Smart Band Payment Market Outlook - 2027

The smart bands payments technology can be used for a tap-and-go payment, which is found in various retail organizations to boost security & error-free payment process different from the card payments. Furthermore, it is a secure payment process for consumers to purchase products & services and are designed with a storage component, which stores the biometric data samples of individuals. Additionally, traditional methods of payments & transaction are highly prone to loss of passcode. 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, surge in demand for high security payment methods is expected to boost the market growth for the smart band payment market in the near future.

The global smart band payment market is segmented on the basis of Device Type, Technology, and Region. Based on Device Type, the smart band payment market is divided into Smart Watch, Fitness Tracker, Payment Wristband, and Others. On the basis of Technology, the market is categorized into Near-field Communication, Radio-frequency Identification (RFID, and Others). 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 Smart Bands Payments 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 market. 

COVID-19 scenario analysis

• During the coronavirus outbreak, the use contactless mode of payment such as smart bands and others has increased tremendously among majority of businesses & retail showrooms.  Additionally, major banks & financial institutions have introduced attractive banking benefits such as cashbacks and gift cards to support the consumers for the adoption of the smart wristbands payment method for completing transactions.
• The contactless smart band payment market size is expected to grow significantly during COVID-19 health crisis, as consumers are largely preferring cashless means for making financial transactions to avoid any physical contact with individuals and thus prevent transmission of coronavirus.

Top impacting factors: smart band payment market share, scenario analysis, trends, drivers, and impact analysis

Increase in adoption of cashless payments worldwide, rise in demand for the smart band devices due to safety & security during the transactions, and growth in convenience & consumer experience are driving the growth of the market. However, high cost of smart band payment devices and limited battery life are expected to hamper the growth of the market. Contrarily, surge in the usage of radio-frequency identification (RFID) technology in smart band devices can be seen as an opportunity for the market investments.

The global smart band payment market trends are as follows:

Growth in convenience and consumer experience: 

The contactless smart band payment ensures secure & quick transactions. Furthermore, the contactless transactions provide security of the bank details which are stored in the central processing unit (CPU) chip of the smart bands. Moreover, the hardware encryption can be only used in nearby proximity to the point which makes the contactless payments through the smart bands one of the most secure payment method. Therefore, the growth in convenience & better consumer experience, which is provided via contactless smart band payment, will foster the growth for the global smart band payment market during the forecast period.

Rise in demand for smart band devices due to safety and security during the transactions:

Increase in adoption of smart band payment in several areas such as fitness, fashion, and other utilities cashless transaction are having a surge in the penetration of the smart band payment devices for secure & safe transactions. Furthermore, increasing cyber-attacks on the mobile payment systems globally have shifted the preference of majority of consumers towards the smart band payment methods. Moreover, majority of banks & financial institutions across the globe have introduced the smart band payment technology in order to improve the security & convenience of the transaction process. For instance, in 2020, a study report by Apple, Inc. witnessed a 90% of transactions made in Australia & New Zealand were made by the means of smart band payment method. Therefore, the rise in demand for smart band devices due to the safety & security during the transactions is expected to foster the market growth for the global smart band payment industry during the forecast period.

Key segments covered:

Key benefits of the report:

• This study presents analytical depiction of the global smart band payment 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 detailed analysis of the market share.     
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global smart band payment market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Market scope and structure analysis:

Questions answered in the smart band payment market research report:    

• Which are the leading players active in the global smart band payment market forecast?
• What would be the detailed impact of COVID-19 on the global smart band payment market analysis?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the global smart band payment market?
• What are the projections for the future that would help in taking further strategic steps?