LAKE TAHOE, Calif. (7/16/14)--No hocus-pocus. Just a swipe of a finger across the temple, and voila: You've just spent $13.91 on ice cream.
Payments processor The Members Group (TMG) demonstrated Tuesday how the combination of its new See2Pay app, the Dwolla payment platform and Google Glass gives consumers the ability to make point-of-sale transactions without currency, card or phone.
Ryan Anderson, vice president of product for The Members Group, pays for ice cream using Google Glass, Dwolla and TMG's new app, See2Pay. (TMG Photo)
"It was a 'wow' moment when our clients saw the video and realized that you can make a hard-currency-based transaction with a wearable device," Ryan Anderson, TMG vice president of product, told News Now.
Global sales of wearable technology are expected to reach $19 billion by 2018, according to an October 2013 Juniper Research report. "Consumers will be spending money on them," Anderson said. Names in the wearable market include Google Glass, Samsung Galaxy Gear and Apple iWatch.
"Consumers are looking to financial institutions to lead them through the landscape of payments technologies," he told News Now, adding, "Using cash or plastic isn't painful, but the next generation has to be simple."
TMG released the app's code on GitHub, a web-based hosting service for software development projects. "This gives it to the developer community for them to build on it, and anyone can improve it," Anderson said, adding, "It will further promulgate payments on Google Glass and the Dwolla networks."
The app is the first to make money transactions between Dwolla merchant and consumer users.