According to Tractica’s report, wearable payments will represent approximately 20% of the total mobile proximity transaction volume and about 1% of total cashless transactions in retail, which are anticipated at more than USD 50 trillion by that point.
Tractica points out wearable payment devices can use near field communication (NFC), RFID or quick response (QR) or bar code technology. In addition, contactless point-of-sale (POS) and payment processing infrastructure used for mobile payment is being used to accept payment from wearable devices as well.
Tractica research director Aditya Kaul says following Apple Watch will be smart watch payments supported by other digital wallet solutions.
Tractica’s report, Wearable Payments, also examines market drivers and barriers, business models, enabling technologies and key applications for wearable payments.
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