Global Wearable Payment Devices Market Report 2023: Sector is Projected to Reach $158.8 Billion by 2031 at a CAGR of 13.34%

Dublin, May 02, 2023 (GLOBE NEWSWIRE) -- The "Wearable Payment Devices Market by Device Type, Technology, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global wearable payment devices market was valued at $47,091.2 million in 2021, and is projected to reach $158,816.9 million by 2031, registering a CAGR of 13.34% from 2022 to 2031.

Key Market Players

• Apple Inc.
• Samsung Electronics Co Ltd
• Garmin Ltd.
• Xiaomi Corporation
• Google LLC
• Barclays
• Visa, Inc
• Mastercard Inc.
• Tappy Technology Ltd
• PayPal Holdings, Inc
• Fitbit (Google)

A wearable payment device is a type of technology that allows you to make payments using a device that you wear, such as a smartwatch or a bracelet. These devices are equipped with the necessary technology, such as Near Field Communication (NFC) or Bluetooth, to communicate with payment terminals and process payments securely.

Wearable payment devices typically work by linking to a mobile wallet app on your smartphone, which you can use to add your credit or debit card information. Once your information is saved, you can make payments at participating merchants by simply tapping your wearable device on the payment terminal. Some devices may require a PIN or biometric authentication, such as a fingerprint or face recognition, for added security.

Wearable payment devices offer a convenient and quick way to make payments without having to carry a wallet or a phone. They also provide added security, as the device needs to be physically present and authenticated to complete a transaction.

Wearable payment devices are a growing trend in the financial technology industry, driven by several factors. One key driver is convenience, as wearable payment devices offer a quick and easy way to make payments without having to carry a wallet or phone. This level of convenience is particularly appealing to consumers who are always on the go and looking for ways to streamline their daily routines.

Another driver of wearable payment devices is security. With the rise of online fraud and identity theft, many consumers are looking for ways to protect themselves from these risks. Wearable payment devices provide an extra layer of security as they require physical authentication to complete a transaction, such as a fingerprint or a face recognition scan.

Finally, the increasing adoption of wearable technology, such as smartwatches and fitness trackers, has created a growing market for wearable payment devices. As consumers become more comfortable with the idea of wearing technology, they are increasingly interested in wearable payment devices that offer a convenient and secure way to make payments. This trend is likely to continue as wearable technology continues to advance, and more consumers adopt the technology in their daily lives.

However, there are also several restraints to the widespread adoption of wearable payment devices. Limited acceptance at merchants is one significant factor, as not all merchants have adopted the technology yet. Additionally, many wearable payment devices have limited functionality beyond making payments, which may limit their appeal to consumers. Cost is also a concern, as some consumers may be hesitant to invest in a wearable payment device.

Despite these restraints, there are several opportunities for the expansion of wearable payment devices in the financial technology industry. For example, wearable payment devices offer a chance for financial institutions and technology companies to expand into new markets, such as the fitness industry. Integration with loyalty programs is another opportunity, as wearable payment devices can be used to offer consumers incentives to use the devices for payments. Finally, integration with biometric authentication technology, such as facial recognition or fingerprint scanning, is another opportunity, as it can enhance the security and convenience of wearable payment devices.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wearable payment devices market analysis from 2021 to 2031 to identify the prevailing wearable payment devices market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the wearable payment devices market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global wearable payment devices market trends, key players, market segments, application areas, and market growth strategies.

Key Attributes:

Key Market Segments

By Device Type

• Fitness Trackers
• Smart Watches
• Payment Wristbands
• Smart Rings

By Application

• Retail and Grocery Stores
• Entertainment Centers
• Restaurants and Bars
• Hospitals and Pharmacies

By Technology

• Near-field Communication Technology (NFC)
• Radio Frequency Identification (RFID)
• QR and Barcode

For more information about this report visit https://www.researchandmarkets.com/r/k05dzu

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• Global Wearable Payment Devices Market