Wearables devices are small electronic devices that are worn by users on their bodies, which assist them with mobile computing and wireless networking. Wearable payment devices refer to rings, bracelets, and smart watches, which can be integrated with NFC and RFID tags, among others and are used for contactless payments. To work, wearable payment devices must be linked to debit or credit cards. The appeal of wearable payment devices for users is due to the use of items worn on the body to pay for goods and services, thus boosting the adoption of contactless payments. The global wearabole payment devices market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026 at CAGR of 13.6% during the forecast period.
Apple Inc. (US) Samsung Electronics Co., Ltd.
(South Korea), Fitbit Inc. (US), Garmin AB (Switzerland), Xiaomi
Corporation (China) , Google LLC (US), Tappy Technologies Ltd. (US), Barclays
PLC (UK), VISA Inc. (US), PayPal Holding Inc. (US), and Mastercard, Inc. (US)
are some of the major players in wearable payment device market.
Apple Inc.
Apple Inc. is one of the most innovative
companies, which designs and develops hardware, application software, and
services for different consumer electronic products. The company has a
prominent focus on R&D activities and is innovative at the core. In the
wearable payment device market, Apple offers a series of smart watches with
iOS. Apple Watch enables users to communicate in new ways from their wrist,
track their health and fitness, offers workout apps, and contactless payments
through Apple Pay. Apple Pay is easy and compatible with all the Apple devices
for contactless payment and secure purchases. For instance, Apple Watch Series
6 is specifically designed for contactless and secure payment, and fitness and
healthcare purposes. The company focuses on research and development activities
to gain a competitive advantage. Also, the company’s rising investments in
R&D have enabled it to expand its product portfolio in wearable payment
devices.
Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is among the
leading players in the wearable payment market in 2020. Samsung Electronics is
a multinational conglomerate company. The company manufactures and sells
consumer electronic products. To cater to the huge demand for wearable
technologies, the company has a separate portfolio. The company’s premium smart
watch series Gear S, Gear Circle, Gear Fit, and Gear VR are the backbones of its
wearable portfolio. The company also offers its proprietary payment solution -
Samsung Pay. Samsung Pay is a mobile payment and digital wallet service by
Samsung Electronics that lets users make payments using compatible phones and
other Samsung-produced devices. Samsung competes against technology-intensive
firms, such as Apple, Google, and Sony, among others creating a strong
competitive edge. The company’s R&D investment is increasing yearly, which
is the major reason behind new product developments and the growth of the
company.
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Xiaomi Corporation
Xiaomi Corporation is one of the largest
wearable device providers globally. The company designs, manufactures, and
markets smartphones, wearable devices, and other consumer electronics. The
company’s product range includes smartphones, smart watches, smart wristbands,
wireless routers, tablets, TVs, power banks, and other products. Xiaomi entered
the wearable space in 2014. The company offers a wide product portfolio, which
includes smart bands and smart watches. Until 2019, Xiaomi smart watches and
bands with payment technology catered majorly to China. However, the company is
expanding its foothold in contactless payment devices in other countries as
well. For instance, in June 2020, Xiaomi and Mastercard launched MI smart band
4 NFC with the contactless payment function in Russia. Xiaomi continues to view
product developments and collaborations as a major part of its growth strategy.
Such product developments and collaborations are intended to augment growth, expand
its business with new technologies and products, and enhance its geographical
reach.
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