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Published on : Jun 17, 2016

ALBANY, New York, June 17, 2016: A recent research report added to the collection of ResearchMoz.us provides an insightful overview of the global wearable payments market and presents insights into the key factors impacting the growth of the market. The report, titled “Wearable Payments: Sizing the Opportunity,” analyzes the major payments-capable wearable on the basis of function and attractiveness to consumers. The demographic and geographic distribution of the early adopters of potential wearable payments has been analyzed in the report. Furthermore, the report explores how consumers view wearable payments as a concept and analyzes the best strategies to engage with the early adopters in the market. 

The global wearable payments market is still in a nascent phase and most of the market players are experimenting with different functionalities of wearable payments. Apple has emerged as a frontrunner in the market with the launch of payment-capable Apple Watch. However, it is not the only high-profile company in this space. Disney’s Magic Band provides proof of concept for wearable payments. Eat24’s smartwatch app offers to streamline repeat order purchases. Barclays’ bPay is one of the few examples of payment-only wearable devices that is competing in the market. Though Apple has gained advantage with its first move in the wearable payments market, stiff competition and significant investments are expected to define the outlook of the market in the next couple of years. 

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Wearable payments are being introduced within the physical proximity of a merchant’s POS terminal. As wearable payments are in the formative stages, the wrist-based devices are the most widely deployed form factor so far. The report analyzes the consumer appetite for wearable payments and has stated that a sizable number of consumers are not convinced about the benefits of wearable payments. 

Around 25% of consumers across the globe own a wearable device. Features and price are the key factors driving the adoption of wearable payments among consumers. The report states that the consumers who regularly use credit cards for payments are more likely to adopt wearable payment technology. High-income earners in the age group of 25-34 years have the potential to be early wearable payment adopters. Among the key regions in the global wearable payments market, China has emerged as the most attractive market with a large number of potential early adopters. 

For the benefit of new as well as existing players in the global wearable payments market, the report offers a few strategic recommendations. The report suggests that payments cannot be the only usage of a wearable device. In terms of user friendliness, wearable devices need to be convenient to use and compatible with POS infrastructure. Partnerships among the key market players are crucial in the development of innovative wearable payments. The report interviews executives from some of the leading payment companies to offer insights into the market. 
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