest since it was integrated into Apple’s wearable, which now allows contactless payments to be made at ATMs. Just set up the Wallet app and touch the smart watch to pay. Easy!

But how can we know which merchants or establishments have already joined this payment method? The most direct way is to enter the Maps application, on any Apple device, and search for “Apple Pay”. Then, the adhering places, such as local shops or hypermarkets, are highlighted. It is also expected that the number of commercial establishments with contactless and Apple Pay may increase over time.

Swatch has already entered the world of digital payments

There is also the case of other brands that are exploiting their market share, with regard to traditional watches, to introduce their own payment system. We are talking about Swatch, which already offers SwatchPay in Portugal, through Caixa Geral de Depósitos.

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According to the brand itself, SwatchPay is a hands watch that allows contactless payments to be made by simply associating any of the Caixa’s cards. Function in any automatic payment terminal with contactless, from the Visa and Mastercard network.

“SwatchPay uses an NFC chip integrated in the watch, to which you will have to associate your Caixa Card. The watch does not require a battery to make payments. It is water resistant (up to a depth of 30 meters), which makes it more flexible and durable compared to other means of payment ”, informed Caixa Geral de Depósitos, in the promotion it makes to the service.

Simple, practical and recommended.

Want to read GSMNigeria more news? See Related Posts below

Want to read GSMNigeria more news? See Related Posts below

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