Wearable Payment Devices Market Expected to Reach $82.0 Billion by 2026 – Exclusive Report by MarketsandMarkets™

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Chicago, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to new market research report “Wearable Payment Devices Market with Impact of COVID-19, By Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers ) and geography – Global forecasts to 2026″, The global portable payment device market size is expected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026.

Apple Inc.
Apple Inc. is one of the most innovative companies, which designs and develops hardware, application software and services for various consumer electronic products. The company emphasizes R&D activities and is innovative at its core. In the wearable payment device market, Apple offers a series of smartwatches with iOS.

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Browse in-depth TOC on “Portable Payment Devices Market”
132 – Tables
51- Numbers
207 – Pages

Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is one of the major players in the mobile payments market in 2020. Samsung Electronics is a multinational conglomerate. The company manufactures and sells consumer electronics products. To meet the huge demand for wearable technologies, the company has a distinct portfolio. The company’s premium smartwatch series Gear S, Gear Circle, Gear Fit and Gear VR are mainstays of its wearable portfolio.

Xiaomi Corporation
Xiaomi Corporation is one of the largest wearable device vendors in the world. The company designs, manufactures and markets smartphones, wearables and other consumer electronics. The Company’s product line 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 broad product portfolio, which includes smart wristbands and smartwatches. Until 2019, Xiaomi smartwatches and bracelets with payment technology were mainly targeted at China.

Key players involved in the global Portable Payment Devices market include

  • Apple Inc. (USA)
  • Samsung Electronics Co., Ltd. (South Korea),
  • Fitbit Inc. (USA),
  • Garmin AB (Switzerland),
  • Xiaomi Corporation (China),
  • Google LLC (USA),
  • Tappy Technologies Ltd. (United States),
  • Barclays PLC (UK),
  • VISA Inc. (USA),
  • PayPal Holding Inc. (USA) and
  • Mastercard, Inc. (USA) is among the major players in the portable payment device market.

The growth of the wearable payment devices market is mainly due to the increase in the adoption of contactless cards and wearable devices due to the COVID-19 situation, the emerging demand for contactless payment for payment transactions. secure and safer payment methods and the growing adoption of NFC technology.

Increasing adoption of advanced technologies, such as NFC, RFID and host card emulation, in portable payment devices

NFC, RFID and Host Card Emulation (HCE) technologies are integral to various portable and contactless payment devices. Many wearable device manufacturers such as Apple, Samsung, and Huawei are integrating NFC and RFID technologies into their wearable devices and payment platforms, thereby providing lucrative opportunities for wearable payment device market growth. Likewise, market players are adopting host card emulation technologies to provide customers with easy access to all products by displaying product information on their smart devices.

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Indirect sales channel is expected to contribute the largest share in the wearable payment devices market over the forecast period

Indirect or third-party sales channels hold a major share of the market as these channels are mostly adopted by wearable payment device vendors to offer their devices to different end users. Most of the key players in the market have well-established sales networks and offer their products worldwide. At present, in the wearable device market, the contactless payment function is mainly adopted by smart watches. Major companies in this market such as Apple, Samsung, Fitbit, Garmin and others rely on indirect sales channels to generate revenue. Furthermore, the ongoing COVID-19 scenario, globally, has created a shift in consumer behavior as they now prefer a contactless shopping experience and practice social distancing. Customers also prefer to purchase consumer electronics such as smartphones and wearables through third-party vendors given the periodic discounts and offers offered by online shopping websites.

Related reports:

Wearable Technology Market by Product (Wristbands, Headwear, Footwear, Fashion & Jewelry, Bodywear), Type (Smart Textile, Non-Textile), Application (Consumer Electronics, Healthcare, Business & Industrial) and Geography ( 2021-2026)

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