Jersey City, New Jersey, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Wearable Payment Device Market” By Device Type (Smart Watches, Fitness Tracker), By Technology (Radio Frequency Identification (RFID), QR & Bar Codes), By Sales Channels, (Direct Sales, Indirect Sales), By Application (Retail/Grocery Stores, Restaurants), and By Geography. According to Verified Market Research, the Global Wearable Payment Device Market size was valued at USD 43.0 Billion in 2020 and is projected to reach USD 82.0 Billion by 2028, growing at a CAGR of 13.6% from 2021 to 2028.
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Browse in-depth TOC on “Wearable Payment Device Market”
202 - Pages
126 – Tables
37 – Figures
Global Wearable Payment Device Market Overview
Wearable payment refers to payments made with wearable devices that are equipped with wireless technologies such as NFC and RFID. Wearable payment devices not only provide customers with a quick and contactless payment method, but they also protect client safety and hygiene, especially in the aftermath of the COVID-19 outbreak. In the United States, 51% of consumers utilize mobile wallets such as Apple Pay and other tap-to-go credit cards. In the first quarter of this year, MasterCard saw a 40% increase in contactless payments. During the COVID-19 pandemic, 79% of MasterCard users throughout the world used contactless payments. Several financial institutions, banks, and payment service providers have started to accept the digital payment agenda; nevertheless, to assure consumer pleasure, these payment devices must be secured more rigorously.
In Addition, Major tasks can be performed with wearable gadgets that are connected to smartphones. In addition, technology has improved in recent years to make it more user-friendly. The market is likely to grow substantially over the forecast period as a consequence of these factors. Smartwatches with smartphone compatibility are projected to increase at a quicker rate in the future. Due to advances in technology and form factors, wearable payment devices are becoming smaller than ever before, necessitating the usage of small batteries to power payment capabilities. Furthermore, a substantial battery backup is essential when a wearable gadget is powered by complex operating systems to assure ongoing performance which is resulting in huge market growth.
Key Developments in Wearable Payment Device Market
• In January 2021, Google LLC acquired Fitbit Inc. for USD 2.1 billion in an all-cash deal to enter the wearable payment device industry. This acquisition could help the internet giant's hardware division while also raising antitrust concerns.
• In September 2020, Apple Inc. announced the Apple Watch Series 6 and Apple Watch SE, as well as two iPad models, the first fitness experience created for Apple Watch, which brings substantial advancements in health and wellness features to iPhone, iPad, and Apple TV.
The major players in the market are Apple Inc. (US) Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China), Google LLC (US), Tappy Technologies Ltd. (US), Barclays PLC (UK), VISA Inc. (US), PayPal Holding Inc. (US).
Verified Market Research has segmented the Global Wearable Payment Device Market On the basis of Device type, Technology, Sales channel, Applications, and Geography.
- Wearable Payment Device Market, By Device Type:
- Smart Watches
- Fitness Trackers
- Payment Wristbands
- Smart Rings
- Wearable Payment Device Market, By Technology
- Near Field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Barcode
- Wearable Payment Device Market, By Sales Channel
- Direct Sales
- Indirect Sales
- Wearable Payment Device Market, By Application
- Retail/Grocery Stores
- Restaurants
- Hospitals/Pharmacies
- Entertainment Centers
- Wearable Payment Device Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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