Smart watches and wearables are to increase the use of mobile payments in all continents during this year 2018. According to several studies the growth of smartphones together with improved customer experience and faster transactions will increase the mobile payments nearly to 100 billion dollars.
The increase is showing remarkable growth while the mobile payments were estimated to be 35 billion dollars last year. The estimates are from Juniper Research. Apple is leading the way after the launch of the ApplePay in 2014, but there are also other options like Samsung & Anroid Pay and Xiaomi, ZTE and Lenovo might also enter the new market with their own device software.
This research does not cover the mobile payments for example from the banking sector. Mobile payment software could net over 500 billion dollars in payments by 2020.
The US smartphone penetration exceeded 80 % last year and according to IDC cumulative wearable device shipments are expected to surpass 750 million units by 2020. The declining price trend in the devices will make wearables more affordable to a larger crowd and the real boost in volumes in smartwatches is expected next year with the more use of 5G.