According to the new market research report “Wearable Payment Device Market with COVID-19 Impact, by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography – Global Forecast to 2026“, The global wearable payment device market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026. The growth of the wearable payment device market is majorly driven by surge in the adoption of contactless cards and wearable devices due to the COVID-19 situation, emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology.
NFC technology accounted for the larger size of the wearable payment device market in 2020.
Near field communications (NFC) technology accounted for the largest market in 2020. Most of the wearable devices in the market today, are integrated with NFC technology to facilitate contactless payments. When the wearable payment device and the reader contact each other, the NFC chips exchange encrypted data to complete payment. The process creates a lightning-fast checkout flow, which is both convenient and one of the most secure payment methods. Because of this, NFC-driven payments, such as Apple Pay, Google pay, LifeLock Wallet, MasterCard PayPass, Visa payWave, among others, are becoming the fastest-preferred consumer payment methods.
Retail and grocery stores application is expected to hold the largest size of the wearable payment device market in 2020.
Retail and grocery stores is expected hold the largest share in the wearable payment device market during the forecast period. Retail and grocery stores are most frequently visited by consumers as compared to the other outlets. With the ongoing COVID-19 pandemic, consumers are increasingly veering away from handling cash due to the fear of spreading the disease. Credit cards are a good alternative but they require one to physically touch other devices, hence, people are increasingly gravitating toward contactless payment solutions such as mobile payments (Apple Pay, Samsung Pay) or tap-and-go solutions. According to a new National Retail Federation survey, 67% of retailer respondents accept some form of no-touch payment in 2020. Moreover, with the increase in the adoption of contactless payment services, the use of wearable payment devices to facilitate contactless payments is also expected to rise. Thus, the market for retail and grocery stores is expected to grow at the highest rate during the forecast period.
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APAC is projected to be the largest market for wearable payment device from 2021 to 2026.
APAC accounted for the largest share of the wearable payment device market in 2020. The region holds many highly populated countries, which account for the high adoption rate of consumer electronics. Wearable device manufacturers are continuously innovating their wearable devices to attain a competitive advantage. Several manufacturers have integrated NFC technology into their wearable devices to enable payment functionalities. Also, increasing per capita income in developing countries in the region as well as improving the standard of living have led to the growing demand for wearable devices and the rising popularity of contactless payment. Besides, the wearable payment device market in APAC is moderately impacted by the COVID-19 pandemic. Apart from the negative impact of the ongoing pandemic, it has also resulted in a positive spin. The ongoing COVID-19 pandemic has accelerated the rise of the digital economy, particularly contactless payments.
Apple Inc. (US) Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China) , Google LLC (US), Tappy Technologies Ltd. (US), Barclays PLC (UK), VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc. (US) are some of the major players in wearable payment device market.
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