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The biometric banking wristband payment method is a secured payment process for consumers to purchase products & services without carrying wallet & a mobile device. The technology can be used for a tap-and-go payment, which is found in various retail organizations due to the secure & error-free payment process. Moreover, the biometric banking wristband systems are designed with a storage component, which stores the biometric data samples of individuals. Additionally, traditional methods of banking can be forgotten or stolen.
For instance, PIN or passwords could be robbed or forgotten during transactions; however, the biometric traits are difficult to steel, owing to high security. Therefore, the demand for high security banking methods is expected to boost the in the near future.
The global biometric banking wristband market is segmented on the basis of device type, technology, end user, and region. Based on device type, the biometric banking wristband market is divided into smartwatch, fitness tracker, payment wristband, and others. In terms of technology, the market is categorized into near-field communication, capacitive sensors, optical sensors, thermal sensors, ultrasound sensors, electric field sensors, and others. On the basis of end user, the market is bifurcated into public sector banks and private sector banks. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global biometric banking wristband industry include Alibaba Group, Apple Inc., Barclays Plc., Fitbit Inc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., and Visa Inc. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global biometric banking wristband market.
Increase in adoption of cashless payments worldwide, rise in demand for the wearable devices due to safety & security during the transactions, and growth in convenience & better consumer experience are driving the growth of the market. However, high cost of wearable wristband devices and limited battery life are expected to hamper the growth of the market. Contrarily, surge in the usage of near-field communication (NFC) technology in wearable devices can be seen as an opportunity for the market investments.
Increase in adoption of biometric banking wristband for numerous benefits such as fitness, fashion and cashless transaction have experienced significant growth towards wristband banking devices for safe & secure transactions. Furthermore, increase in cyber-attacks on the mobile payment systems globally have shifted the preference of majority of consumers towards the wearable contactless payment methods.
Moreover, majority of banks & financial institutions across the globe have introduced the contactless biometric banking wristband technology to improve the security & convenience of the transaction process. For instance, in 2020, VISA Inc. conducted a study and witnessed a 90% of transactions made in Austria & Czech Republic were made by the means of biometric banking wristband payment method. Therefore, rise in demand for wearable devices due to the safety & security during the transactions is expected to foster the growth of global biometric banking wristband industry during the forecast period.
Near-filed communication (NFC) has been an integral part for the biometric banking wristband payments method. Numerous biometric banking wristband manufacturers such as Apple, Barclays, and other institutions are integrating the NFC technology in the development of the contactless wristband devices. Furthermore, NFC is integrated into the biometric banking wristband for providing easy access & convenience to the consumers during the payment process. For instance, in 2020, Starbucks Inc, has introduced an NFC based wristband order technology for the consumers to pay & order without any contact which therefore helps in preventing the transmission of coronavirus.
Moreover, companies are implementing the NFC in biometric banking wristband for increasing the performance & enhance better user experience. Therefore, the surge in usage of near-field communication (NFC) technology in wearable devices, will boost the growth for the global biometric banking wristband market during the forecast period.
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