Visa Inc (NYSE:V) is working on a project, which if successful, will take away the need for carrying a wallet along whenever we are going shopping. The credit card company has disclosed a wearable, which is a payment-enabled sunglasses prototype. The pair of sunglasses made by a local Australian brand called Local Supply was revealed at the South by Southwest Festival (SXSW) in Austin.
Visa’s new move comes at a time when wearable seems to be taking over every industry; from health to fitness to fashion among others. It may not have hit like Smartphones did a decade ago but it can also be argued to a successful platform. If not, why then would the likes of Warren Buffett consider an enormous investment in a jewelry company?
But how does the payment-enabled pair of sunglasses work?
The system is tailor made; hence, it will accommodate every user. In using it, the user must take off the glasses and tap them onto a Visa NFC-enabled terminal. Apparently, it has the same similarities as those of non-tech models apart from the fact that they have a tiny chip embedded on its side.
The pair shades are yet to hit the market according to Visa, which says it is still testing the concept to establish its demand from the public.
The company’s chief brand and innovation marketing officer at Visa, Chris Curtin says, “It ties back to our tagline of everywhere you want to be. Without it, it’s hard for us to fulfill our tagline.”
Visa’s concept is similar to that of Snap Inc (NYSE:SNAP)
The market is very competitive with enhanced technologies. Visa is not alone in its discovery given the presence of Snap’s Snapchat Spectacles. They are now being sold on the company’s website after having been limited to vending machines and in random cities.
As demand for technological processes becomes rampant, it remains unclear whether or not Visa’s payment-enabled sunglasses will pass the prototype stage. Security measures that will be put in place to validate payments are also not known. In the meantime, Visa’s stock was trading at $89.55 a fall of $0.56 or 0.62%.