Contactless Payments, Smartwatches to Drive Wearables Growth, Says Technavio
The global wearables market will reach $35.48 billion in 2024, based on a 13 percent compound annual growth rate the next five years, said Technavio Friday. A key driver will be growing adoption of contactless payments, it said. Wearables vendors…
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are integrating NFC into devices such as smartwatches, smart bands and smart rings, said the researcher, noting Xiaomi launched its MI Band 3 in 2018 integrated with NFC chips to support contactless payments. Retail players are partnering with payment service providers to accept contactless payments via wearables, it said, saying most of Target’s stores have started accepting contactless payments via card readers at checkout. In the transition from traditional to smartwatches, meanwhile, some vendors are introducing hybrid styles to attract customers who prefer old-school mechanical watches integrated with smart features. Functions in the watches are handled by a smartphone through an app, said Technavio, highlighting Citizen’s Eco-Drive watches with companion apps.