Worldwide Industry for Wearable Payments Devices to 2026

The global Wearable Payments Devices Market size is expected to reach $42.9 billion by 2026, rising at a market growth of 27.2% CAGR during the forecast period.

The safe and secure payment method offered to the consumers for their purchase of products or services through the advanced integrated technology in their wearable devices is referred as Wearable payments.

This method provides vendors and retailers to go with a more secure and error-free payment method and hence, also known as tap-and-go payment method by many retailers and organizations. Moreover, several banks and financial institutions are offering wearable payment options for widening their customer base around the world while delivering better convenience in outdoor shopping. Additionally, the adoption of contactless payments and wearable payments has increased globally during recent years, owing to the increasing adoption of smartphones and ease in transactions compared to the traditional banking payment methods.

The growth of the market is attributed to the rising demand for Host Card Emulation (HCE) and the increasing adoption of cashless transactions. HCE helps mobile or wearable devices to allow card imitation on NFC-enabled devices without depending on the connection to an authenticated element. Moreover, the rising demand for Wearable Payments Devices is due to their fast payment feature, which is estimated to boost the market growth during the forecast period.

There are many e-banking platforms that are adopting Wearable Payments Devices. These e-banking platforms are aiming to integrate the Near Field Communication (NFC) technology into their transaction operations that facilitate smooth payments. Moreover, the reducing costs for implementing NFC technology are propelling the demand for the technology. This technology is broadly used in businesses to transfer data from their devices to several contactless payment terminals like NFC tags and smartphones.