Everything from rings to smartwatches can be used to make payments these days, but ten companies are spearheading the market’s development.
Alibaba Group, Apple, Barclays, Fitbit, Google, Jawbone, Mastercard, PayPal, Samsung and Visa have been identified in new research as the market players driving development in the market.
ResearchAndMarkets.com’s new report stated that these companies in particular have adopted various strategies to increase their market penetration and strengthen their position in the industry.
“Increase in adoption of cashless payments across the globe and rise in demand for wearable devices and contactless payments cards for secure and safer payment transaction are the significantly contribute toward the growth of the market,” the researchers wrote.
“In addition, wearable payments provide enhanced customer experience and more convenient shopping experience to the customers, which fuel the growth of the market.”
However, the researchers noted that the high cost of wearable devices and limited battery life of wearable devices could hamper the growth of the market.
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