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Another key factor driving market growth is the increasing popularity of contactless payments. The market has seen a significant increase in the number and volume of contactless transactions since the advent of NFC (near-field communication) and radio frequency identification (RFD) technology, as consumers' preferences for digital payment are shifting toward more convenient solutions. According to whitepaper released by Visa and Worldline India, contactless payments' share to total face-to-face (F2F) transactions increased by more than six times to 16.0% in December 2021 from less than 2.5% in December 2018. Highest adoption of contactless payments was observed in sectors like quick-service restaurants, pharmacies, food, and grocery which accelerated with the impact of the pandemic. Also, in January 2020, contactless transactions accounted for 25.0% of all supermarket transactions. By January 2022, this figure increased to 31.0%. Further, novel NFC-enabled wearable devices have been successful in promoting the trend and are expecting to capitalize on the changing payment dynamics.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Wearable Payment Devices Market by Type
- Fitness Tracker
- Payment Wristbands
- Smart Watches
- Others (Rings, and Fob Sleeve)
Global Wearable Payment Devices Market by Technology
- Barcodes
- Contactless Point of Sale (POS) Terminal
- Near Field Communication (NFC)
- Quick Response (QR) Codes
- Radio Frequency Identification (RFID)
Global Wearable Payment Devices Market by Application
- Festival & Life Events
- Fitness
- Healthcare
- Retail
- Transportation
Regional Analysis
- North America
- United States
- copyright
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Australian Payments Plus Ltd, (bpay)
- Barclays PLC
- Garmin AB
- Imagine Marketing Ltd. (Boat)
- Infineon Technologies AG
- LG Electronics Inc.
- Mastercard, Inc.
- Nexxbase Marketing Pvt Ltd. (Noise)
- Nymi Inc
- Tappy Technologies Ltd.
- com, Inc.
- Titan Company Ltd.
- VISA Inc.
- PayPal Holding Inc.
- Sevenring Innovations Pvt Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global wearable payment device market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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