1. Market Research
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends

Wearable Payments: Contactless NFC, RFID, and QR/Barcode Payment Technologies for Smart Watches, Fitness Trackers, and Payment Wristbands

  • September 2015
  • 67 pages
  • Tractica
Report ID: 3423926

Summary

Table of Contents

Search Inside

Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes as enabling technologies, and the contactless point of sale (POS) terminals and backend payment processing infrastructure being utilized for mobile payments are being leveraged to extend payment capabilities to wearables, as well.

Apple Pay for the Apple Watch is the first big effort at enabling payments with the wrist. Soon to be launched, Android Pay and Samsung Pay are other prominent digital wallet solutions that will support smart watch payments. Key early market initiatives include trials and deployments of Barclays’ bPay system in the United Kingdom, Swatch’s partnership with UnionPay to enable wearable payments, Alipay’s partnership with Xiaomi in China, and Disney’s successful deployment of its MagicBand closed-loop payment and ticketing solution at its theme parks, among others. Tractica forecasts that wearable payment transaction volume will grow from $3.1 billion in 2015 to $501.1 billion worldwide by 2020, by which time wearable payments will represent approximately 20% of the total mobile proximity transaction volume and about 1% of total cashless transactions in retail.

This Tractica report analyzes the market opportunity for proximity payments or transactions made physically at POS terminals utilizing wearable devices such as smart watches, fitness trackers, and payment wristbands. The report examines the market drivers and barriers, business models, enabling technologies, and key applications for wearable payments. Key industry players are profiled and case studies are provided for notable market trials and deployments. Market forecasts for wearable payment transactions and transaction volume are provided for the period from 2015 through 2020, and are segmented by device type, technology, and world region.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Amrita helps you find the right report:

Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

Acquiring and Switching Vendor Comparison Report

  • $ 12618
  • Industry report
  • June 2017
  • by PayX International

The hugely popular and respected PayX Acquiring and Switching Vendor Comparison Report (8th year edition) is now available. With updates on all top vendors, it enables any operational payments company ...

Contactless Payment Transaction Market, Wearable Devices, and Contactless Mobile Payment - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

  • $ 5795
  • Industry report
  • July 2017
  • by Transparency Market Research

Contactless Payment Transaction Market: Overview This report on the global contactless payment transaction market provides analysis for the period 2015–2025, wherein 2016 is the base year and the period ...

Payment Security Market by Solution, Service, Organization Size, Industry Vertical, and Region - Global Forecast to 2022

  • $ 5650
  • Industry report
  • July 2017
  • by MarketsandMarkets

“Increased adoption of digital payment modes is expected to drive the growth of the payment security market.” The payment security market size is expected to grow from USD 11.39 billion in 2017 to ...


ref:plp2015

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.