The Europe Wearable Payments Devices Market would witness market growth of 27% CAGR during the forecast period (2020-2026). The majority of wearable payments utilize near-field communication NFC chip technology for authenticating the customer & the buyer and to do the contactless payment. Additionally, the main purpose of wearable payment is to assure the confidentiality of transactions of the customer and to improve the security by offering contactless payments. Moreover, there are many benefits provided by wearable payments devices like foreseeing the requirements of the customer, delivering better customer engagements, and enhancing the retailer’s ability to record the payments of the customers, which automatically propel the demand of the product across the world.
Moreover, the technological advancements and the rising awareness about contactless payments and wearable payments among consumers leads to significant growth over the forecast period. Additionally, an increase in the adoption of near-field communication (NFC) technology in different sectors like transport and entertainment is expected to provide several opportunities for the market.
During the Covid-19 pandemic, businesses were facing many operational challenges. At that time, several banks and financial institutions offered new digital tools and techniques to their customers, which further surge the demand for Wearable Payments Devices. Additionally, the increasing penetration of contactless cards and wearable devices in Europe is offering many growth opportunities for the wearable payments sector.
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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: Wearable Payments Devices Market in Europe is expected to register a CAGR of 27% during the forecast period (2020-2026)
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.
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