Wearable Payments Glossary
NFC (Near Field Communication)
NFC is a short-range wireless communication technology used for contactless payments and data exchange between devices. NFC is commonly used in payment cards, smartphones, payment rings and transportation systems.
Passive NFC
Passive NFC is a type of NFC technology where the device does not generate its own power. Instead, the device becomes temporarily powered by the NFC field generated by a reader or payment terminal.
Payment Wearable
A payment wearable is a wearable device designed to perform contactless payments. Common examples include payment rings, payment bracelets and smartwatches with payment functionality.
Payment Ring
A payment ring is a wearable ring that enables contactless payments using NFC technology. Many payment rings use passive NFC technology and do not require batteries or charging.
Payment Bracelet
A payment bracelet is a wearable bracelet that allows users to perform contactless payments using NFC technology.
Contactless Payment
A contactless payment is a payment completed by tapping or holding a payment device close to a compatible payment terminal using NFC technology.
Tokenization
Tokenization is a payment security technology that replaces sensitive card information with a unique digital payment token during transactions.
Payment Token
A payment token is a digital substitute for the original payment card information used to help secure transactions.
Wearable Payments
Wearable payments refer to contactless payments performed using wearable devices such as rings, bracelets, watches or other wearable accessories.
Smart Ring
A smart ring is an electronic wearable ring that often includes health tracking, sensors and wireless connectivity features powered by batteries.
Smartwatch
A smartwatch is a wearable electronic device that combines mobile connectivity, notifications, fitness tracking and often contactless payment functionality.
Contactless Payment Terminal
A contactless payment terminal is a payment reader that supports NFC-based transactions from payment cards, smartphones or wearable devices.
Antenna Module
In payment wearables, the antenna module refers to the NFC chip and antenna system inside the wearable that communicates with the payment terminal.
EMV
EMV is a global payment security standard used for chip-based payment cards and contactless payment transactions.
Water Resistant Wearable
A water resistant wearable is a device designed to withstand exposure to water during everyday usage.
Digital Wallet
A digital wallet is a software-based payment solution used to store payment credentials for mobile and online payments.
Mobile Wallet
A mobile wallet is a smartphone-based payment solution such as Apple Pay or Google Wallet used for contactless and digital transactions.
Wearable Technology
Wearable technology refers to electronic or connected devices designed to be worn on the body, including smartwatches, smart rings and payment wearables.