Wearable Payment Device Market: Introduction
- Wearable payments are payments carried out through wearable devices that are integrated with wireless technology such as NFC and RFID. It offers customers convenience as well as contactless mode of payment. It also ensures safety and hygiene during the transaction.
- A wide range of wearable devices are available, which include payment and having high rate of adoption among consumers. These include wristbands, fitness tracker, watches, jewelry, and smart clothing. Thus, advancements in technology enable rapid payments and enhance consumer experience at the checkout.
- Furthermore, institutions and banks are starting to offer wearable payment options due to increasing customer base and benefits such as convenience while shopping across the globe. Internet penetration and a surge in adoption of smartphones is fueling the wearable payment device.
Increase in inclination toward contactless payment methods
- Benefits of contactless payments such as comfort and convenience, rapid and secure payment, and availability of multiple functions are enabling consumers to adopt contactless payment methods. Wearable contactless payments take convenience to the next level by offering flexibility of wearing the device in various forms.
- Moreover, companies offering wearable payment is witnessing a surge in contactless payment. For instance, MasterCard has witnessed a surge of 40% in contactless payments in the first quarter of 2020. These factors are fueling the market.
Rise in disposable income among people
- Increase in disposable income is boosting awareness about advanced technologies among people. This, is in turn, is boosting the demand for wearable devices. Additionally, manufacturers of wearable devices are integrating various technologies, such as NFC and RFID, into their products, which in turn offers lucrative opportunity for the market.
- However, security concerns, battery drain issues for devices, and high costs associated with the wearable devices are key factors hampering the market
Asia Pacific market to expand significantly
- In terms of region, the global wearable payment devices market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- The wearable payment devices market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period
- This expansion is attributed to benefits of wearable payment devices, increase in disposable income, and rise in digitalization. These factors are expected to increase the demand for wearable payment devices.
- The wearable payment devices market in North America and Europe is expected to expand at a prominent growth rate due to an increase in competition among key players. The market in Middle East & Africa is likely to expand at a high growth rate due to increasing disposable income among consumers.
Key Players in Global Wearable Payment Devices Market
The global wearable payment devices market is highly fragmented, as a large number of manufacturers are present. Prominent players operating in the global market are focused on product launch and technological developments to cater to the rising demand.
Key players operating in the global wearable payment devices market include:
- Apple Inc.
- Fitbit, Inc.
- Google, Inc.
- Samsung Electronics Co. Ltd.
Global Wearable Payment Device Market: Research Scope
Global Wearable Payment Device Market, by Type
- Smart Watches
- Fitness Tracker
- Payment Wristbands
- Smart Rings
Global Wearable Payment Device Market, by Technology
- Near-field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Bar Codes
Global Wearable Payment Device Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa