Global Wearable Payments Devices Market

Wearable Payments Devices Market Size, Share, Growth Analysis, By Type(Smartwatches and Wristbands), By Technology(Near Field Communication (NFC) and QR codes), By Region - Industry Forecast 2025-2032

Report ID: SQMIG45J2084 | Region: Global | Published Date: April, 2024
Pages: 197 | Tables: 59 | Figures: 75

Wearable Payments Devices Market News

  • In March 2024, IndusInd Bank introduced 'Indus PayWear,' which, in collaboration with Mastercard, boasts to be India's first all-in-one tokenisable wearables for both debit and credit cards.  
  • In January 2024, DIGISEQ, the wearable payments tech company, joined forces with TAP2, a UK-based marketplace aiming to provide customers worldwide with access to their carefully chosen range of wearables. 
  • In September 2023, Eastern Bank PLC (EBL), in collaboration with Payment Network partners Mastercard and Visa, officially launched India’s first wearable payment devices, branded WEAREBL, at a gala evening at its head office.
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Wearable Payments Devices Market size was valued at USD 15.75 Billion in 2023 and is poised to grow from USD 20.51 Billion in 2024 to USD 169.39 Billion by 2032, growing at a CAGR of 30.2% during the forecast period (2025-2032).

The global wearable payments device market is highly competitive, with numerous vendors operating in the market. The market is fragmented, with the presence of both established players and new entrants. Companies are focusing on developing innovative products and expanding their product portfolios to gain a competitive edge. Additionally, partnerships and collaborations with technology companies and financial institutions are common strategies adopted by vendors to strengthen their market position. The market is expected to witness further consolidation in the coming years as vendors compete to gain a larger market share. 'Apple Inc. (US)', 'Samsung Electronics Co. Ltd. (South Korea)', 'Fitbit Inc. (US)', 'Xiaomi Corporation (China)', 'Garmin Ltd. (Switzerland)', 'Google LLC (US)', 'Mastercard Inc. (US)', 'Visa Inc. (US)', 'PayPal Holdings Inc. (US)', 'Fossil Group Inc. (US)', 'NXP Semiconductors N.V. (Netherlands)', 'Sony Corporation (Japan)', 'Huawei Technologies Co. Ltd. (China)', 'Lenovo Group Limited (Hong Kong)', 'Jawbone (US)', 'Infineon Technologies AG (Germany)', 'Thales Group (France)', 'Gemalto NV (Netherlands)', 'Qualcomm Inc. (US)', 'American Express Co. (US)'

One key driver of the global wearable payments device market is the increasing adoption of contactless payments. Governments around the world are mandating digital payment networks, which has led to an increase in the adoption of payment-enabled devices. Wearable payments are particularly useful for small to medium-sized transactions, and the increasing integration of NFC payment systems in mobile devices, coupled with rising comfort with using contactless cards and the adoption of contactless point-of-sale readers, are expected to create further growth opportunities.

One key market trend in the global wearable payments device market is the increasing adoption of biometric authentication technology. Biometric authentication technology, such as fingerprint recognition and facial recognition, offers a more secure and convenient alternative to traditional authentication methods. Wearable payment devices equipped with biometric authentication technology are gaining popularity among consumers who are concerned about data security and privacy. Vendors are investing in the development of wearable payment devices with biometric authentication technology to meet the growing demand for more secure and convenient payment solutions.

North America dominated the global wearable payments device market. The region has a well-established financial infrastructure and high levels of digital adoption, which has led to an increase in the adoption of wearable payment devices. The United States is a major contributor to the growth of the market in North America, with a large number of vendors operating in the country. The increasing adoption of mobile payments, particularly in the United States, is expected to drive the growth of the market in the region.

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Global Wearable Payments Devices Market

Report ID: SQMIG45J2084

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