Payment Jewelry Still Has Fans, Despite Smartwatch Dominance

https://www.wsj.com/articles/payment-jewelry-still-has-its-fans-despite-smartwatch-dominance-11631698200

By Katie Deighton | September 15, 2021

Topics: Consumer Adoption, Diffusion of Innovation

Summary: Contactless payment is taking off, driven in part by consumers' fear of germs during the Covid-19 pandemic. "Payment jackets," alongside jewelry and other accessories with embedded payment technology, have been eclipsed by a wearable that can do more: the smartwatch. However, smaller companies that make contactless-payment jewelry say there is still a market for payment devices without a screen or interface, and their wares are selling well.

Questions:

1. In your own words, explain what wearable payment devices are.
2. To what degree have consumers embraced wearable payment devices to date?
3. For what reasons has contactless payment options gained favor among consumers?
4. Critically evaluate the long-term market prospects of wearable payment devices.
5. Compare wearable payment devices to smartwatches and smartphones for contactless payment. What are their relative advantages and disadvantages?