Collaboration between Financial Institutions and Wearable Device Companies to Promote Global Market

Wearable payment device market is anticipated to grow at a CAGR of 16.5% during the forecast period (2024–2031). The market is primarily driven by rising collaboration between financial institutions and wearable device companies. These partnerships are primarily focused on providing platforms and other technical support for conducting contactless payments to wearable companies. For instance, in March 2024, Tappy Technologies, a digital payment solutions company, introduced India's first tokenization solution for wearable payments, created in collaboration with IndusInd Bank and Thales. This collaborative effort led to the introduction of the Indus PayWear App, which provides IndusInd Bank customers with a smooth way to digitize their cards via the application. Once tokenized, these cards can be loaded into form factors including rings, watch clasps, and stickers, allowing for contactless payments. 

Browse the full report description of “Wearable Payment Device Market Size, Share & Trends Analysis Report by Type (Fitness Tracker, Payment Wristbands, Smart Watches, and Others), by Technology (Barcodes, Contactless Point of Sale (POS) Terminal, Near Field Communication (NFC), Quick Response (QR) Codes, and Radio Frequency Identification (RFID)), and by Application (Festival & Life Events, Fitness, Healthcare, Retail, and Transportation) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/wearable-payment-device-market

Moreover, the collaborations in the market are aimed at leveraging cross-domain capabilities to capitalize on the rising trend of wearable payments, stimulating market players to launch collaborative devices and platforms to fulfill customers demand across demographics. For instance, in March 2024, Airtel Payments Bank, in collaboration with Noise and Mastercard, announced the Airtel Payments Bank Smart Watch, a pioneering contactless payment solution. This smart wearable intends to transform digital transactions by providing convenience and accessibility to urban clients.

Market Coverage  

· The market number available for 2024-2031 

· Base year: 2023 

· Forecast period: 2024-2031 

· Segment Covered- 

o By Type

o By Technology

o By Application

· Regions Covered- 

o North America 

o Europe 

o Asia-Pacific 

o Rest of the World

• Competitive Landscape: Apple Inc., Google LLC, Huawei Device Co., Ltd., Samsung Electronics Co., Ltd., and Xiaomi Communications Co., Ltd. among others.

Key questions addressed by the report 

• What is the market's growth rate? 
• Which segment and region dominate the market in the base year? 
• Which segment and region will project the fastest growth in the market? 
• Who is the leader in the market? 
• How are players addressing challenges to sustain growth? 
• Where is the investment opportunity? 

Global Wearable Payment Device Market Report Segment 

By Type

• Fitness Tracker
• Payment Wristbands
• Smart Watches
• Others (Rings, and Fob Sleeve)

By Technology

• Barcodes
• Contactless Point of Sale (POS) Terminal
• Near Field Communication (NFC)
• Quick Response (QR) Codes 
• Radio Frequency Identification (RFID)

By Application

• Festival & Life Events
• Fitness
• Healthcare
• Retail
• Transportation

Global Wearable Payment Device Market Report Segment by Region 

North America 

· United States 

· Canada 

Europe 

· UK 

· Germany 

· Italy 

· Spain 

· France 

· Rest of Europe 

Asia-Pacific 

· China 

· India 

· Japan 

· South Korea 

· Rest of Asia-Pacific 

Rest of the World 

· Latin America

· The Middle East and Africa

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