Report: Apple Watch, Other Wearables to Generate $500 Billion in Payments by 2020
July 30, 2015
Global payment transaction volume generated by wearables will grow from $3.1 billion this year to more than half a trillion dollars annually by 2020, according to a new report from market research and consulting firm Tractica. The survey said manufacturers, payment providers and consumers are focusing increasingly on smart watches, fitness trackers and dedicated wristbands to make payments. And Apple, as usual, is in the thick of a tech trend.
“Wearable payments are just getting started,” said Aditya Kaul, research director for Tractica. “Apple Pay for the Apple Watch is the first big effort at enabling payments with the wrist. Soon to be launched, Android Pay and Samsung Pay are other prominent digital wallet solutions that will support smart watch payments. Key early market initiatives include trials and deployments of Barclays’ bPay system in the United Kingdom, Swatch’s partnership with UnionPay to enable wearable payments, Alipay’s partnership with Xiaomi in China, and Disney’s successful deployment of its MagicBand closed-loop payment and ticketing system at its theme parks, among others.”