Wearable Payment Market by Type (Smart Watches, Fitness Tracker, and Payment Wristbands), and Application (Retail, Festival and Live Events, Healthcare, Transportation, Fitness, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
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Jul 2020 |
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Wearable payments are made by smart electronic devices, which are installed with sensors and software, containing data and information about the users. Everything from watch to car, to possibly a coffeemaker has internet-connected capability, and this trend will continue to intensify across all the verticals around the world Wearable technology continues to grow and has begun to expand into other fields. Moreover, Internet of Things has become a significant part of people’s lives, due to its tap-and-pay wearables. Rise of self-driving autonomous vehicles and contactless wearables improves the overall event experience, by removing the burden of handling cash or worrying about pickpockets.
In May 2019, ABN AMRO, one of the biggest banks in The Netherlands, became the first bank in the world to offer tokenized accounts onto passive wearables—wearables without a battery—to their customers. Also, customers can choose to not pay less amount transactions with their bank card (or more with a PIN), instead they can pay what they owe with wearables in the form of keyrings, bracelets, rings, necklaces, keyrings, smartwatches, and even watch straps to attach to existing watches. Also, in China, Alipay, the largest mobile payment provider, is partnering with Xiaomi, the largest fitness tracking company, to enable payments via the Mi fitness band.
The wearable payment market is expecting exceptional growth, after smartphones, from taking selfies using voice commands to tracking total calories burned, wearable technology is rapidly developing across the world. Payments are already evolving, and the growing adoption has increased comfort with using contactless cards and expanding presence of near field communications payments on mobile devices. Wearables include a headband and software platform for brain injury detection, a wristband that monitors blood oxygen wirelessly, smart patches for remote monitoring and home diagnosis, a tattoo-like plastic patch that can monitor vital signs, and a smart contact lens that can monitor the user’s blood sugar levels.
The wearable payment market is segmented based on type, application, and region. Based on type, the market is divided into smart watches, fitness tracker, and payment wristbands. Based on application, the market is classified into retail, festival and live events, healthcare, transportation, fitness, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In addition, the wearable payment market has driven the focus of many participating industries, also the consumer acquiring from early trials and deployments has encouraged some of the biggest names in technology and banking to continue to drive the growth in this emerging market. The market utilizing near field communication (NFC), quick response (QR) codes and barcodes and other software, which are allowing technologies, and the contactless sales and backend payment processing infrastructure being utilized for mobile payments to extend payment capabilities to wearables as well. The major players in the wearable payment market include Apple, Jawbone, Google, MasterCard, Samsung Electronics, Visa, Alibaba, American Express, and Barclays
Key Benefits for Stakeholders:
- The study provides an in-depth analysis of the global wearable payment market share with the current trends and future estimations from 2019 to 2026, to elucidate the imminent investment pockets.
- An in-depth wearable payment market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the global wearable payment market growth is provided.
- The projections in this report are made by analyzing the current wearable payment market trends and future market potential from 2019 to 2026 in terms of value.
- An extensive analysis of the key segments of wearable payment industry helps in understanding the type and application across the globe.
Key Market Segments:
By Type
- Smart Watches
- Fitness Tracker
- Payment Wristbands
By Application
- Retail
- Festival & Live Events
- Healthcare
- Transportation
- Fitness
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- Australia
- Japan
- India
- China
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
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