Asia Pacific Wearable Payments Devices Market By Type (Fitness Tracker, Payment Wristbands and Smart Watches), By Technology (Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others), By Application (Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Asia Pacific Wearable Payment Device Market would witness market growth of 27.9% CAGR during the forecast period (2020-2026). Payment systems came a long way where they adapted to the changing requirements of the customers. Changes like more convenience and reduced time during payments were introduced in the payment systems. The increasing popularity of contactless payment technology, along with the rising adoption of wearable devices, like smartwatches for contactless payments, is estimated to boost the growth of the market during the forecast period.
There has been an increasing adoption of wearable payment witnessed over time. Owing to the increasing acceptance of contactless payment cards & smartphones, wearable devices, and ease of transactions in comparison to traditional banks. Additionally, many retailers in the developed countries have adopted contactless payments to deliver an improved customer experience and to raise the adoption of contactless payments in the developing countries of Asia-Pacific such as India and China.
The introduction of digitization in banks is estimated to achieve traction during the forecast period as banks are now aiming on integrating card management systems with the token service providers. The rising adoption of contactless payment systems in the banking industry is further estimated to drive the growth of the market. Moreover, many key players are aiming to create safe and secure wearable devices for use by consumers, thus creating significant growth opportunities for the market.
Based on Type, the market is segmented into Fitness Tracker, Payment Wristbands and Smart Watches. Based on Technology, the market is segmented into Barcodes, Near Field Communication (NFC), Quick Response (QR) Codes, Contactless Point of Sale (POS) Terminals and Others. Based on Application, the market is segmented into Retail, Transportation, Festival & Life Events, Fitness, Healthcare and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Thales Group S.A. (Gemalto NV), Google, Inc., Mastercard, Inc., Samsung Electronics Co., Ltd. (Samsung Group), Xiaomi Corporation, PayPal Holdings, Inc. (eBay), Visa, Inc., Nymi, Inc., and Barclays PLC.
Scope of the Study
Market Segments Covered in the Report:
- Fitness Tracker
- Payment Wristbands
- Smart Watches
- Near Field Communication (NFC)
- Quick Response (QR) Codes
- Contactless Point of Sale (POS) Terminals
- Festival & Life Events
- South Korea
- Rest of Asia Pacific
- Apple, Inc.
- Thales Group S.A. (Gemalto NV)
- Google, Inc.
- Mastercard, Inc.
- Samsung Electronics Co., Ltd. (Samsung Group)
- Xiaomi Corporation
- PayPal Holdings, Inc. (eBay)
- Visa, Inc.
- Nymi, Inc.
- Barclays PLC
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