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

Key Developments

• In July 2024, VezoPay, a leading innovator in payment technology, introduced Africa's first smart ring, marking a significant advancement in contactless payment solutions across the continent. Designed for both convenience and security, the VezoPay smart ring showcases a range of cutting-edge features that epitomize the future of digital transactions.
• In June 2024, MuchBetter, a pioneering provider of wearable payment technology, launched a contactless payments ring in Italy that is available for free, provided users load it with €100 through the associated app. This innovative ring offers a stylish and convenient payment solution, allowing users to make transactions globally wherever Mastercard is accepted, while challenging traditional pricing models in the wearable tech market.
• In March 2024, IndusInd Bank, a leading private sector bank in India with over 39 million customers, announced the launch of its contactless payments wearables, 'Indus PayWear.' This innovative offering is India's first all-in-one tokenizable wearable device that supports both debit and credit cards exclusively on Mastercard. The bank plans to extend this service to other card networks shortly, providing customers with greater flexibility and convenience in making payments.
• In December 2021, Visa Inc., the global leader in digital payments, unveiled a comprehensive roadmap aimed at enhancing payment security in India. This initiative is designed to protect India's evolving digital payments ecosystem from emerging threats and cyberattacks, ensuring a secure environment for consumers and businesses alike.
• In September 2021, PayPal, a leading digital payments platform with over 400 million users worldwide, launched its new all-in-one app designed to enhance financial services for customers. This innovative PayPal app features a unified dashboard for account management, a wallet tab for overseeing payment methods and various financial services aimed at improving the overall customer experience.