Wearables devices are small electronic devices that are worn by users on their bodies, which assist them with mobile computing and wireless networking. Wearable payment devices refer to rings, bracelets, and smart watches, which can be integrated with NFC and RFID tags, among others and are used for contactless payments. To work, wearable payment devices must be linked to debit or credit cards. The appeal of wearable payment devices for users is due to the use of items worn on the body to pay for goods and services, thus boosting the adoption of contactless payments. The global wearabole payment devices market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026 at CAGR of 13.6% during the forecast period.
Apple Inc. (US) Samsung Electronics Co., Ltd. (South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi Corporation (China) , Google LLC (US), Tappy Technologies Ltd. (US), Barclays PLC (UK), VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc. (US) are some of the major players in wearable payment device market.
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Apple Inc. is one of the most innovative companies, which designs and develops hardware, application software, and services for different consumer electronic products. The company has a prominent focus on R&D activities and is innovative at the core. In the wearable payment device market, Apple offers a series of smart watches with iOS. Apple Watch enables users to communicate in new ways from their wrist, track their health and fitness, offers workout apps, and contactless payments through Apple Pay. Apple Pay is easy and compatible with all the Apple devices for contactless payment and secure purchases. For instance, Apple Watch Series 6 is specifically designed for contactless and secure payment, and fitness and healthcare purposes. The company focuses on research and development activities to gain a competitive advantage. Also, the company’s rising investments in R&D have enabled it to expand its product portfolio in wearable payment devices.
Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is among the leading players in the wearable payment market in 2020. Samsung Electronics is a multinational conglomerate company. The company manufactures and sells consumer electronic products. To cater to the huge demand for wearable technologies, the company has a separate portfolio. The company’s premium smart watch series Gear S, Gear Circle, Gear Fit, and Gear VR are the backbones of its wearable portfolio. The company also offers its proprietary payment solution - Samsung Pay. Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. Samsung competes against technology-intensive firms, such as Apple, Google, and Sony, among others creating a strong competitive edge. The company’s R&D investment is increasing yearly, which is the major reason behind new product developments and the growth of the company.
Xiaomi Corporation is one of the largest wearable device providers globally. The company designs, manufactures, and markets smartphones, wearable devices, and other consumer electronics. The company’s product range includes smartphones, smart watches, smart wristbands, wireless routers, tablets, TVs, power banks, and other products. Xiaomi entered the wearable space in 2014. The company offers a wide product portfolio, which includes smart bands and smart watches. Until 2019, Xiaomi smart watches and bands with payment technology catered majorly to China. However, the company is expanding its foothold in contactless payment devices in other countries as well. For instance, in June 2020, Xiaomi and Mastercard launched MI smart band 4 NFC with the contactless payment function in Russia. Xiaomi continues to view product developments and collaborations as a major part of its growth strategy. Such product developments and collaborations are intended to augment growth, expand its business with new technologies and products, and enhance its geographical reach.
Wearable Payment Device Market with COVID-19 Impact, by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography - Global Forecast to 2026
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