Wearable Payments: Contactless Payments On The Rise

14-02-2020 | The Blog Series

Wearable payments are payments made using devices such as smartwatches, payment wristbands, rings, fitness trackers, and more innovative PayTech.

Wearable payment methods are increasing in Europe, with consumers rapidly incorporating these new methods of payment not only in their daily lives but in their outfits as well.

Mass-adoption of NFC enabled terminals

NFC payments have sparked the existence and growth of wearable payment options. Every POS system that has NFC payment capabilities, therefore, also accepts every form of wearable payment. NFC payments have grown substantially, paving the way for new wearable payment methods.

Berg Insight predicts that the installed base of NFC-enabled terminals will more than double by 2022, reaching 112.3 million units. This signifies that over 78% of the world’s POS terminals will be NFC-ready in 2022, up from 50% in 2017.

TOP 10 European countries in wearable payments

1. Netherlands

2. United Kingdom

3. Switzerland

4. Russia

5. Poland

6. Sweden

7. Czech Republic

8. Finland

9. Germany

10. Ukraine

This article was taken from the Q1 2020 PaymentGenes FinTech Magazine.

2019 wearable transaction figures showed an eightfold increase compared to 2018.

Wearable payments are available in 26 EU countries, offering over 30 different devices.

A third (33%) of all wearable transactions in 2019 came from the Netherlands, followed by the United Kingdom (18%), Switzerland (8%) and Russia (7%).

Wearable technology for athletes & events

During the Rio Olympics, athletes sponsored by Visa were given payment rings, payment bands, and smartwatches to help them make payments, without having to worry as much about theft.

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