Newark, NJ, May 04, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal wearable payment device market is expected to grow from USD 10.35 Billion in 2020 and to reach USD 80.39 Billion by 2028, growing at a CAGR of 29.8% during the forecast period 2021-2028.
The factors driving the market are rise in demand for wearable devices along with contactless payment for a secure and safer payment transaction, use of intelligent technologies coupled with rising internet penetration, growing surge in adoption of smartphones, ease of transactions, growth in the adoption of cashless payments beyond the globe, convenient shopping experience to customers, growth of IOT globally, reducing costs of near field communication technology deployment. The factors restraining the market growth are security concerns of wearable devices, limited battery life, high price, low awareness and filled-out competition in the market. The rising adoption of contactless point-of-sale, a surge in host card emulation technology, radiofrequency identification and near-field communication technology is expected to provide market growth opportunities. And additionally, the eruption of COVID-19 molded customers globallyto choose contactless payments as a mode of payment, which is expected to positively boost the adoption of wearable payment devices and fuel market growth over the forecastperiod.
A wearable payment device is defined as anything connected to the body and utilized to make any payment. Wearable devices are directly associated with the customer's bank accounts and work like a regular debit card, making purchases at any merchant store that sustains contactless transactions. Wearable Payments are an impeccable procedure to buy products or services by using advanced technology integrated into wearable devices. User's don't need to take their smartphones and wallet for payments anymore . Furthermore, it is shared as a tap-and-go payment method by distinctive retailers and organizations, as it provides retailers and vendors additional secure and error-free payment methods.
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Key players operating in the market are Apple, Thales Group, Google, Samsung Electronics, Barclays, Mastercard, Xiaomi Corporation, Visa, Intellitix, Jawbone, Nymi, Disney, Intelligent Venue Solutions, Fitbits, Wirecard, Garmin, Caixa Bank, Gemalto, Westpac, Tappy Technologies Ltd and PayPal Holdings. To acquire a significant market share in the global wearable payment device market, the pivotal players are now concentrating on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In January 2021, Google acquired Fitbit to access the wearable payment device market for USD 2.1 billion. This acquisition is an act that could brace the internet's vast hardware business, At the same time expanding antitrust scrutiny.
- In Dec-2020, Mastercard partnered with MatchMove and Tappy Technologies. In this cooperation, they started tokenization into a miniature, adaptable chip that could be affiliated to a range of battery-less wearables and accessories like watchstraps or keyrings, which bends them into secure contactless payments devices.