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Mobile banking could ignite smartwatch sales

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10 million people worldwide will access banking services via smartwatches by 2017, according to a study by analyst Juniper Research. That number will rise to more than 100 million by 2010, the company predicts.

The study, Worldwide Digital Banking: Mobile, Online & Wearable 2015-2020, found that the use of smartwatches to access banking information services has been steadily gaining traction over the past 12 months.

A number of global banks have launched apps for the wrist, while the launch of Apple Watch in April 2015 further accelerated the demand for wearable banking apps.

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Juniper Research believes that banking on smartwatches will move from a niche technology to a mainstream service in the coming two years. “It is perceived by many as a gimmick at present,” the company says.

Juniper believes that while wearables, including smartwatches and glasses, are not suited for conducting complicated financial instructions, wrist based wearables will become a key device for secure and authenticated transactions.

“Digital banking has experienced a substantial progression towards personalised computing. We do believe that, keeping pace with technology evolution, wearable banking will witness a faster adoption rate than mobile banking especially amongst millennials”, added research author Nitin Bhas.

Tags : business newsDaniel Malinsjames butterysmartwatchwatch newswatches newswatchpro
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