Mobile payment is becoming more common to use. You can use your smartphone to pay for grocery shopping. In 2015, the revenues from mobile payments reached $450 billion. The mobile payment also extends to wearable payment. Apply watch can be used to pay merchants who accept contactless payment.
MagicBands are wristbands is in Disneyland as a wearable payment. The band can be used to pay tickets, gifts, foods as well as opening rooms of Disney hotels. It eliminates bags to carry around when having fun in Disney.
Sources: https://www.mobilepaymentstoday.com/articles/will-mobile-payments-give-way-to-wearables/