The EU funding programme for research and innovation, supports Wetech as one of the European SMEs with the highest growth potential. Wetech is one of the European SMEs granted under the SME instrument Phase 1 scheme,in the last call of the European programme for R&D, Horizon2020. This was a highly competitive call, with 141 granted SMEs from 24 countries, out of more than 1.800 submitted proposals.
The Horizon2020 SME Instrument aims to support the most innovative European SMES, those with the highest potential for growth in the mid term. For that reason, Wetech is very proud of this grant.
Wetech project is devoted to the development and demonstration of novel wearables for payment. This project was submitted to the ICT area, which seeks “Open Disruptive Innovations”. Wetech is one of the 22 European SMEs funded in the ICT area, out of the 448 submitted proposals.
Wearables for payment
Wetech will strengthen its development and production capabilities with the EU support. Our products aim to change the payment habits of EU citizens, mainly of the youth, based on improvement of conveniece and security.
Our wearables have fashionable designs and materials, offering solutions with attractive aesthetics which promotes a high adoption rate by the banks´clients. In addition, our wearables for payment have other major advantages, beyond their aesthetics, including no need of batteries or charging, thus they are always readable. Furthermore, our multifunction wearables have the major operational advantage of being universal (mobile-operator independent) thus they can be equally used by all citizens, which is very important for facilitating agreements with public administration (i.e. transport managers) and other providers (airlines, retailers, etc.).
An emerging and promising market
Wetech is one of the first enterprises in the world delivering payment wearables. Wetech is at an excellent departure point for a successful exploitation of this market niche, expected to grow at an excellent CAGR of 177% over the next years. The infrastructure to enable contactless payments is now widely deployed in Europe, all point-of-sale terminals will accept contactless payments by 2020, which sets an amazingly promising environment for a broad adoption of wearable payment.
If you need more information on Wetech wearables for payment, contact with our team.