Giesecke & Devrient powers the Chinese smart band ‘JiePay’, or smart watches, such as the ‘Swatch Bellamy’, and the connectivity for the ‘Samsung Gear S2’, G&D has now established itself as one of the leading players in the market for smart wearables.
According to the International Data Corporation (IDC), the worldwide wearable device market will reach a total of 215 million units shipped in 2019. The market for wristwear devices like smart watches and fitness/wellness trackers is the most popular segment among wearables and will almost double from the 65 million units shipped in 2015 to 124 million in 2019. The next wave of wearables will likely support secure payment, secure and convenient authentication mechanisms and transit functions through contactless NFC or Bluetooth Low Energy (BLE) technologies, as well as mobile application downloads.
The seamless connection between the smart wearable and the consumer’s mobile phone enables consumers to open and check their bank accounts, transfer money and conduct other account management services completely over the air. Many wearables will also provide biometric data, making it, among other things, possible to distinguish between the rightful wearer and someone who is simply wearing the device. Further, a number of smart wearables may in future be shipped with embedded SIMs which can be activated from a smartphone allowing autonomous connectivity.
G&D will continue to work closely with industry partners as the market develops. The company has recently expanded its solution portfolio for payment-enabled wearable devices. In addition G&D entered into an investment and technology cooperation with FitPay, a Silicon Valley start-up that provides a platform to reduce complexity in adding contactless payment capabilities to wearable products.
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