Now you can WEAR your wallet!
A ring. A ‘magic’ bracelet. Even a microchip in your shirt cuff ... we road-test the gadgets that could transform the way you pay
WAIT, what? You’re paying with your shirt?’ asks a wideeyed barman as I swipe my cuff over his contactless card machine.
I am testing what is claimed to be the world’s first ever smart payment shirt, CashCuff — a rather flamboyant garment with a tiny chip about the size of a SIM card in the sleeve. It was launched by a Cambridge-based company, DressCode Shirts, in November.
The shirt is part of a booming industry in wearable payment devices.
Mastercard was one of the trendsetters in 2011 when it gave VIPs at the Isle of Wight Festival wristbands which contained a payment chip.
Barclaycard introduced similar bands in 2014 and a year later Apple Pay launched in the UK which allowed customers to pay using a smartwatch.
In 2017 Visa piloted contactless sunglasses, and in Sweden thousands of people have microchips implanted in their hands which can function as contactless credit cards and key cards.
A report by technology analysts Juniper Research says the number of devices being worn will increase by more than 1,500 pc to 1.8 million by 2024.
But does wearable payment technology actually make life easier — or are they just a gimmick? I’ve tested a bracelet, a ring and a shirt to find out.
At £135, the CashCuff shirt is a little pricey and the patterns are very bold — a look the firm calls ‘geek chic’.
To use it, you must download the MuchBetter app on your smartphone and verify your identity by uploading a photo of your driving licence or passport. You also need to scan your face using the camera on your phone.
The chip works as a prepaid Mastercard so you must add money to your account before shopping.
The maximum you can spend in one go is £30, as with a contactless debit or credit card. If you want to spend more you must use your card and pin.
If you want to withdraw the money from your account later this is free.
You must remember to remove the chip from the sleeve before washing and ironing the shirt.
If your shirt is stolen or goes missing, you can switch off its ability to make payments in the app. But you will not be refunded for any money lost if someone else uses it.
Being winter, I find it a faff having to take my coat off as I fumble to find the right part of my cuff to hold against the payment terminal.
Next up is a rather swish-looking gold leather bracelet sold by a Gloucestershire-based firm called Tovi Sorga, which began designing wearables in 2016.
When buying Baklava in a local store the shopkeeper looked bemused when I hold my bracelet against his payment terminal.
‘What is that?’ he says as we wait for the reassuring beep that tells him I’m not about to make a dash with my £1.59 baked goods.
The payment is verified and I do a celebratory jig as he shakes his head and mutters: ‘Whatever next.’
Before using your bracelet you must download payment app Pingit, launched by Barclays in 2012, and enter an activation code. You can then top up the pre-paid account with your debit card. There is an auto top- up option which adds money to your account when the balance falls below a set amount. Money can also be sent back to the original card for free.
If you lose the bracelet you can block payments in the app. Pingit will refund your money if you are a fraud victim. The device can be used abroad with a 2.75 pc fee. The bracelet costs £75, but there are other styles available for up to £120. The ends are held together by strong magnets which can make it difficult to get off. The white plastic-looking ‘K ring’ (which also comes in black) could be the answer to my prayers. It costs £99.99 and is both waterproof and scratch-resistant as a result of its zirconia ceramic exterior. But you should keep it away from any electromagnetic fields, such as your radio. To use it you must set up an account on mykring.com with an email address and a password.
London-based company K Wearables also works with Mastercard and you must add money to your account before you can spend with it. It applies 3 pc to the foreign exchange rate when used abroad.
Topping up is free with debit card and you can add up to £50 each time. There is a 3 pc fee with a credit card.
If you lose it you can switch off the ring via your account.
At a Tesco self-service machine it takes a couple of tries before the ring connects to the payment terminal. But once I got the knack, it was easy.
James Moar, lead analyst at Juniper Research, says: ‘The high price means they do not currently have mass appeal. Most devices are also prepaid but I see this changing in the next, year or so.’
This will make a big difference as I find it too much hassle having to remember to top up my account. I also felt more vulnerable wearing my payment device than when I have a card in a purse or pocket.
So for now I’ll be reverting back to my debit card — if only to avoid being the talking point of every shop and bar I enter.