The wearable payment is a safe & secure payment process for clients to buy the products by using advanced technology integrated in their wearable devices. It is also known as tap-and-go payment method by various organizations and retailers as it provides retailers and vendors with more secure & error-free payment method.
As per analysis, “Wearable Payments Market: Segmented By Technology Type (Barcode, Contactless Point of Sale (POS), Near-field Communication Technology (NFC), and Radio Frequency Identification (RFID)), By Device Type: (Smart Rings, Fitness Tracker, Smart Watches, and Others), By Application: (Festival & Life Events, Fitness, Healthcare, Retail, Transportation and Others) and Region – Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” the key companies operating in the global wearable payments market include Visa Inc., Samsung Electronics Co. Ltd., Mastercard, Google Inc., Jawbone, Visa Inc., Alibaba Group, PayPal Inc., Fitbit Inc., Apple Inc., Barclays Plc. and among others. Major companies have adopted various strategies for instance product portfolio expansion, agreements, geographical expansion, mergers & acquisitions, and collaborations to enhance their market penetration and reinforce their position in the industry.
Based on technology type, the wearable payments market is segmented as Contactless Point of Sale (POS), Radio Frequency Identification (RFID), Barcode and Near-field Communication Technology (NFC). The Barcode technology segment dominates the global market as it helps customers to check their products easily when shopping and also helps retailers to escape the requirement for a conventional & permanent point of sale. Based on device type, the market is segmented as a fitness tracker, smart rings, smartwatches and others. The smartwatches segment is projected to exhibit a substantial growth rate due to rise in demand for wireless fitness & sports devices, growth in technological advancements in smart-watch and, the surge in health awareness among users during the forecast period. In addition, based on application, the market is segmented as retail, fitness, festivals & life events, healthcare, transportation, and others. The retail segment is also projected to exhibit a substantial growth rate due to rise in demand in local businesses, markets, and e-commerce for cashless payments during the forecast period.
The wearable payments market is driven by a surge in demand for wearable devices along with contactless payment for secure & safer payment transactions, followed by enhanced customer experience offered by wearable payment mediums, increase in the adoption of cashless payments. However, the limited battery life of wearable devices and the high cost of wearable devices may impact the market. Furthermore, the surge in usage of radio frequency identification (RFID), near-field communication technology (NFC), and host card emulation technology in wearable payments is a key opportunity for the market.
Based on geography, the North-America holds the major share in the global wearable payments market owing to the presence of prominent stakeholders coupled with growth in the development of smart devices with tracking & payment characteristics across the region. The Asia-Pacific and Europe regions are estimated to witness higher growth rates due to growth in investments from the private & public players and expansion of the IT infrastructure over the forecast period. It is anticipated that the future of the global wearable payments market will be bright on account of the high penetration of contactless payments in emerging economies during the forecast period.
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Ankur Gupta, Head Marketing & Communications