The Wearable Payment Device Market in 2022 was valued at 43 billion USD and is expected to reach 91 billion USD by 2028 at a steady CAGR of 13.4% during the forecast period of 2023–2028
The world has entered a digital era, and every sector is following the trend, which has given rise to wearable payment devices. A wearable payment device, as the name suggests, is a device that can be used for payment quickly, seamlessly, and with no hassle. The chips used for payments are NFC or RFID, very small in size, and can be fitted into most accessories. This allows almost any fashion accessory to become a possible wearable payment device, like rings, watches, fitness trackers, etc. This gave rise to an increase in demand for wearable payment devices in the market. Earlier, this technology was only limited to cards. The wearable Payment Device Market has a lot of potential opportunities in the future. Smartwatches and accessories now come with an in-built feature for wireless payment to meet demand and create a USP in the market.
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Market Segmentation:
By Type:
• Smart Watches
• Fitness Trackers
• Payment Wristbands
• Smart Rings
• Glasses
Fitness trackers bands have the highest share in the market, followed by smartwatches. Wearable payment devices can be of many types, most commonly smartwatches, and fitness trackers.
By Technology:
• Near Field Communication Technology (NFC)
• Radio Frequency Identification (RFID)
• QR and barcode
NFC and RFID is the most commonly used technology in Wearable Payment Device Market; they are affordable and small enough to fit into any wearable accessory. Bar code is a much cheaper alternative to this in the Wearable Payment Device Market.
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By Application: https://www.marketdataforecast.com/market-reports/wearable-payment-device-market/request-sample
• Retail and Grocery Stores
• Restaurants
• Hospitals and Pharmacies
• Entertainment Centers
The hospitals and pharmacies segment is gaining traction over the shares of the market. A business only needs a simple chip or bar code to start accepting payments.
By Material of the device:
• Fabric
• Silicone
The silicone segment has the dominant share of the market. Usually, the material of the wearable payment device is either silicone or fabric; they both are comfortable on the hand and are very resistant and rugged. These materials also don’t interfere with the mini chips of NFC or RFID as some other materials do.
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Key players in the Wearable Payment Device market:
• Apple Inc
• Samsung
• Visa
• Mastercard
• Huwawei
• Xiaomi
• Thales Group
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