Smart Bands Payments Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

The smart bands payments technology can be used for a tap-and-go payment, which is found in various retail organizations to boost security & error-free payment process different from the card payments. Furthermore, it is a secure payment process for consumers to purchase products & services and are designed with a storage component, which stores the biometric data samples of individuals. Additionally, traditional methods of payments & transaction are highly prone to loss of passcode. For instance, PIN or passwords could be robbed or forgotten during transactions; however, the biometric traits are difficult to steel owing to high security. Therefore, surge in demand for high security payment methods is expected to boost the market growth for the smart band payment market in the near future.

The global smart band payment market is segmented on the basis of Device Type, Technology, and Region. Based on Device Type, the smart band payment market is divided into Smart Watch, Fitness Tracker, Payment Wristband, and Others. On the basis of Technology, the market is categorized into Near-field Communication, Radio-frequency Identification (RFID, and Others). Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

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Growth in convenience and consumer experience:

The contactless smart band payment ensures secure & quick transactions. Furthermore, the contactless transactions provide security of the bank details which are stored in the central processing unit (CPU) chip of the smart bands. Moreover, the hardware encryption can be only used in nearby proximity to the point which makes the contactless payments through the smart bands one of the most secure payment method. Therefore, the growth in convenience & better consumer experience, which is provided via contactless smart band payment, will foster the growth for the global smart band payment market during the forecast period.

Rise in demand for smart band devices due to safety and security during the transactions:

Increase in adoption of smart band payment in several areas such as fitness, fashion, and other utilities cashless transaction are having a surge in the penetration of the smart band payment devices for secure & safe transactions. Furthermore, increasing cyber-attacks on the mobile payment systems globally have shifted the preference of majority of consumers towards the smart band payment methods. Moreover, majority of banks & financial institutions across the globe have introduced the smart band payment technology in order to improve the security & convenience of the transaction process. For instance, in 2020, a study report by Apple, Inc. witnessed a 90% of transactions made in Australia & New Zealand were made by the means of smart band payment method. Therefore, the rise in demand for smart band devices due to the safety & security during the transactions is expected to foster the market growth for the global smart band payment industry during the forecast period.

COVID-19 scenario analysis

During the coronavirus outbreak, the use contactless mode of payment such as smart bands and others has increased tremendously among majority of businesses & retail showrooms. Additionally, major banks & financial institutions have introduced attractive banking benefits such as cashbacks and gift cards to support the consumers for the adoption of the smart wristbands payment method for completing transactions.

The contactless smart band payment market size is expected to grow significantly during COVID-19 health crisis, as consumers are largely preferring cashless means for making financial transactions to avoid any physical contact with individuals and thus prevent transmission of coronavirus.

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Key benefits of the report:

This study presents analytical depiction of the global smart band payment market along with the current trends and future estimations to determine the imminent investment pockets.

The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.

The current market is quantitatively analyzed to highlight the global smart band payment market growth scenario.

Porter's five forces analysis illustrates the potency of buyers & suppliers in the market.

The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

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Smart Bands Payments Market Report Highlights

By Device Type

Smart Watch
Fitness Tracker
Payment Wristband
Others

By Technology

Near-Field Communication (NFC)
Radio-Frequency Identification (RFID)
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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