Wearable payments show sharp rise in uptake

Wearable payments show sharp rise in uptake

Mastercard is reporting an eightfold increase in the use of wearable payments, such as smart watches, rings and jewellery, by consumers across Europe.

In Europe, the Netherlands is at the forefront when it comes to wearable payments. A third (33%) of all wearable transactions in 2019 came from the Netherlands, followed by the United Kingdom (18%), Switzerland (8%) and Russia (7%).

Globally, most wearable payments were made in Australia, followed by the Netherlands. While the United States comes in eighth place, all other countries in the global top 10 are European.

Mastercard says the growth is being powered by demand for high-end accessories in the fashion industry and the popularity of contactless payments.

Fully 61% of all European in-store transactions are contactless, an increase of 23% since early 2018. The acceptance of contactless payments in retail stores also increased greatly from 42% to 70% in the same period.

Arjan Bol, country manager, The Netherlands predicts that by 2020 the wearable technology market will have an estimated value of EUR30 billion globally.

“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," he says. "It is remarkable to see how easily consumers switch to new innovative payment technologies, which fit into their digitally connected lifestyle.”

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