Tag: wearable tech

While mobile chips are becoming faster and more powerful, wearables have now upped the ante.

The mobile chips in high end smartphones and tablets are growing faster and ever more powerful, but those devices aren’t astounding consumers who were buying them as fast as they could hit the shelves, so chipmakers may start looking toward wearable technology for their next area of explosive growth.

Wearables could actually provide chipmakers with the challenge that they need for the next few years.

The growth curve could be quite the steep one as long as those companies can provide what is needed in order to make consumers love wearable technology as much as they have come to love their smartphones and tablets. According to principal analyst, Linley Gwennap, from The Linley Group, it is too early to say whether or not chipmakers will actually grab hold of this opportunity, or even if wearables will turn out to be the next big tech trend, as many of the industry giants are hoping.

Currently, the wearable technology remains a market that is moving less than 10 million units per year.

Surveys are currently suggesting that while consumers have initially been attracted to wearables such as fitness trackers, all too many of them are finding themselves forgotten and buried under a pile of other devices that were enjoyed for their novelty but were then forgotten once that had worn off. Furthermore, the best devices – such as some of the smrtwatches that have been launched – are prohibitively expensive for the majority of consumers and end up collecting dust on the shelves.

Gwennap explained that “We’re talking about [US]$200 or $300 for a smartwatch today. That’s kind of a two-spouse decision.” He added that if the doors are to open for the majority of consumers to participate, then wearable devices under the $100 price barrier will need to start becoming available.

He explained that he feels that one of the best ways to move these devices will be to bundle them with smartphones, for example, the case of Samsung Galaxy Gear being sold along with the smartphones as a bundle, so that as little as $50 can be charged for the smartwatch.

Cheaper wearable technology will be dependent on more powerful and yet less expensive chips. Should this be achieved, it could be an area that will be highly lucrative in the not too distant future.

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.