“Wearable fitness trackers and smartwatches are popular with many different segments of today's digitally engaged consumer,” CO-OP President and CEO Todd Clark said in a statement. “And the market is ready for the next iteration of these devices, which are ultimately about making our lives easier. Consumers are eager to use their wearables in new ways, and secure, on-the-go payments are one of the most compelling, particularly for the young and active cardholder segment served by MasterCard, CO-OP and the credit unions we collectively support.”

Clark said the trend could help participating credit unions grow.

“Attracting digital consumers to credit union membership hinges on the movement's ability to hustle into a first-mover stance,” he said. “As consumers across the country unbox their shiny new wearables from FitBit, Garmin and other fan-favorite tech brands, credit unions need to be right there saying, 'Yes, we support that.'”

This isn't the only event in the growing business of turning wearable objects into wallets, however.

Earlier this month, Melbourne, Florida-based NXT-ID, which operates the FitPay contactless payments platform, announced an agreement that allows Bank of America customers to do contactless transactions with their credit and debit cards at merchants and over 9,000 ATMs. Manufacturers of 15 IoT and wearable devices are currently integrating with the FitPay payment platform, according to the company. It expects the manufacturers to make product announcement about integrated devices this year and in 2018.