Payments for everyday items can now be made with the flick of your wrist using a wearable device with PayWave technology.

Wearable devices, traditionally used to track your heart rate, steps and sleep amongst other things, have now been rolled out in a number of different 'wearables' by banks from rings to wristbands and it's easy to imagine where will might be in 50 or even 10 years. Will we be implanted with a chip at birth that holds all our information from blood type to tax file number or will we be tattooed with a barcode 'Matrix-style' and scanned automatically as we leave the supermarket with our daily bread and milk?

At this stage 'wearables' seem to cross over gender and age. It's not uncommon now to see millennials or Gen Z's at music concerts paying for their drinks and food with a wearable, or over 40 spandex-wearing cyclists on a weekend who stop for coffee and pay for brunch at local cafes using a wearable device.

The question is "are wearables perhaps just a fad?" Not the kind of fashion fad like hair scrunches that, thank God, made their way out in the early 90's and haven't yet managed to make a real comeback yet, (although never say never), but a fad, soon to be replaced by something even more simple and streamlined because of the speed of evolving technology?

Evolving technology inevitably comes with concerns around security. When PayWave technology was introduced it was met with caution….what? No PIN! Many seem to have thrown caution to wind following banks reassurance that customer security is paramount. Regardless, PayWave has now become a part of everyday life and convenience. Wearables are simply a device that suits our lifestyle, as opposed to a card using the same technology that we use to make a payment...so what's next?

Regardless of whether people prefer to pay using wearables, cash, card, mobile phone or cheque (yes kids some people still write cheques) I'm just thankful that I no longer have to carry several two dollar coins in my socks on my morning jog to get coffee! I'm just looking forward to the next fad, whatever it may be….as long as it's not those 80's hair scrunchies.

For a limited time Auswide Bank is offering a free PayBand with our everyday bank accounts.
Find out more about our free PayBand offer.