Tag: visa

The Power Suit from Heritage Bank lets consumers make a payment with their sleeve.

The Australian bank has partnered with VISA and premium Australian tailors, M.J. Bale, to develop this wearable tech that lets people make contactless payments via Near Field Communication (NFC) technology.

The NFC chip is woven directly into the suit.

This wearable technology garment uses the identical NFC chip that is found in VISA payWave terminals. However, instead of being integrated into a card, the chip is weaved right into the suit’s sleeve and is then connected to the account of the “Power Suit” wearer. Once activated, the wearer can then make contactless payments with their suit by simply tapping or waving their sleeve over the payWave terminal.

The Power Suit is made from the finest Australian merino wool and tailored in Japan by M.J. Bale. It utilizes Visa’s payWave system to link to the mobile wallet from Heritage Bank. Those who wear the suit can add funds to their mobile wallet with their bank’s credit or debit card and use it to buy merchandise.

This smartsuit eliminates the need to carry around a credit card. As long as the NFC chip makes contact with the terminal, the payment is processed. That said, currently, to make a payment with the suit, purchases must be under AUD $100.

M.J. Bale CEO Matt Jenson commented that “The prototype means the wearer doesn’t need to ruin the cut of their trousers or jacket with a bulky wallet. It allows individuals to be ahead of the technology game and look top notch.”

This wearable tech is also supporting a good cause.

According to the Heritage Bank’s official website, 11 prototype suits have been designed for select lucky customers across Australia, to test the new tech-savvy concept. In addition, the Heritage Bank put up a twelfth suit for a charity auction online. This suit recently sold for $510 via eBay and all of the proceeds from the auction were given to 4 ASD Kids, a charity that supports children with autism spectrum disorders (ASD).

Thus, the winner of the auction is not only the owner of rare and innovative wearable tech they also had a hand in helping out in raising awareness and money for kids with ASD.

New report shows that the demand for m-commerce platforms is growing quickly

Infiniti Research has released a new report concerning the state of the U.S. mobile commerce market. The report indicates that the U.S. has become one of the most active markets in the world when it comes to mobile commerce and the market is saturated with demand from consumers for new services and better mobile-centric platforms. Several businesses in the U.S. are beginning to take the mobile space more seriously and telecommunications companies are working on ways to make mobile commerce as a whole more accessible.

Handful of companies establish leadership in the US mobile market

According to the report, there are only a handful of organizations that can be considered dominant in the mobile commerce market. These organizations are Isis, PayPal, Visa, and Citibank. Square is also considered to be a leader in the North American market and the company is often credited with helping make mobile commerce more inclusive of iOS users. PayPal has also helped make mobile commerce more accessible to iOS users as these people do not typically have access to NFC technology, which is used for many mobile commerce platforms.

Mobile coupons succeed in boosting mobile sales for retailers

The report shows that retailers are beginning to engage with mobile consumers more aggressively than they have in the past. Many retailers are introducing mobile coupons as a way to encourage mobile engagement. These coupons are used to boost mobile sales and have been quite successful in this endeavor as the number of people that use mobile wallet applications continues to grow throughout the country.

Security continues to be one of the most serious problems there is in the mobile commerce space

The report notes that one of the major issues that consumers have with mobile commerce has to do with security. Many mobile commerce platforms have been targeted by hackers and malicious groups that are seeking to exploit a person’s financial information. Even businesses that are involving themselves in the mobile commerce space have found it difficult to provide consumers with a secure experience.