With the recent acquisition of Fitbit by Google (for $2.1 billion!), in order to break into the highly lucrative “wearables” market, I thought it might be interesting to explore this topic a bit here. However, since we’re talking about Google attempting to compete directly with Apple, Xiaomi, Garmin, Huawei, and Samsung, this is a tough nut to crack. Here are some quick stats* from Statista: Connected wearables worldwide (2019): 722 million Wristband wearables (2020): 67.7 million Marketshare of wearables (Q3, 2020): Apple 33.1%, Xiaomi 13.6%, Fitbit 2%, Hauwei 11%, Samsung 9% (Other, such as Garmin 28.2%) Apple and Samsung hold the highest percentage of most recognizable smartwatches (2020): 47.9% and 13% respectively Wearables, from fitness trackers (like the Fitbit Charge 4) to smartwatches, are no longer the stuff of science‐fiction. They have evolved even quicker than smartphones. Up until 2006 when the LG Prada first appeared on the market (followed by the iPhone in 2007) there was virtually nothing like modern wearables available. Though it took a confluence of technologies from touchscreens, 3G/4G/LTE cellular service, and Bluetooth to name a scant few to make wearables a reality, they quickly evolved into what we are seeing today. And these are not only connected extensions of our smartphones on our wrists or other parts of the body (e.g. Google Glass for Enterprise AR), but also as stand alone devices that house whole operating systems, UIs, and bio‐feedback sensors on their own. The Apple Watch is obviously the go‐to example but more and more diverse devices are beginning to flood the market. Devices such as: implantables (from biosensors, super small pacemakers, to birth‐control), smart jewelry (to discreetly take calls and texts, or track menstrual cycles), smart clothing (with sensors that monitor everything from footfalls for runners to providing haptic feedback for yoga poses),...
payments
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October 14, 2019Today’s Digital Tech & Industry section is all about the cornerstone of our civilization: cash! That’s right. For as long as there’s been human society there has been some form of currency. For most of human history it’s been more or less little bits of embossed metal called coins. However, in the 21st Century (thank goodness) we have Digital Mobile Payments, Cryptocurrencies, and Social Media Payments to enable all of our commercial indulgences! Hard to believe that there would be more than one way to pay but there it is. When we look back at 20th Century digital payments, the only examples that come to mind are wire transfers and direct deposit. However, now those seem so quiant compared to what we have going on today. A lot of hullabaloo is made over cryptocurrencies such as Bitcoin and others (e.g. NEO, EOS, and Monero); however, in a practical sense, trying to pay for say a pair of jeans or a latte with them still seems a bit too farfetched. But for millennials and Gen‐X/Yers, it’s as simple as taking out their smartphone (or raising their smartwatch) and tapping the POS (Point of Sale) terminal using their eWallets (i.e. Apple/Google/Samsung Pay). Apple Pay, Google Pay, and Samsung Pay are all pretty much the same with only a few device‐specific differences. They all use the NFC (or Near‐Field Communication) chips inside them to enable “contactless” transactions that are funded by a person’s digital wallet (or eWallet) usually linked to a bank/credit account. Samsung Pay actually has another level of mobile payment called MST (Magnetic Secure Transaction) that enables users to use their phones just like swiping a credit card—good for older POS terminals that do not have an NFC chip reader. And this is all well and good for millions of transactions...