Digital payment market using wearable devices to account for 20% of mobile transactions in 2020
Published2015.10.21 10:31Global Information (www.giikorea.co.kr) announced that it has published a 'wearable payment' market report on Tractica.
Digital payment using wearable devices such as smartwatches, fitness trackers, and payment wristbands is an area of increasing interest for participating companies, and several well-known companies are striving to lead early market growth from initial experimentation and adoption to consumer acceptance.
Wearable payment systems can utilize implementation technologies such as NFC, RFID, QR codes, and barcodes, and contactless POS terminals and backend payment processing infrastructure that have been used for mobile payments are also being utilized to expand payment capabilities for wearables.
▲ Wearable Payment Transaction Volume, Global Market (2015-2020) Source: Tractica
According to Tractica, wearable payment transaction volume is projected to grow from $3.1 billion in 2015 to $500 billion in 2020. By then, wearable payments will account for 20% of total mobile proximity transactions.
Aditya Kaul said, “Wearable payments have just begun. Apple Pay on the Apple Watch is the first achievement of being able to make payments with the wrist. “The upcoming Android Pay and Samsung Pay will support smartwatch payments as another outstanding digital wallet solution. Key early markets include the trial and introduction of Barclays’ bPay system, Swatch’s partnership with UnionPay to enable wearable payments, Alipay’s partnership with Xiaomi, and the successful introduction of MagicBand, a payment and ticketing system at Disney’s theme parks,” the company stated.
Tractica’s “Wearable Payments” report analyzes market opportunities for physical proximity payments or transactions at POS terminals using wearable devices such as smartwatches, fitness trackers, and payment wristbands. The report examines market drivers and barriers, business models, enabling technologies, and key applications for wearable payments. Market forecasts for wearable payment transactions are provided for the period 2015–2020, along with market sizes by device type, technology, and region.
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