Payment Processing Rings Market Outlook - 2027
The payment processing ring is a technologically advanced wearable device, which is used for storing the biometric data & sharing the particular data while conducting the transaction. Technologies such as near-field communication (NFC) and radio-frequency identification (RFID) are used in the payment processing ring. Furthermore, the payment can be made with a knocking gesture on the point of sales terminal during the transaction.
Moreover, the inner band of the payment processing ring is sealed by hard inert resin, which helps in the shutting of the electronics inside and making the ring completely water-proof as well as sweat-proof. Therefore, the growth in demand for high security banking methods with easy access to the payments is expected to boost the market growth for the payment processing rings market in the near future.
The global payment processing rings market is segmented on the basis of operating system, technology, end users and region. Based on operating system, the market is divided into google android, apple iOS, and microsoft windows. In terms of technology, the market is categorized into near-field communication (NFC), radio-frequency identification (RFID), and Others. On the basis of end users the market is divided 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 payment processing rings industry include McLear Ltd., LogBar Inc., Moodmetric, Shanxi Jakcom Technology Ltd., Ringly Inc., Kerv Wearables, Vinaya, Oura, Nimb, and Fujitsu. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global payment processing rings market.
COVID-19 Scenario Analysis
- As government has imposed lockdown due to COVID-19 pandemic, the payment processing rings industry has a positive impact, as it is used to make the payment for purchasing the goods & services without any contact during the transaction.
- During the coronavirus outbreak, majority of businesses & retail showrooms, which use contactless mode of payment were closed due to the government declared lockdown in affected countries.
Top Impacting Factors
Increase in adoption of cashless payments worldwide, growth in demand for the payment processing ring due to advanced safety & security features, and rise in convenience & consumer experience are driving the growth of the market. However, expiration date for payment processing ring is expected to hamper the growth of the market. Contrarily, surge in the usage of near-field communication (NFC) technology in payment processing ring can be seen as an opportunity for the market investments.
Growth in Demand for Payment Processing Ring due to Advanced Safety & Security Features
Benefits such as fashion, monitoring physical health, cashless payments and other features which are provided by payment processing ring is driving the market growth. Moreover, due to the safety & security in terms of biometric code exchange during the transactions, the payment processing ring is expected to maintain its dominance during the forecast period.
Moreover, the payment processing ring is an advanced form of technology which is paired with the mobile device and is directly associated to the banking card payment network. Therefore, the growth in demand for payment processing ring due to advanced safety and security features is expected to foster the global payment processing ring industry during the forecast period.
Surge in Usage of Near-Field Communication (NFC) Technology in Payment Processing Ring
Near-filed communication (NFC) has been an integral part for the payment processing ring transaction method. Various payment processing ring manufacturers such as McLear, Fujitsu and other producers are integrating the NFC technology in the expansion of the contactless payment processing rings. Furthermore, NFC is integrated into the payment processing ring mainly for providing convenience & easy access to the consumers during the payment process.
For instance, in the year 2020, KFC introduced an NFC based order technology for the consumers to pay with payment processing ring & order without any contact which helps mainly to prevent the transmission of coronavirus. Moreover, companies are implementing the NFC in payment processing ring for increasing the consumer experience & performance during the transaction. Therefore, the surge in usage of near-field communication (NFC) technology in payment processing ring, will boost the growth for the global payment processing rings market during the forecast period.
Key Benefits of the Report
- This study presents analytical depiction of the global payment processing rings market forecast 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 detailed analysis of the market payment processing rings share.
- The current market is quantitatively analyzed to highlight the global payment processing rings market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed payment processing rings market analysis depending on the present and future competitive intensity of the market.
Questions Answered in the Payment Processing Rings Market Research Report
- Which are the leading players active in the global payment processing rings market?
- What would be the detailed impact of COVID-19 on the global payment processing rings market size?
- What are current payment processing rings market trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global payment processing rings market?
- What are the projections for the future that would help in taking further strategic steps?
Payment Processing Rings Market Report Highlights
By Operating System
By End Users
Key Market Players
American Express, JCB, Alipay, Discover Card, Worldpay, PayPal, Square, Mastercard, Stripe, Visa