Wearable payments are becoming more popular across Europe and the Netherlands is leading this charge.
The Netherlands was responsible for 33% of all wearable payments completed in 2019, according to research from Mastercard. Coming in second place was the UK with 18%, then Switzerland with 8% and Russia was fourth largest with 7%.
Appetite in Europe for this payment method has shot up during 2019, with transaction figures increasing eightfold compared against 2018. This method of transaction has now been adopted in 26 EU countries across 30 different devices.
Types of the payment type include active wearables, which means they have a battery, and passive wearables which do not have a battery – these include bracelets, rings and regular watches.
Globally, Australia is the largest user of wearable payments, with Netherlands coming second. Mastercard states.
Europe witnessed nearly 20-times more of these transaction types than North America.
Mastercard’s Netherlands country manager Arjan Bol said, “At Mastercard we envisage new ways of payments being adopted rapidly as consumers want faster and more convenient payments, as long as the provider is a trusted brand.
“It is remarkable to see how easily consumers switch to new innovative payment technologies, which fit into their digitally connected lifestyle. Wearables give people more convenience and ease of mind, while providing the required trust and security.”
Mastercard claims that one in five adults now wear a smart watch or fitness app and by 2020 the wearable technology market is expected to reach €30bn.
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