Publisher’s
“Wearable Payments: Sizing the Opportunity” examines the emerging wearable
payments market, evaluating the strengths and weaknesses of the current
products available to consumers in this space as well as using our proprietary
data on consumer attitudes towards wearable technology and potential early
adopters of wearable payments globally.
Recent
developments in the wearable payments market have mostly come about through
partnerships between established payments providers and hardware manufacturers.
MasterCard has been particularly active in this space, especially after
launching its Commerce for Every Device Program in October 2015. This program
is an extension of the MasterCard Digital Enablement Service. MasterCard’s
payments onboarding service enables partners to build its tokenization and
digital wallet services into their products. MasterCard’s wide-ranging approach
to wearable payments is likely to give it a strong position in the emerging
market, regardless of which form factors prove most popular with consumers.
Key Findings:
- 25% of
consumers globally possess a wearable device of any type (regardless of whether
that device is capable of making payments).
- Features
and pricing are the two most important factors driving purchases of wearable
devices.
- Younger
consumers with access to bank accounts are the most ready to adopt wearable
payments.
- China is
the most immediately attractive market due to its sizable population and high
proportion of potential early adopters.
Specifically, the report:
- Analyzes
the major payments-capable wearables on the market in terms of function and
attractiveness to consumers.
- Identifies
the key drivers of wearable payments adoption among consumers globally and by
market.
- Analyzes
the demographic and geographic distribution of potential wearable payments
early adopters and the best strategies to engage with them.
- Explores
the potentially winning strategies that can be adopted by players currently in
the wearables market and players looking to enter it.