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Contactless payments are well known and used in each part of the world. As technology is advancing the engineering innovations are taking place each year. There is exponential growth in the contactless payment market as the customers are becoming more tech-savvy. The technologies used behind these innovations are generally Radio Frequency Identification (RFID) and Near Field Communication (NFC). The contactless payment rings are used to make small payments by tapping the Point of Sale terminal which generally accepts the contactless MasterCard payment, just by making a knocking gesture and the payment is processed. The ring is made up of Zirconia ceramic housing, an optimized antenna design, and a high-performance contactless security controller. The inner band of the ring is made by the use of hard inert resin, sealing the electronics making it completely waterproof as well as making it safe from any type of skin allergies. The ring works on the principle of electromagnetic induction; hence battery is not required for this product to work.The activation of the ring is required which associates it with the bank account of the customer and then the secure payments can be made through it. The growing market for the contactless payment ring is the U.S., Europe, and Asia-Pacific
The lockdown scenario due to the COVID-19 pandemic has affected the industry as the customers are not able to travel from one place to another. The contactless payment rings work when they are tapped on the point of sale so there has been a considerable decline in the use of the ring. Though, the contactless payment ring market is likely to experience exponential growth after the lockdown scenario; keeping in mind the social distancing concept.
The production has been hampered as in many countries as the manufacturing units had to shut down and there is a shortage of labor. The shortage of raw material transportation is also an issue for the industries.
The distribution channels like the brand stores have to close down in the lockdown phase and this has led to a loss in the sales and revenue generation.The e-commerce platform is being adopted widely but it is also being affected due to delayed deliveries.
The regulatory hurdles like closing down of locations and businesses which use the contactless mode of payment have impacted the growth of the contactless payment ring market. The restrictions in the import and export of the products hamper revenue from some potential markets.
Initially, the contactless payments were introduced through the debit card and credit card without any use of the personal identification number or signature, later it shifted to the applications in the Smartphone and now the market is expanding by incorporating the chip cards in the wearable and accessories. The application in advanced & portable devices, the hypo-allergicmaterial being used, water-resistance properties, speed and precision, the feasibility of carrying the wearable, no charging and battery alternatives, availability of different size and color of the ring and ease of payment are the key drivers of the global contactless payment ring market. However, the increasing competition in the market, expiration date of the wearable ring, and the high investment in the technology somehow hinder the market growth. Contrarily, if the awareness among the customers is increased and the large target market is focused along with the investments in safety measures then the trend of wearable devices will present new pathways in the industry.
The global contactless payment ring market trends are as follows:
The trend of smart rings has been persistent in the Tech market for a long time. The customers are attracted to the wearable and accessories from good old times but the innovation has served the customers with astonishing products and the contactless ring market is one of them. These innovative rings are used as travel cards for paying in public transportation, as access badge at various institutions, for monitoring the physical health and stress level of the person wearing it, for opening the lock of smartphone and sharing information just by one tap and also as smart key for homes and cars. Different color combinations are being offered by different brands dealing in this market. The ring has replaced the ticket and Oyster Card for transportation in London and is showing tremendous popularity. This product is an advanced form of technology as it need not be paired with the phones. It is associated to the MasterCard payment network, though the mobile applications can be downloaded and connected to the account for the transaction information.
The key players have established partnerships and collaborated with various other industries for the growth of their market. Kerv wearers also known as K ring and McLear have been in partnership with MasterCard, Moorwand Ltd., ABN AMRO, PSI-PAY, Spartan Race UK, and many others. These collaborations lead to benefits for both the industries and help expand their market share.
Key Benefits of the Report:
This study presents the analytical depiction of the global contactless payment ring market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global contactless payment ring market share.
The current market is quantitatively analyzed to highlight the global contactless payment ring market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global contactless payment ring market analysis based on competitive intensity and how the competition will take shape in the coming years.
What are the leading market players active in the contactless payment ring market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
Key Market Segments
Key Market Players