Global Wearable Payment Devices Market to Top US$ 171 Bn by 2032

The wearable payment devices market is anticipated to grow at a CAGR of 29% during the forecast period 2022-2032, with an estimated market valuation of US$ 13.43 billion in 2022.

Wearable payment refers to payment transactions conducted using wearable devices that are connected with wireless technologies such as NFC and RFID. Wearable payment gadgets not only provide clients with a simple and contactless means of payment but also assure safety and cleanliness, particularly in the aftermath of the COVID-19 pandemic.

According to the Smart Payment Association (SPA), paying for goods and services with a simple flick of the wrist is substantially faster and easier than by handing over cash, or even tapping in a pin number. Thus, wearable device manufacturers are integrating near-field communication (NFC) technology as a standard into most devices to offer superior convenience by eliminating the need to fumble with a wallet, purse, or phone.

Over the last few years, financial technology has transformed payment methods with global initiatives like bPay Loop and Android Wear 2.0 and integrating open-loop payments into wearables. Wearable technology is growing smarter and more versatile, thereby gaining momentum with rising consumer acceptance of new payment methods. Alongside, the opportunities for issuers have become more significant with recent advancements.

Besides, passive wearables like payment-enabled rings, bracelets, key fobs, fitness bands, stickers, cufflinks (and of course, phones) are rapidly picking up pace around the world. Novel designs for bracelets and cufflinks include payments technology, while wristbands and fabrics weave interactive sensors into jackets and pants.