The wearable devices market is heading towards a 29% CAGR, reaching

During the forecast period from 2022 to 2032, the global wearable payment devices market is likely to grow at a remarkable compound annual growth rate (CAGR) of over 29%, and the estimated market value will reach USD 171.38 billion by the end of the aforementioned periods.

With the advancement of payment technology over the past few years, the industry has been growing rapidly. The global adoption of cashless transactions is considered to be the driving force behind the industry’s growth.

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The use of wearable payment devices has historically grown at a CAGR of almost 27% between 2017 and 2021. Their advantages over conventional payment methods such as card and cash payments have been a key factor contributing to this growth. For example, wearable payment devices enable contactless payments, which is quite helpful in the face of the current COVID-19 outbreak. Due to the lack of wearable payment devices, payments via credit cards and smart devices have become increasingly common in recent years. However, this is set to change.

The industry is expected to grow at a CAGR of almost 29% over the next 10 years. Preference for contactless payments is a major factor influencing the growth as hygiene concerns become more prevalent across the globe.

Key Wearable Vendors

• Apple Inc.
• Barclays PLC
• Gemalto N.V.
• Google LLC
• Mastercard
• Nymi
• PayPal Holdings Inc.
• Samsung Electronics
• Visa Inc.
• Network card

Payments made using wearable devices that are connected to wireless technologies such as NFC and RFID are referred to as wearable payments. In addition to offering customers a simple and contactless payment method, wearable payment devices also ensure cleanliness and safety, especially in the wake of the COVID-19 outbreak.

Due to COVID-19, customers are opting for cashless shopping for hygiene reasons. For example, Mastercard saw a 40% increase in contactless transactions in the first quarter of 2020. Similarly, 60% of non-US VISA cardholders made contactless payments using tap-to-pay technology.

As a result, many banks, financial institutions, and payment service providers have started implementing a digital payment program; however, these payment devices need to be equipped with enhanced security features to ensure customer satisfaction.

Battery usage issues in wearable devices could prevent development

To ensure smooth operation, the device must be charged regularly; if it runs out of battery, it will immediately disconnect the user. This may affect the payment process, causing insufficient data or no data cluster.

Thanks to improved form factors and technology developments, portable payment devices can now be smaller, which means fewer batteries are needed to power the payment functions.

In addition, a large backup battery is essential for uninterrupted operation when the wearable device is running on advanced operating systems. On the other hand, wearable batteries drain quickly when the device is directly connected to the cellular network. This can negatively affect battery life.

Using smart technology to open up new development opportunities

Many wearable and contactless payment devices use NFC, RFID, and host card emulation (HCE) technologies. The wearable market has significant growth potential as many wearable device manufacturers, including Apple, Samsung, and Huawei, integrate NFC and RFID technologies into their wearable devices and payment platforms.

Similarly, companies are using host card emulation technology to give customers instant access to any item by displaying product details on their smartphones.

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Competitive environment

Most participants in the highly fragmented global wearable payment market are focused on product development and collaboration. Notable advances include:

To provide cardholders with quick and easy payment options, Mastercard has partnered with Bank of Baroda Financial Solution (BFSL) to launch ConQR, the Mastercard QR on Card solution, in 2021. Small and medium-sized businesses will now be able to accept cashless payments thanks to the unique features of this technology.

Key Segments Covered in the Wearable Payment Devices Industry Report

• By device type
About Fitness Monitors
About Payment Bands
About Smart Watches
• By technology
about Barcodes
o Contactless sales terminals
o Near Field Communication (NFC-enabled body-worn payment devices)
o Quick Response Codes (QR)
o Radio Frequency Identification (RFID wearable payment devices)
• By application
o Wearable payment devices for festivals and life events
o Wearable devices for carrying fitness equipment
About Wearable Payment Devices in Healthcare
o Retail Payment Wearable Devices
o Wearable payment devices
About Others

The rapid expansion underscores consumers’ growing preference for convenient, contactless payment solutions integrated with everyday wearables such as smartwatches, fitness trackers and rings. Demand is being driven by technological advances, the growing adoption of digital wallets and the need for secure, fast and seamless transactions.

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