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Eight Banking Innovations for Appleā€™s Watch
Wednesday, April 29, 2015 6:35 AM

Have you jumped on the Apple Watch bandwagon yet? Here are a number of apps that various companies have introduced for use with the new technology. Some of them may appeal to credit unions and their members, but they're all worth consideration.

  1. It may seem obvious, but putting Apple Pay on a watch is no small feat. It requires Near Field Communication hardware and a new approach to security. The watch uses sensors to detect when it is removed, and it will not allow the user to make payments until reauthenticating.
  2. Lydia, a French company, lets users approve P2P payments and make e-commerce purchases from notifications that appear on its Apple Watch app. It also offers plugins so merchants can add a one-tap payment button to their websites and apps.
  3. Citigroup was the first bank to announce an app for the Apple Watch. Its app, called Citi Mobile Lite, shows alerts and color-coded indicators of users' spending limits.
  4. USAA has a well-earned reputation as an innovator in mobile banking, and it's bringing that expertise to Apple's new wearable. The USAA smartwatch app is also available on Google's Android Wear platform.
  5. Happy State Bank, based in Texas, is one of four community banks and three credit unions (Charlotte Metro Credit Union in Charlotte, NC, Greater Texas Federal Credit Union in Austin, TX, and Partners Federal Credit Union in Burbank, CA) that launched Apple Watch apps using technology from Malauzai Software. "Banks have never been in the position they are in today," said Matthew Smith, the bank's VP of e-banking services. "With mobile technology, banks are everywhere the customer is."
  6. Personal Capital applies a timekeeping aesthetic to personal financial management. On the Apple Watch, the "progress bar" shows how much of the Personal Capital user's budget is left and its look is reminiscent of a watch face.
  7. Wallaby Financial developed an app to show the user which credit card provides the best rewards for each purchase. Its Apple Watch app senses the user's location to suggest which card to use at nearby stores; the app also provides notifications.
  8. SCVNGR's (“Scavenger’s”) LevelUp supports Apple Watch through new readers that can read NFC and Bluetooth signals. The company already has apps for Android and Pebble smartwatches, and it uses Apple's iBeacon to send notifications to LevelUp users through Apple's Passbook app.


Source:  Payments Source, 27 April 2015