As per the new report published by Fact.MR, the global wearable payment devices market is anticipated to exceed a valuation of around US$ 15.6 Bn by 2021, and is expected to expand at a mammoth CAGR of around 29% over the forecast period of 2021 to 2031.
Wearable payment devices have witnessed noteworthy growth in the past few years. With the introduction of Host Card Emulation (HCE) and cashless payment methods, several financial institutions and banks have started utilizing the features of these electronic payment devices in order to expand their current customer base. Rise of HCE is attributed to growth is demand for wearable payment devices, as HCE allows wearable devices to allow card imitation on NFC-enabled devices without depending on access to an authenticated element. Furthermore, NFC, RFID, and HCE technologies are integral parts of wearable and contactless payment devices, owing to their features that support a seamless transaction experience.
Key Takeaways from Market Study
How Has COVID-19 Boosted Sales of Wearable Payment Devices?
The COVID-19 pandemic has supported market growth for wearable payment device technology. Demand for contactless payments has surged a great deal during the pandemic to reduce the chances of virus spread through cash.
The pandemic increased awareness regarding wearable payment devices across the world. Customers are ready to accept these devices as they provide secure payment combined with other features of digital watches.
Contactless payment solutions are being incorporated by businesses on a large scale during these COVID times to keep their businesses afloat while combatting the pandemic.
Key Market Segments Covered
By Device Type
Key Companies Profiled: Apple, Barclays PLC, Gemalto NV, Google LLC, Mastercard, Nymi, PayPal Holdings Inc., Samsung Electronics, Visa Inc., Wirecard Inc.
For detailed insights on enhancing your product footprint, request a sample here: https://www.factmr.com/connectus/sample?flag=S&rep_id=5795
Having a successful career in football is a dream few people reach. For Pierre Ingram,…
Introduction China is known as the great economic power of the world, but it is…
The Startup Savants podcast offers the opportunity to hear about the stories behind startups, the…
Mauro Settimo Carini wants to change the business world. Dubbed "The Young Warren Buffett of…
American football is one of the most popular sports in the United States. It is…