Impact Of Post-Pandemic on Wearable Payment Device Market 2021 | Apple Inc., Fitbit, Inc., Google, Inc., Samsung Electronics Co. Ltd.

Wearable payments are payments carried out through wearable devices that are integrated with wireless technology such as NFC and RFID. It offers customers convenience as well as contactless mode of payment. It also ensures safety and hygiene during the transaction. A wide range of wearable devices are available, which include payment and having high rate of adoption among consumers. These include wristbands, fitness tracker, watches, jewelry, and smart clothing. Thus, advancements in technology enable rapid payments and enhance consumer experience at the checkout.

Furthermore, institutions and banks are starting to offer wearable payment options due to increasing customer base and benefits such as convenience while shopping across the globe. Internet penetration and a surge in adoption of smartphones is fueling the wearable payment device.

Buy Our Premium Research Report at - https://www.transparencymarketresearch.com/checkout.php?rep_id=82676

Increase in inclination toward contactless payment methods

Benefits of contactless payments such as comfort and convenience, rapid and secure payment, and availability of multiple functions are enabling consumers to adopt contactless payment methods. Wearable contactless payments take convenience to the next level by offering flexibility of wearing the device in various forms. Moreover, companies offering wearable payment is witnessing a surge in contactless payment. For instance, MasterCard has witnessed a surge of 40% in contactless payments in the first quarter of 2020. These factors are fueling the market.

Rise in disposable income among people

Increase in disposable income is boosting awareness about advanced technologies among people. This, is in turn, is boosting the demand for wearable devices. Additionally, manufacturers of wearable devices are integrating various technologies, such as NFC and RFID, into their products, which in turn offers lucrative opportunity for the market. However, security concerns, battery drain issues for devices, and high costs associated with the wearable devices are key factors hampering the market.

Request a Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=82676

Asia Pacific market to expand significantly

In terms of region, the global wearable payment devices market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The wearable payment devices market in Asia Pacific is anticipated to expand at a notable CAGR during the forecast period. This expansion is attributed to benefits of wearable payment devices, increase in disposable income, and rise in digitalization. These factors are expected to increase the demand for wearable payment devices.

The wearable payment devices market in North America and Europe is expected to expand at a prominent growth rate due to an increase in competition among key players. The market in Middle East & Africa is likely to expand at a high growth rate due to increasing disposable income among consumers.

Ask for Brochure - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=82676

Key Players in Global Wearable Payment Devices Market

The global wearable payment devices market is highly fragmented, as a large number of manufacturers are present. Prominent players operating in the global market are focused on product launch and technological developments to cater to the rising demand.

Key players operating in the global wearable payment devices market include:

Apple Inc.
Fitbit, Inc.
Google, Inc.
Samsung Electronics Co. Ltd.

Contact

Transparency Market Research,
90 Sate Street, Suite 700,
Albany, NY 12207
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/

About Us

Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

This release was published on openPR.