Ask an Expert: What Do Apple Watch and Wearable Technology Mean for Business
The announcement of Apple Watch has been a hot trending topic this week. Wearable technology is indeed cool, but what implication – if any – does it have on business? To answer that question, I sat down with Jason Kolbenheyer, our managing director of globalVCard Spend Secure – our innovative B2B mobile payment app.
Forbes recently asked “Just How Big Can Wearable Tech Get?” What are your thoughts on that?
Beyond selling products, wearable technology is shifting our culture. It is creating a ubiquitous experience where a device is feeling more and more like a part of us. We’ll all be laughing soon about the phone we had to take out of our pocket to complete a transaction.
As devices and operating systems become more intelligent, technology will completely change the way we interact with the world – both virtually and physically. Google Glasses is another example, but probably a product launched before its time. I expect we’ll hear a lot more about this one at Google’s I/O event in May. Also, as TechCrunch reported, Android Pay is coming. Wearables and augmented reality are certainly in our not-so-distant future
How will wearable technology impact our daily lives?
I think one of the most meaningful impacts is that it gets people out in the world instead of being tied to a computer. Having that augmented or virtual experience will no longer be dependent upon a static device. We can be mobile and take that experience with us wherever we go.
That’s great for the consumer. But how is any of this relevant to business?
Let’s talk about payments in particular. Right now Apple Pay is the coolest thing out there (unless of course you’ve seen our globalVCard mobile payment app!). Just weeks ago you had to take your phone out of your pocket to complete the transaction, the Apple Watch makes that process even easier.
That’s how quickly this will evolve. The ultimate experience is for anyone with wearable technology to walk into a store, pick a product off the shelf and walk out the door (without being arrested!). That technology will track the person, product and pay for that product seamlessly, without human intervention.
iBeacon is already enabling IOS 7 or 8 devices to perform pre-determined actions when they’re in close proximity. It’s this technology that helps us to know when items nearby are on sale, or enables payments at the point of sale without having to remove their wallet.
Any business can benefit from such a seamless transaction. At CSI globalVCard, we’ll continue to be at the cutting-edge of B2B payments – delivering not only the easy, seamless experience, but also the valuable data and reporting capabilities that businesses need.
Jason Kolbenheyer oversees the strategy and design of CSI globalVCard’s innovative mobile technology. Since joining the company in 2010, he has spearheaded the development and delivery of our award-winning mobile payment app, and globalVCard paysystems for accounts payable. Jason’s technological vision is pivotal in allowing the company to bring cutting-edge products to market.