The research - part 2

The idea for AdornPay came from the frustration at the checkout: you’ve had a long day and still need to stop by the store to buy bread and toppings for the next day. It really can’t wait because you’ve run out of everything. You’re holding a bag, your car keys, and your wallet, and you arrive at the checkout. The cashier has scanned everything and now you have to pay. You’re searching for that payment card in your wallet and almost drop everything. The people behind you are staring at you intensely, and you can practically read their thoughts: could you please hurry up? This was the last thing you needed at the end of the day. 

It’s already a relief that you can now pay contactlessly, but searching for that card with your hands full still isn’t solved by that. That’s the idea that inspired us to start developing our plan and conducting our research. 

Being able to pay contactlessly, and the technology behind it, is the foundation of our product: a piece of jewelry that allows you to pay contactlessly. But how often are contactless payments actually made? And is the number of contactless payments increasing or decreasing? We felt it was important to learn more about this too, so we started looking at the figures and facts.

The global pandemic will naturally increase awareness of the many points of contact in our daily lives. Everyone is being asked to keep more distance and minimize physical contact. This will, among other things, lead to an increase in contactless payments, and this is expected to continue. Banks have raised the limits for contactless payments to encourage this payment method. By the end of 2020, no less than 85% of all payments in the Netherlands were contactless. That is, of course, a huge number. Contactless payments have increased significantly in recent years, and this trend is expected to continue.

The number of payments made with mobile phones and wearables is also increasing every year and becoming increasingly popular. The number of providers offering contactless payment methods is growing as well. 

These figures and facts create opportunities for us, especially if paying can be made even easier and you can always carry your payment method with you. Having to take out your card every time and then put it away again still involves contact. If you wear your payment method on your finger or wrist, you prevent that. Paying with a piece of jewelry is therefore actually even more ‘contactless’ than the contactless payment methods we know today. 

We believe the above creates opportunities, both for us as entrepreneurs with the product we want to bring to market, and certainly for other companies that are expected by the government to take measures to prevent physical contact. 

Behind the scenes, we are working hard to bring our products to market, so that soon everyone can avoid some frustration at the checkout by using a beautiful piece of jewelry as a payment method. But how does the production process work? How do you turn a piece of jewelry into a payment method? You can read more about it in our next blog posts!

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