New York, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Wearable payment technology supports transactions using wearable devices such as smartwatches, rings, wristbands, and fitness bands. In addition, numerous companies have created new wearable devices which connect clients with their bank accounts. Furthermore, the shift in inclination for wearable payments among various businesses to boost the convenience of customers is a significant factor that promotes the growth of the worldwide wearable payments market. In addition, many organizations are embracing wearable payment technology to improve their customer's experience by removing the effort of handling currency and worrying about pickpocketing. Moreover, many transit and retail industries are implementing wearable technology to deliver more efficient and easy customer experiences, enhancing the market's growth.
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Surge in Adoption of Cashless Payments across the Globe to Drive the Global Wearable Payments Market
According to Straits Research, “The global wearable payments market size was valued at USD 47.14 billion in 2022 and is estimated to reach an expected value of USD 180.29 billion by 2031, registering a CAGR of 18.31% during the forecast period (2023 – 2031).” Rapid digitalization in Asia-growing Pacific economies, such as China, India, Singapore, and South Korea, has attracted numerous consumers and businesses to cashless transactions. Various banks and business sectors also utilize wearable payment devices and cashless payment services due to their benefits, including formalizing transactions and decreasing human error. In addition, governments worldwide are investing extensively in digitizing the payment process and expanding the usage of wearable and cashless payment technology, fueling the market's expansion. Moreover, banks and FinTech companies across the globe are finding it challenging to manage cash transactions regularly due to an increase in the demand for wage increases from employees and a fall in the banks' profit margins, driving market expansion. In addition, the global increase in cashless transactions has aided emerging nations in boosting their GDP, which has benefited the country's economies. For instance, according to a report issued by BCG in 2019, the increase in cashless payment in emerging countries has contributed around 3% more than the country's yearly GDP, a significant element fueling the market's growth.
Increase in Adoption of NFC, RFID, and Host Card Emulation Technology In Wearable Payments to Provide Opportunities for the Global Wearable Payments Market
NFC and RFID are essential components of various wearable and contactless payment methods. Numerous manufacturers of wearable devices, including Apple, Samsung, and Huawei, are integrating NFC and RFID technology into developing their contactless cards and wearable devices, which is projected to provide lucrative growth possibilities for the global market. In addition, numerous businesses are integrating NFC and host card emulation technologies to offer their clients convenient access to the product on their smartphones. For instance, KFC launched an NFC-based advertising campaign in the United Kingdom in 2019. The campaign's primary objective was to promote KFC's Hot Shots Meal Box. Using NFC-based technology, clients may place orders by simply touching an LED screen. KFC launched this service to boost home delivery services and enhance the adoption of contactless payment methods. In addition, firms are adopting host card emulation technology in their wearable devices to empower and improve the performance of various mobile and wearable devices, creating a significant growth opportunity in the industry.
Regional Insights
Region-wise, the global wearable payments market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor and is estimated to grow at a CAGR of 19.2%. The Europe area dominates the wearable payments industry because of the rise in demand for wearable devices in nations such as the Netherlands, the United Kingdom, Russia, Germany, and Italy, as well as the rise in internet usage throughout the region. In addition, increasing end-user knowledge of the advantages of wearable payments over traditional payment systems in European countries is boosting market expansion. In addition, the number of contactless payment users and retailers in the region is increasing the demand for wearable payment, driving the market's growth. In 2019, according to a survey done by Mastercard, more than 615 European in-store businesses accepted contactless payment because of its advanced capability of paying money with a single click. In addition, numerous European companies are investing extensively in adopting modern technology in wearable devices, such as POS systems and NFC technology, which is anticipated to provide attractive market opportunities. In addition, the increasing use of contactless payments in applications such as vending machines, ticketing, toll booths, and gas stations is anticipated to drive market expansion throughout the forecast period.
Asia-Pacific is the second largest region. It is estimated to grow at a CAGR of 21.9% during the forecast period. The Asia-Pacific wearable payments market is anticipated to expand due to factors such as population growth, fast digitization in the payment industry, urbanization expansion, and an improving economy. In addition, South Asian nations have a sizable underbanked population quickly adopting contactless and cashless payment solutions, driving market expansion. In addition, the growth of e-payments, contactless payments, and online payments in China and Singapore is fueling market expansion.
Competitive Landscape
The key players profiled in the wearable payments market analysis are Alibaba Group, Apple Inc., Fitbit, Inc., Google, Inc., Barclays Plc., Jawbone, Mastercard, PayPal, Inc., Samsung Electronics Co. ltd., and Visa Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Market News
- July 2022 - Alibaba Group Holding Limited ("Alibaba" or "the Company") (NYSE: BABA and HKEX: 9988) today announces that its board of directors ("Board") has authorized the Company's management to file for a primary listing on the Hong Kong Stock Exchange's Main Board. Alibaba will become a dual-primary listed company on the New York Stock Exchange in the form of American Depositary Shares ("ADSs") and on the Hong Kong Stock Exchange in the form of ordinary shares following the completion of the primary listing process, which is expected to occur before the end of 2022.
- July 2022 - Alibaba Cloud, the digital technology and intellectual backbone of Alibaba Group has announced the global launch of Energy Expert, a sustainability platform to help customers worldwide measure, analyze and manage the carbon emissions of their business activities and products. The software-as-a-service offerings also provide actionable insights and energy-saving recommendations to help customers accelerate their sustainability journeys.
Global Wearable Payments Market: Segmentation
By Device Type
- Smart Watches
- Fitness Trackers
- Payment Wristbands
- Smart Rings
- Others
By Technology
- Near-Field Communication Technology (NFC)
- Radio Frequency Identification (RFID)
- QR & Bar Code
- Others
By Application
- Grocery Stores
- Bars & Restaurants
- Drug Stores
- Entertainment Centers
- Others
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/wearable-payments-market/segmentation
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