Cashless Payments with Luxury Watches

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Contactless payments are now part of our daily lives, and it looks like the trend is on the up and up. Zombified, we barely look at the evermore redundant cashier, as we reach into our pockets and lift our cards to the reader. But say goodbye to the hand-in-pocket phase: NFC technology in your wristwatch can take care of that!

 

NFC technology – or Near Field Communication to give it its full name – is a relatively simple concept not unlike Bluetooth in its application. A chip loaded with personal data (such as passwords, bank information, boarding passes etcetera) can be fitted to pretty much anything and turn that device into a master key for life.

 

It didn’t take too long for the luxury watch industry to cotton-on to NFC’s potential. With the emergence of smartwatches threatening the very guts of Haute Horlogerie, the inclusion of a small NFC chip to enhance the functionality of a luxury timepiece without usurping the movement itself, seemed like a match made in heaven.

 

But is it?

 

Find out more by reading the full opinion piece on Appreciating Assets.

 

If you want to find out about opportunities your luxury assets can reveal, do not hesitate to contact Hannah Lindsay on Hannah.Lindsay@borro.com or 0808 250 6706.

By Social Club Member
13 May '16
0
My biggest concern is the next step, that we will all be walking around with chips in our body...

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