The global wearable payment device market size is deemed to touch USD 7.39 billion by 2027, asserts Market Research Future (MRFR) in its report. It is expected to display 7.3?GR over the forecast period. MRFR’s report on the wearable payment device market highlights various trends and opportunities for fintech leaders and neo-banking institutions to capitalize during the forecast period (2021-2026). The COVID-19 pandemic and its effects on the industry are included for forecasting market valuation and growth projections.

Market Scope

The global wearable payment device market is driven by awareness of digital payments and its role in improving transparency during transactions coupled with boosting economic growth. For instance, the Indian government has introduced the UPI interface for financial transactions in the country to rival standards such as Mastercard and Visa. Huge reliance of smartphones and mobile wallets for conducting transactions can provide opportunities to the market.

Preference of online payments and proliferation of online shopping can spur the wearable payment device market growth. Transition to online payment models by various merchants as well as ease provided by wearables can persuade a large volume of customers. Evolution of mobile and wireless technologies can support global market growth.

But concerns of security while using the device can impede market growth.

Wearable Payment Device Market

COVID-19 Impact Analysis

The COVID-19 pandemic can bolster demand for wearable payment devices owing to encouragement given to contactless payments. Collaboration of recognizable brands with mobile payment providers can provide credence to the nascent technology and drive market growth. Moreover, online transactions and continued business activities can prove to be beneficial to the market.

Segmentation Analysis

Smartwatches to Capture Major Market Share

Smartwatches can account for a large share of the wearable payment device market due to their compatibility with technologies of NFC, Wi-Fi, Bluetooth, and others. The use of smartwatches for conducting transactions through secret codes can drive segment growth.

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Retail Stores to be Leading Market Application

Retail stores are likely to be early adopters of the technology due to catering to a large consumer base and loyalty points issued through purchases. Mushrooming of retail chains globally and use of smartwatches for conducting payments can drive segment growth.

Regional Analysis

North America to Dominate Global Market

North America is poised to dominate the wearable payment device market owing to presence of key players such as Google, Mastercard, Visa, and others. Dependence on wearables to track fitness levels can lead to its use in conducting payments and provide growth avenues to the regional market.

Competitive Analysis

Microsoft Corporation (US), Huawei Technologies (China), Sony Corporation (Japan), Thales SA (France), Westpac (Australia), Intelligent Venue Solutions (UK), Caxia Bank (Spain), Intellix (US), Nymi (Canada), Mclear Ltd (UK), Jakcom Technology Co (Netherlands), Token (UK), and Infineon Technologies AG (Germany) are key players in the global wearable payment device market. Strategic collaborations, ventures, and product launches are major strategies of major players.

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Industry News

Thames Technology has developed PayCard+, a card compatible with key fob, wristband, or ring to make contactless payments seamlessly. It plans to collaborate with banks and fintech startups to attain customers.

About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.