The Wearable Payment Device Market size is projected to reach a CAGR of 13.8% from 2022 to 2028.
Wearable Payment Device are wearables like watches and bands usually wore on the wrist with embedded technology of payment. Theses provide the ease of contactless payment to the user and are fashionable, trendy, fast and convenient at the same time. It uses the method of online payment to make the payments. These wearables don’t just have the power of payment but can also track heart beats and the distance walked by a person.
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As the contactless payments are gaining popularity due to the pandemic along with the more secured technology coming in the market are some of the factors that have supported long-term expansion for Wearable Payment Device Market.
Recent Developments
In January 2021, Fitbit Inc was acquired by Google LLC to demark its entry in the sector of wearable payment device market.
Prominent Players
· Apple, Inc.
· Barclays PLC
· Gemalto NV
· Google LLC
· Mastercard
· Nymi
· PayPal Holdings Inc.
· Samsung Electronics
· Visa Inc.
· Wirecard
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Asia Pacific to Dominate the Market
APAC is the most rapidly growing market and offers a huge opportunity for the industry, whose growth is driven by the low-priced wearables along with the increasing population in the region.
Wearable Payment Device Market Segmentation:
On the basis of Type
· Fixed CMM
· Portable CMM
On the basis of Technology
· Near Field Communication Technology (NFC)
· Radio Frequency Identification (RFID)
· QR & Barcode
On the basis of Sales Channel
· Direct Sales
· Indirect Sales
On the basis of Application
· Retail/Grocery Stores
· Restaurants
· Hospitals/Pharmacies
· Entertainment Centers
· Others
Based on region:
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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