CONTACTLESS PAYMENT RING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growing popularity of wearable technology

Wearable devices, such as smartwatches and fitness bands, have witnessed phenomenal growth in recent times owing to the various functionalities and convenience they offer. As these wearables become more sophisticated with additional features, they are emerging as alternative payment methods. Technology giants are prioritizing payment capabilities for their wearables realizing the opportunity it presents. Contactless payment rings can particularly leverage the increasing volumes of smartwatch shipments.

Users have shown willingness to link their payment credentials to wearable devices as it allows them to leave their physical wallets behind. Contactless payment rings become an attractive option for making payments on-the-go using just a wrist flick. Its discreet form factor avoids the hassle of getting phones or cards out of bags or wallets during payment. This further enhances the ease and immediacy of usage. The fitness tracking potentials of such rings would also open up new avenues like pay-as-you-exercise programs thereby strengthening their value proposition.

Advancements in near field communication (NFC) technology have allowed contactless payments to be integrated into a wide range of connected devices beyond smartphones. Major technology companies like Apple, Samsung, and Google among others is heavily promoting wearables as the next frontier of payments innovation and competing to expand their respective payment ecosystems. Rising wearable shipments fuel consumer familiarity with 'pay with your watch' concept which creates opportunities for specialized payment rings as well. Their proliferation represents growing consumer interest towards streamlining all daily tasks into body-worn devices for added convenience. This provides a conducive environment for contactless payment rings market to harness.

For instance, in June 2024, MuchBetter, a leading provider of wearable payment technology, introduced a contactless payment ring in Italy that users can obtain for free by loading it with €100 through the accompanying app. This stylish and innovative ring offers a convenient payment solution, enabling users to make transactions globally wherever Mastercard is accepted, while also challenging traditional pricing structures in the wearable technology sector.

• Adyen
• Alipay
• American Express Company
• Apple Inc.
• com, Inc.
• Block
• Discover
• Giesecke & Devrient GmbH
• Infineon
• Ingenico
• MasterCard
• PayPal Holdings Inc.
• Phone Pe
• Samsung Pay
• Thales
• Visa Inc.