Wearable Payments Market may Gain Traction due to Increasing Popularity of Wearable Devices amongst Younger Population

Published Date : Aug 01, 2016

ALBANY, NY, Aug 01, 2016 - MarketResearchReports.biz has added a new report, titled ‘Wearable Payments: Sizing The Opportunity,’ to its offering. This report presents comprehensive information on the global wearable payments market by encapsulating data about the most popular wearable devices and providing insights into the potential of these devices in making payments based on their attractiveness and function.

The winning strategies of the established players in the market for wearable devices have been presented in the report to allow emerging players to make informed decisions. The study describes the early adopters of wearables in various demographics. The functionalities and features highly demanded by customers in wearable devices and how the manufacturers can incorporate these features to facilitate quick payments through these devices is also covered in this study.

The report starts by presenting the current condition of the global wearable payments market. As per this study, this market is at its nascent stage presently owing to a number of companies still experimenting with the functionality of wearable devices.  At present, Apple is the only prominent player in the global wearable payments market owing to its introduction of the Apple Watch. However, this market is poised to gain substantial traction and investment in forthcoming years, leading to the entry of several new players.

The report then throws light on the potential of the wearable payments market. As per this report, approximately 25% of individuals own some kind of a wearable device, however, this calculation doesn’t take into account whether the wearable devices are capable of making payments. As per the study, the number of payments taking place through wearable devices has been rising gradually, with wrist-based devices gaining traction globally. Furthermore, the report says that the market for wearable payments mainly started to expand in 2015, when the Apple Watch was launched.

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The report further states that the bPay range introduced by Barclays is amongst the very few examples of wearable devices utilized just for making payments. Further, the report opines that the majority of the vendors are trying to penetrate in the wearable payments market through partnerships. The study also states that though a number of customers are positive on purchasing some kind of wearable device, a large percentage of them are still not convinced on the benefits provided by these devices and their value for money.

The next section of this study presents the key opportunities in the global wearable payments market. The report includes several categories of adopters of wearable payment devices. Wearable payment devices are popular especially amongst the younger population and users with hectic lifestyles. In addition, the country China has the highest number of people that have adopted wearable payments. In addition, individuals having high incomes will also emerge as the major adopters of wearable payments.

At the end of the report, the prime strategic recommendations that can be implemented by the emerging players for gaining a competitive edge in the wearable payments market have been compiled: For wearable devices to gain demand, they must feature a number of other features in addition to their capability of making payments. In addition, these devices also have to be convenient to use and compatible with the point of sale infrastructure.

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