Wearable Payments Market Report 2024

This Wearable Payments market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The wearable payments market size has grown rapidly in recent years. It will grow from $56.69 billion in 2023 to $67.2 billion in 2024 at a compound annual growth rate (CAGR) of 18.5%. The growth observed during the historic period can be attributed to the rise of contactless payment technology, increased 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 $133.36 billion in 2028 at a compound annual growth rate (CAGR) of 18.7%. The projected growth during the forecast period can be attributed to several factors such as advancements in augmented reality (AR) and virtual reality (VR) payment experiences, increased integration with smart home devices, expansion of wearable ecosystems through third-party apps, adoption of voice-activated payments, and developments in blockchain technology for secure transactions. Key trends expected to drive this growth include the integration of artificial intelligence for personalized payment experiences, growth in wearable health monitoring with payment functionalities, expansion of wearable payments in emerging markets, adoption of 5G technology for faster and more reliable transactions, and the development of innovative wearable payment solutions for contactless payments.

The growth of the wearable payments market is expected to be driven by the increase in cashless transactions. Cashless transactions involve payments made without physical currency, typically through electronic methods such as cards, mobile wallets, or online transfers. This rise in cashless transactions is fueled by factors such as convenience, enhanced security, technological advancements in payment systems, and a shift in consumer preferences towards digital and contactless payment methods. Wearable payments support cashless transactions by allowing users to make payments conveniently and securely through devices such as smartwatches and fitness trackers, seamlessly integrating payment functionalities into everyday activities. For example, in January 2023, the Bank for International Settlements (BIS), a Switzerland-based international financial institution, reported a significant increase in cashless payments, with advanced economies (AEs) seeing an 11% rise and emerging markets and developing economies (EMDEs) experiencing a 34% increase in 2021. This trend in cashless transactions is driving the growth of the wearable payments market.

Leading companies in the wearable payments market are introducing innovative solutions, such as silicon wristbands, to offer consumers more convenient and secure payment options. A silicon wristband is a flexible band made from silicone rubber, often used as an accessory or to house electronic components. For instance, in May 2024, Sampath Bank, a Sri Lankan commercial bank, launched Sampath PayBand, Sri Lanka's first wearable payment device designed for seamless and secure transactions. This silicon wristband, embedded with a payment chip, integrates directly with Sampath Bank savings accounts, allowing users to make payments effortlessly with a tap at any near field communication (NFC)-enabled Point of Sale (POS) terminal, eliminating the need for wallets, cards, or phones.

In January 2021, Google LLC, a U.S.-based technology company, acquired Fitbit for $2.1 billion. The acquisition aims to combine Fitbit’s advanced technology and expertise in health and wellness with Google’s strengths in AI, software, and hardware. Fitbit Inc., a U.S.-based company, specializes in wearable devices, including payment-enabled watches.

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.

North America was the largest region in the wearable payments market in 2023. 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.

The countries covered in the wearable payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Wearable payments involve the use of contactless payment technology embedded in wearable devices, such as smartwatches, fitness trackers, or other connected accessories. These devices enable users to securely link their payment information and make transactions at point-of-sale terminals without relying on traditional methods such as credit cards or cash. Wearable payments offer convenience, speed, and enhanced security for transactions across various retail and service environments.

The primary devices used for wearable payments include smartwatches, fitness trackers, payment wristbands, and smart rings. Smartwatches, in particular, combine traditional wristwatch functionality with advanced features such as fitness tracking, notifications, and electronic payment capabilities. Technologies supporting wearable payments include barcodes, contactless point-of-sale (POS) terminals, near-field communication (NFC), quick response (QR) codes, and radio frequency identification (RFID). These technologies are applied in various contexts such as festivals and life events, fitness and healthcare, retail, transportation, and more.

The wearable payments market research report is one of a series of new reports that provides wearable payments market statistics, including wearable payments industry global market size, regional shares, competitors with a wearable payments market share, detailed wearable payments market segments, market trends and opportunities, and any further data you may need to thrive in the wearable payments industry. This wearable payments market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wearable payments market consists of sales of payment-enabled keychains, smart eyewear, smart jewelry, and smart gloves. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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