Wearables To Drive $501 Billion in Digital Payments by 2020, Tractica Says
Digital payments via wearables will grow from $3.1 billion this year to $501.1 billion worldwide by 2020 and will be roughly 20 percent of mobile proximity transaction volume by that time, a Tractica report said. Wearables-driven transactions will be roughly…
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1 percent of all cashless retail transactions by 2020, it said. Enabling technologies include NFC (near field communications), radio frequency identification (RFID), quick response (QR) codes and bar codes. “Wearable payments are just getting started,” analyst Aditya Kaul said. Apple Pay for Apple Watch is the first big effort at enabling payments with the wrist, Kaul said, saying Android Pay and Samsung Pay will soon support smart watch payments. Early market trials and deployments include Barclays’ bPay system in the U.K., Swatch’s partnership with UnionPay, Alipay’s partnership with Xiaomi in China and Disney’s “successful deployment” of its MagicBand closed-loop payment and ticketing system at its theme parks, Kaul said.