Why it’s too early to name major players in nascent wearable payments space
According to a report by MarketResearchReports.Biz, even though China is the most immediately attractive market for wearables due its proportion of potential early adopters, the wearable payments market is yet to kick into gear as most players are still zoning in on form factor and functionality.
Though Apple is the early mover with its Apple Watch that features payments capability, it is too early to ascertain which players will dominate the market as the space is set to attract a lot of investment and attention in the near future, the report argues.
At present, 25% of consumers worldwide use a wearable device, regardless of type and whether the devices possess payments capability. The two key factors driving purchases of wearable devices are features and pricing. The geographical market gaining most of the attention is China on account of its vast population and high proportion of potential early adopters.
The report “Verdict Financials Wearable Payments: Sizing the Opportunity” studies the emerging wearable payments market, assesses the strengths and weaknesses of the current products available to consumers and provides proprietary data on consumer attitudes towards wearable technology and potential early adopters of wearable payments across the globe.
The report segments the major payments-capable wearables with regard to function and attractiveness to consumers. The key drivers of wearable payments adoption among consumers worldwide and by market are listed. The demographic and geographic distribution of potential wearable payments among early adopters is assessed and ideal strategies to engage them are revealed.