Australia, United States, Mike Cherney discussed on This Morning with Gordon Deal
Weather is at its worst. We're at our best NewsRadio one thousand K T. Okay. Smartphones already have apps that let users tap to pay now banks in tech startups are developing wearables that can do the same thing and can leave cashiers puzzled and curious onlookers quizzing, the wearer one such device people are paying with a ring. Here's Wall Street Journal corporate reporter, Mike Cherney in Australia. Mike, what's happening? Australia called Frank west. And they're basically making available for their customers. A ring that you can order from the Bank, and it basically access your credit or debit card, and all you have to do is you put on your finger, you make this and you hold it in front of a card reader, and there's a little antenna in the ring on the ring will communicate with the card reader, basically make the payment for you. So it works basically the same way that they have been card would use. So I thought it was a pretty interesting little gadget, and I called around some users who had been smartly adopters of this rings. And they told me some funny stories about how the cashiers don't believe that the rain could work one guy. One guy had a similar rings. And yeah, he got pulled up by London inspector who didn't believe paid. So. Yeah, it was pretty funny piece who else is doing it or what other types of technology. Is there like this? Right. Well, does the Bank in Australia? That has the ring there's another Bank in Australia to other mothers similar wearable devices in the UK does a couple entities that are offering this as well. So like Barclays has a wearable service where you can actually get a wristband you can get a key fob. You can actually get a sticker that has a similar sort of antenna in put the sticker basically on nearly anything and use that tap. So there's some fun options there the future could be pretty cool. I mean, we might be using fingerprints. There might be sort of you know, biometrics statium scans. I mean, this is all very futuristic so hard to say which one of those will happen, but those are all potential possibilities. Wow. What are the chances of this stuff coming to the US? I think it will come to the US. Eventually it's hard to say exactly when the US is behind. Australia's mother markets in terms of these so-called contactless payment. So the infrastructure in the US is going to have to catch up a little bit some of the terminals in US sores don't accept the contact lists payments. So you have to insert your card for the chips, we read, but I I I record in the next few years of you. We should begin to see more and more terminals, accept these types of payments. Go back to the doubters for minute. It was funny. Wasn't there a guy or a woman in a restaurant and the server like withheld the food or something? And until he or she could prove that payment was actually made. Yes. From the founder of wearables, which is one company in the UK that offers these types of rings. And yes, he told me a story that somebody was in eastern Europe and a hamburger joints and the person behind the counter didn't believe the ring was a payment device and wanted to digital proof before handed over the food. So, yeah, if you get these things, you might have you might have to be prepared to explain exactly what is happening when you're buying stuff. So there are third party makers of the technology. It's it's not just coming directly from the banks. The banks are not obviously manufacturing stuff. They're contracting with third party suppliers for the rings, even the ones that are issues under like a Bank brand. But yeah, so for K wearables, you could actually and even the bar plays service in the UK, you can basically just sign up, and then they kind of issue you a sort of transaction account that you then I think. Cam fund with your cash from whatever banks you have Street Journal's might Cherney thirty minutes now after the hour..