Wilmington, Delaware, Feb. 13, 2025 - The wearable payments market, valued at $46.9 billion in 2023, is projected to reach $393.4 billion by 2033, exhibiting a CAGR of 23.7%, according to a report by Allied Market Research.
The growth is driven by increased adoption of contactless payment solutions and supportive government policies.
Smartwatches held the largest market share by device in 2023. Near-field communication led by technology. Grocery stores dominated by application. Europe held the largest regional market share in 2023, while Asia-Pacific is expected to grow at the highest CAGR from 2023 to 2033.
Key players include Apple, Mastercard, PayPal, Samsung, and Visa. Recent developments include Tappy Technologies' fitness and payment ring and IndusInd Bank's contactless payment wearables.