Mobile payments, specifically Android Pay, are the wave of the future. Many banks have joined forces in allowing us to use our smartphone to authorize these payments, but what about the convenience of paying with your Android Wear smartwatch. Banks have been slower to allow those kinds of transactions, but we are happy to see that Wells Fargo has jumped on board and joined other major banks in support for Android Wear 2.0. This acceptance means you can now use your smartwatch to authorize purchases without having to take out your smartphone. The support page shows that all of Wells Fargo's consumer and business Debit Visas, Consumer Prepaid Visa, Consumer Credit Visa, Business Credit Visa, and Consumer American Express issued by Wells Fargo can participate in the program. However, there are still a few cards through Wells Fargo that do not work with Android Pay and by default will not work with Android Wear 2.0 - any MasterCard cards, co-branded cards, or Visa Commercial Credit.
This addition still leaves one of the major banks, Citi Bank, without support for Android Wear 2.0. Most of their cards will work with Android Pay, but they have been very slow throw their support to Android Wear 2.0 smartwatches. It is hopeful that they will soon add Android Wear 2.0 as a method of payment that they will honor. It slows down the spread of mobile payments and the sale of smartwatches, which should expand in sales over the next few years. Right now the idea of making a payment with a smartwatch seems like a novelty, but soon it will become second nature, but the banks need to keep up with technology.
Google officially announced the launch of Android Pay 2.0 on February 8, 2017. It was a major upgrade, and one of its principal ingredients was the addition of Android Pay. Now for this to work on a smartwatch, it will have to have NFC built into the device – that is how Android Pay currently works. Not all Android Wear smartwatches have NFC nor will be able to upgrade to Android Wear 2.0, but most of the newer watches will be upgradable. It was made available to the LG Watch Style and LG Watch Sport on February 10, but other upgrades were made available shortly after.