Global Wearable Payment Devices Market to Top US$ 171 Bn by 2032, Fact.MR Report

NEW YORK, Feb. 18, 2022 /PRNewswire/ -- The wearable payment devices market is anticipated to grow at a CAGR of 29% during the forecast period 2022-2032, with an estimated market valuation of US$ 13.43 billion in 2022. 

Wearable payment refers to payment transactions conducted using wearable devices that are connected with wireless technologies such as NFC and RFID. Wearable payment gadgets not only provide clients with a simple and contactless means of payment but also assure safety and cleanliness, particularly in the aftermath of the COVID-19 pandemic.

According to the Smart Payment Association (SPA), paying for goods and services with a simple flick of the wrist is substantially faster and easier than by handing over cash, or even tapping in a pin number. Thus, wearable device manufacturers are integrating near-field communication (NFC) technology as a standard into most devices to offer superior convenience by eliminating the need to fumble with a wallet, purse, or phone.

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Over the last few years, financial technology has transformed payment methods with global initiatives like bPay Loop and Android Wear 2.0 and integrating open-loop payments into wearables. Wearable technology is growing smarter and more versatile, thereby gaining momentum with rising consumer acceptance of new payment methods. Alongside, the opportunities for issuers have become more significant with recent advancements.

Besides, passive wearables like payment-enabled rings, bracelets, key fobs, fitness bands, stickers, cufflinks (and of course, phones) are rapidly picking up pace around the world. Novel designs for bracelets and cufflinks include payments technology, while wristbands and fabrics weave interactive sensors into jackets and pants.

Positive sentiments about the convenience and preference of contactless payments are growing. In a recent survey conducted for Discover Financial Services in late 2020, nearly 68% of U.S citizens showed their interest in increasing the usage of contact payments to avoid touching surfaces during shopping, this, in turn, provided immense growth opportunities for wearable payment devices in the region.

Key Takeaways:

• By device type, fitness trackers to capture a revenue share worth 44% through 2032
• Barcode-based wearable payment devices to account for 3 out of 10 sales
• Over 28% of wearable payment devices revenue to be yielded by the retail sector
• U.S to be an opportunistic market for wearable payment devices, capturing a 31% revenue share
• China to be the fastest-growing market for wearable payment device sales, growing at a CAGR of 30%

Growth Drivers:

• The growth of the wearable payment device market is primarily driven by a surge in the acceptance of contactless cards and wearable devices, owing to the COVID-19 pandemic, emerging demand for contactless payment for secure and safer payment transactions, and the rising adoption of NFC technology.
• Besides, many banks and financial institutions are facilitating wearable payment options for multiplying their customer base across the globe and providing greater convenience in shopping outdoors for customers worldwide.

Key Restraints:

• It is critical to recharge the gadget on a regular basis to guarantee its smooth operation; if the device becomes drained, it quickly disconnects the user. This may result in data insufficiency or a missing data cluster, affecting the payment process.

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Competitive Landscape:

The various leading players in the Wearable Payment Devices market are focusing on offering various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations, and partnerships.

• In June 2021, Apple's watchOS 8 brought new access, connectivity, and mindfulness features to Smart Watch segment. New watchOS offers greater access with Wallet, more capabilities with the home app, new workout types, and an updated Breath app.
• In Mar 2021, Axis Bank has partnered with Thales and Tappy Technologies to design and create contactless wearable payment devices, which are exclusively available on the Mastercard platform.

Key Companies Profiled by Fact.MR

• Apple, Inc.
• Barclays PLC
• Gemalto NV
• Google LLC
• Mastercard
• Nymi
• PayPal Holdings Inc.
• Samsung Electronics
• Visa Inc.
• Wirecard

More valuable Insights on Wearable Payment Devices Market:

Fact.MR, in its report, offers a market analysis of the global Wearable Payment Devices market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the Wearable Payment Devices Market with detailed segmentation as follows: -

• By Device Type
• Fitness Trackers
• Payment Wristbands
• Smart Watches
• By Technology
• Barcodes
• Contactless Point of Sale Terminals
• Near Field Communication (NFC Wearable Payment Devices)
• Quick Response (QR) Codes
• Radio Frequency Identification (RFID Wearable Payment Devices)
• By Application
• Wearable Payment Devices for Festivals & Life Events
• Fitness Wearable Payment Devices
• Healthcare Wearable Payment Devices
• Retail Wearable Payment Devices
• Wearable Payment Devices for Transportation
• Others

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Key Questions covered in the Wearable Payment Devices Market Report

• What is the global wearable payment devices market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the demand in the wearable payment devices market?
• Who are the prominent players in the global wearable payment devices market?

Explore Fact.MR's Coverage on the Technology Domain –

Biometric Payments Market Trends: Continuous demand for enhanced security and identification system during payment processes or transactions has led to the increasing adoption of biometric payment systems. The biometric payment market is still in a millennial stage and is witnessing the emergence and establishment of various new entrants in the market.

Transaction Monitoring Market: The global transaction monitoring market is projected to witness significant growth during the forecast period, due to several factors such as the need to manage organizational KYC compliance, use of progressive analytics to offers proactive risk alerts and mitigate money laundering, and Counter-Terrorist Financing (CTF) activities. 

Smart Watches Market: Rising use of smartwatches to keep a track of the health and fitness of the wearers could help increase sales in the global smartwatches market. Increasing technological development in the health and fitness domain is expected to complement the rise of the global smartwatches market. Inclusion of new features in smartwatches and aggressive penetration of smartphones could set the tone for significant growth of the global smartwatches market.

Neobanking Market: Growth of neobanks is experiencing a major incline amid extensive reliance on virtual platforms for conducting various types of transactions, attributed to widespread digitization and integration of artificial intelligence. Neobanks are focusing on providing 24*7 services to customers by integrating technology into the same. 

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SOURCE Fact.MR