CHICAGO, April 9, 2021 /PRNewswire/ — According to the new market research report “Wearable Payment Device Market with COVID-19 Impact, by Device Type (Smart Watches, Fitness Trackers), Technology (NFC, RFID), Sales Channel, Application (Retail/Grocery Stores, Restaurants, Entertainment Centers), and Geography – Global Forecast to 2026”, published by MarketsandMarkets™, the global Wearable Payment Device Market size is projected to grow from USD 43.0 billion in 2021 to USD 82.0 billion by 2026; it is expected to grow at a CAGR of 13.6% from 2021 to 2026. The growth of the wearable payment device market is majorly driven by surge in the adoption of contactless cards and wearable devices due to the COVID-19 situation, emerging demand for contactless payment for secure and safer payment transactions, and the growing adoption of NFC technology.
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NFC technology accounted for the larger size of the wearable payment device market in 2020.
Near field communications (NFC) technology accounted for the largest market in 2020. Most of the wearable devices in the market today, are integrated with NFC technology to facilitate contactless payments. When the wearable payment device and the reader contact each other, the NFC chips exchange encrypted data to complete payment. The process creates a lightning-fast checkout flow, which is both convenient and one of the most secure payment methods….