Global wearable payment device market to reach US$171 billion by 2032, Fact.MR report

NEW YORK, February 18, 2022 /PRNewswire/ — The wearable payment device market is expected to grow at a CAGR of 29% over the forecast period 2022-2032, with an estimated market valuation of US$13.43 billion in 2022.

Wearable payment refers to payment transactions made using portable devices connected to wireless technologies such as NFC and RFID. Wearable payment gadgets not only provide customers with an easy, contactless way to pay, but also ensure safety and cleanliness, especially in the aftermath of the COVID-19 pandemic.

According to the Smart Payment Association (SPA), paying for goods and services with a flick of the wrist is significantly faster and easier than handing over cash or even typing in a PIN. So wearable device manufacturers are integrating Near Field Communication (NFC) technology as a standard in most devices to provide superior convenience by eliminating the need to fumble around with a wallet, purse, or phone. .

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In recent years, fintech has transformed payment methods with global initiatives such as bPay Loop and Android Wear 2.0 and the integration of open-loop payments into wearable devices. Wearable technology is becoming smarter and more versatile, gaining momentum with growing consumer acceptance of new payment methods. At the same time, the opportunities for issuers have become more significant with recent advances.

Additionally, passive wearable devices such as rings, bracelets, key fobs, fitness bands, stickers, cufflinks (and of course, phones) accepting payments are rapidly gaining momentum around the world. New wristband and cufflink designs include payment technology, while wristbands and fabrics weave interactive sensors into jackets and pants.

Positive feelings 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 US citizens showed interest in increasing the use of contact payments to avoid touching surfaces during purchases, which in turn has provided immense growth opportunities for portable payment devices in the region.

Report attributes

Details

Base year value (2021A)

$10.6 billion

Estimated annual value (2022E)

$13.43 billion

Projected year value (2032F)

$171 billion

World growth rate (2022-2032)

CAGR 29%

Key points to remember:

  • By device type, fitness trackers will capture a 44% revenue share through 2032
  • Barcode-based wearable payment devices to account for 3 out of 10 sales
  • More than 28% of mobile payment device revenue will be generated by the retail sector
  • The United States will be an opportunistic market for wearable payment devices, capturing a 31% revenue share
  • China to be the fastest growing market for portable payment device sales, with a CAGR of 30%

Growth drivers:

  • The growth of the portable payment devices market is mainly driven by an increase in the acceptance of cards and contactless portable devices, due to the COVID-19 pandemic, the emerging demand for contactless payment for transactions of secure and safer payments, and the growing adoption of NFC technology.
  • Additionally, many banks and financial institutions are facilitating portable payment options to multiply their customer base across the globe and provide greater convenience in outdoor shopping for customers around the world.

Key constraints:

  • It is essential to regularly charge the gadget to ensure that it works properly. if the device goes blank, it quickly disconnects the user. This may cause insufficient data or a missing data group, affecting the payment process.

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Competitive Landscape:

The various major players of the Portable Payment Devices market are focused on offering various marketing strategies adopted by the key players such as mergers and acquisitions, expansions, collaborations, and partnerships.

  • In June 2021, Apple’s watchOS 8 has brought new access, connectivity and mindfulness features to the Smart Watch segment. The new watchOS offers better access with Wallet, more features with the Home app, new workout types, and an updated Breath app.
  • In March 2021Axis Bank has partnered with Thales and Tappy Technologies to design and create portable contactless payment devices, exclusively available on the Mastercard platform.

Top Companies Featured by Fact.MR

  • Apple Inc.
  • Barclays PLC
  • Gemalto AG
  • Google LLC
  • MasterCard
  • Nymi
  • PayPal Holdings Inc.
  • Samsung Electronics
  • visa inc.
  • wirecard

More Valuable Insights on Portable Payment Devices Market:

Fact.MR in its report offers a market analysis of the global Portable Payment Devices market analyzing the forecast period till 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 portable payment devices)
  • By app
    • Portable payment devices for festivals and life events
    • Fitness portable payment devices
    • Wearable Payment Devices for Healthcare
    • Portable payment devices for retail
    • Portable payment devices for transportation
    • Others

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Key Questions Answered in the Portable Payment Devices Market Report

  • What is the Global Portable Payment Devices Market Scenario?
  • How high is global demand expected to reach during the forecast period?
  • What has been the last 5 years CAGR for the demand in the Wearable Payment Devices Market?
  • Who are the key players in the global portable payment devices market?

Explore Fact.MR’s Technology Coverage –

Biometric Payments Market Trends: The continuous demand for an improved 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 at a millennial stage and is witnessing the emergence and establishment of various new market entrants.

Transaction Monitoring Market: The global transaction monitoring market is expected to witness significant growth over the forecast period, driven by several factors such as the need to manage organizational KYC compliance, use of progressive scans to offer risk alerts proactive and mitigating money laundering, and Counter Terrorism Financing (CTF).

smart watch market: The growing use of smartwatches to track the health and fitness of wearers could help boost sales in the global smartwatch market. The increase in technological development in health and fitness is expected to complement the boom in the global smartwatch market. The inclusion of new features in smartwatches and the aggressive penetration of smartphones could set the tone for significant growth in the global smartwatch market.

Neobank market: The growth of neobanks is experiencing a major slant amid heavy reliance on virtual platforms to conduct various types of transactions, attributed to widespread digitalization and the integration of artificial intelligence. Neobanks focus on providing 24/7 services to customers by integrating technology into it.

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