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Wearable Payments: Sizing the Opportunity

Wearable Payments: Sizing the Opportunity

  • May 2016
  • 43 pages
  • ID: 3859710
In this report:
NFC World (2015) Barclaycard launches second generation bPay wearable payment devices [accessed May 2016]
On a global level, ##% of consumers stated that they owned at least one wearable device of any type, and ##% stated that they did not have a wearable device but were interested in obtaining one, meaning overall the majority of consumers globally have a positive attitude towards wearable devices.
Developments in the remote wearable payments space are expected to pick up in the coming years as apps designed specifically for wearable devices become more widely available.

Summary

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Brief

The wearable payments market is still very much in its infancy, with most companies in this space still experimenting with form factors and functionality. Apple has emerged as a frontrunner with its payments-capable Apple Watch, but it is far from the only high-profile company in this space. With the industry in its current state it is far too early to call Apple's first-mover advantage decisive, and while this space is likely to see a lot of attention and investment in the coming years it is impossible to predict which firms will dominate.

Main highlights

- 25.0 percent of consumers globally possess a wearable device of any type.

- Features and pricing are the two most crucial factors driving purchases of wearable devices.

- China (CN) is the most immediately attractive market due to its sizable population and high proportion of plausible early adopters.

Abstract

Verdict Financial's "Wearable Payments: Sizing the Opportunity" examines the emerging wearable payments market, evaluating the strengths and weaknesses of the current products available to consumers in this space as well as using our proprietary data on consumer attitudes towards wearable technology and thinkable early adopters of wearable payments globally.

Specifically the report:

- Examines the main payments-capable wearables on the sector in terms of function and attractiveness to consumers.

- Determines the top drivers of wearable payments adoption among consumers globally and by market.

- Examines the demographic and geographic distribution of plausible wearable payments early adopters and the best strategies to engage with them.

- Explores the potentially winning strategies that can be adopted by players currently in the wearables market and players looking to enter it.

Great reasons to purchase

- Comprehend the players in the wearables market - what products have they launched, and how likely are these to succeed?

- Find out how consumers view wearable payments as a concept, and how this varies between markets.

- Find out where the wearable payments early adopters are, as well as what demographics they belong to in order to effectively market products.

- Discover the three main factors to a successful wearable payments product - what do consumers want, and how is this best delivered to them?

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