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What are the latest figures on the wearable payments market’s size and projected CAGR?
The wearable payments market size has grown rapidly in recent years. It will grow from $67.2 billion in 2024 to $79.94 billion in 2025 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to the rise of contactless payment technology, the adoption of smartwatches and fitness trackers, integration with mobile payment platforms, regulatory support for digital payments, and advancements in biometric authentication.
The wearable payments market size is expected to see rapid growth in the next few years. It will grow to $158.09 billion in 2029 at a compound annual growth rate (CAGR) of 18.6%. The growth in the forecast period can be attributed to advancements in augmented reality (AR) and virtual reality (VR) payment experiences, increased integration with smart home devices, expansion of wearable ecosystems with third-party apps, adoption of voice-activated payments, advancements in blockchain technology for secure transactions. Major trends in the forecast period include integration of artificial intelligence for personalized payment experiences, growth in wearable health monitoring for payment functionalities, expansion of wearable payments in emerging markets, adoption of 5G technology for faster and more reliable transactions, development of wearable payment wearables for contactless payments.
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Which Market drivers have played a significant role in driving the wearable payments market?
The increase in cashless transactions is expected to propel the growth of the wearable payments market going forward. Cashless transactions refer to payments made without physical currency, typically using electronic methods such as cards, mobile wallets, or online transfers. The increase in cashless transactions is due to factors such as convenience, security, technological advancements in payment systems, and shifting consumer preferences towards digital and contactless payment methods. Wearable payments facilitate cashless transactions by enabling users to make payments conveniently and securely through devices such as smartwatches and fitness trackers, integrating payment functionalities seamlessly into daily activities. For instance, in September 2023, according to the UK Finance, a UK-based financial service company, in 2022, there were 4.1 billion credit card payments, an increase from 3.4 billion payments in 2021. Therefore, the increase in cashless transactions is driving the growth of the wearable payments market.
What are the key segments within the wearable payments market?
The wearable payments market covered in this report is segmented –
1) By Device: Smart Watches, Fitness Trackers, Payment Wristbands, Smart Rings, Other Devices
2) By Technology: Barcodes, Contactless Point Of Sale (POS) Terminals, Near Field Communication (NFC), Quick Response (QR) Codes, Radio Frequency Identification (RFID)
3) By Application: Festival And Life Events, Fitness, Healthcare, Retail, Transportation, Other Applications
Subsegments:
1) By Smart Watches: Apple Watches, Android Smart Watches, Hybrid Smart Watches
2) By Fitness Trackers: Basic Fitness Trackers, Advanced Fitness Trackers
3) By Payment Wristbands: Contactless Payment Wristbands, NFC-Enabled Payment Wristbands
4) By Smart Rings: NFC-Enabled Smart Rings, Bluetooth-Enabled Smart Rings
5) By Other Devices: Wearable Payment Patches, Wearable Payment Stickers, Smart Glasses With Payment Capabilities
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Which key players are shaping the wearable payments market?
Major companies operating in the wearable payments market are Samsung Group, American Express Company, Xiaomi Corporation, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Thales Group, NXP Semiconductors N.V., Garmin Ltd., Timex Group, Ingenico Group, Fitbit Inc., Polar Electro Oy, Suunto Inc., Kerv Wearables, Nymi Inc., Zwipe AS, Netclearance Systems Inc., Tappy Technologies Limited, Fidesmo AB, Wirecard AG
Which transformative trends will shape the wearable payments market landscape?
Major companies operating in the wearable payments market are developing advanced solutions such as silicon wristbands to offer consumers more convenient and secure payment options. A silicon wristband is a stretchy band made of silicone rubber, often used as an accessory or for holding electronic components. For instance, in May 2024, Sampath Bank, a Sri Lankan-based commercial bank, launched Sampath PayBand. It is Sri Lanka’s first wearable payment device designed for seamless and secure transactions. This innovative silicon wristband, embedded with a payment chip, integrates directly with Sampath Bank Savings accounts. Users can effortlessly make payments with a tap at any near field communication (NFC)-enabled Point of Sale (POS) terminal, eliminating the need for wallets, cards, or phones.
How do regional factors impact the wearable payments market, and which region is the largest contributor?
North America was the largest region in the wearable payments market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the wearable payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Wearable Payments Market Report 2025 Offer?
The wearable payments market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Wearable payments refer to the capability of making contactless payments using wearable devices, such as smartwatches, fitness trackers, or other connected accessories. These devices are equipped with technology that allows users to securely link their payment information and make transactions at point-of-sale terminals without needing to use traditional payment methods such as credit cards or cash. Wearable payments provide convenience, speed, and enhanced security for transactions in various retail and service environments.
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