The wearable payments market has experienced rapid growth in recent years, increasing from $56.69 billion in 2023 to $67.2 billion in 2024, at a CAGR of 18.5%. 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 is projected to grow substantially, reaching $133.36 billion by 2028, with a CAGR of 18.7%. This expected growth in the forecast period is driven by advancements in augmented reality (AR) and virtual reality (VR) payment experiences, increased integration with smart home devices, the expansion of wearable ecosystems with third-party apps, adoption of voice-activated payments, and advancements in blockchain technology for secure transactions. Major trends in the forecast period include the integration of artificial intelligence for personalized payment experiences, the growth of wearable health monitoring for payment functionalities, and the adoption of 5G technology for faster, more reliable transactions.
Global Wearable Payments Market Key Driver
The increase in cashless transactions is projected to significantly boost the growth of the wearable payments market in the coming years. Cashless transactions refer to payments conducted without the use of physical currency, typically involving electronic methods such as cards, mobile wallets, or online transfers. This rise in cashless transactions is attributed to several factors, including convenience, enhanced security, technological advancements in payment systems, and a shift in consumer preferences towards digital and contactless payment methods. Wearable payments facilitate these cashless transactions by allowing users to make payments conveniently and securely through devices like 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 notable increase in cashless payments in advanced economies (AEs) by 11% and in emerging markets and developing economies (EMDEs) by 34% in 2021. Therefore, the increase in cashless transactions is a significant driver for the growth of the wearable payments market.
Get A Free Sample Of The Wearable Payments Market Report
Global Wearable Payments Market Segments
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
By Geography:The regions covered in the wearable payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Wearable Payments Industry Players
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
Purchase The Global Wearable Payments Market Report Directly And Get A Swift Delivery
Wearable Payments Market Overview
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.
Wearable Payments Global Market Report 2023 provides data on the global wearable payments market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The wearable payments market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
