Nationwide embraces new technology

Building society Nationwide has become the first financial institution to launch a new app designed for smartwatches in the UK.

The service has been launched this week and Nationwide has confirmed that the new Android app will be an extension to its recently released mobile phone app.

Users will be able to make payments, transfer money and oversee their overdraft using their smartwatch.

One feature is the ability to ask the watch for an up-to-date account balance, which will then be displayed on the screen, while wearers will also be able to set up reminders to ensure they check their balance regularly.

Tony Prestedge, the chief operating officer at Nationwide, said: “Providing customers with a variety of ways to manage their money, whenever and how ever they want is a priority for us.

“Giving those members who want and have the technology the ability to check their balance on their watch provides them with even more choice as to how they interact with us.”

Nationwide has also started offering contactless cards to its customers and believes smartphones are set to be a major must-have for mobile gadget fans.

Prices start at around £120 for a smartwatch and there are thought to be around one million in use across the world, but this could rise substantially as more firms start to offer specific apps.

Experts have also predicted the launch of the Apple iWatch in spring next year could be key factor in making the technology desirable.

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