In this project we have undertaken a global feasibility assessment of the technical, promotional, commercial and financial aspects of a business model devoted to the design, production and commercialisation of wearables for payment that effectively engage young people with the traditional banking sector. For the first commercialisation year, we consider a B2B model (serving bank-issued wearables for payment) and subsequently also a B2C model enabled by our novel technology for end-user issued wearables for payment.
This feasibility assessment has included a thorough validation of the customers´ interest on these product, on their perception of value for money, and their valuation of our core differentiating factors. Wetech proposes disruptive innovations to launch wearable payments that can. Our developments bring advancement in aesthetics, achieved by our unique combination of fashion and technology experts, and enabled by our cooperation with the leading global chip providers. Wetech also focuses on strengthen convenience, as one of the key benefit of wearables to succeed as a payment method. Our contactless wearable have no battery, they are always readable which we deem as essential in a payment method. Our wearables integrate multifunction NFC chips, enabling that it can also be used for transport access, loyalty cards and couponing, user´s membership cards, tickets, etc. Furthermore, our model is to implement multifunction on top of payments, thus the bank is the catalyser to bring on-board other non-competing service providers (i.e. Airlines for boarding passes and membership cards; Ticketmaster for ticketing; major Retail Chains for loyalty and couponing). Since payment is the strongest functionality, users start with a wearable for payment (only) which is subsequently upgraded with other extra functionalities as other service providers are on board. This over-time upgrading process is eligible, as hardware capacity to storage multisource functions is embedded on our wearable, and their activation can be done at any time, directly by the user and via the service provider´s app. In operational terms, the bank value the possibility to include other non-competing services for their payment wearable to become even more useful to their clients. Finally, the other essential feature is security. Wetech is currently using the standard certification process for bank-issued cards.
The main result achieved in this Phase 1 project is to define Wetech strategy for leveraging our international growth, with WEAR´n´PAY as our flagship service and main revenue driver. We have delivered a complete feasibility assessment of our WEAR´n´PAY services where most efforts have been devoted to market & competition assessment and the consolidation of a detailed commercialisation plan, where key technological partnerships with global suppliers of payment methods have been achieved.
