Why Wearable Tech Dominates European Payment Trends

Banking CIO Outlook | Wednesday, November 04, 2020

The popularity and convenience of wearables have made it the preferred mode of payment across Europe.

FREMONT, CA: There are no limits when it comes to the needs of human beings. Similarly, there are no limitations when it comes to the amount of convenience that advancing technologies can offer. The introduction of wearable payments and its subsequent growth in Europe is a case in point. While various innovative payment methods have emerged across the globe, the trend of wearable payments receives the highest amount of attention due to its uniqueness. Apart from the technologies guiding wearable payment devices, various other factors have contributed to the wearable trend in Europe.

Consumer acceptance is one of the main reasons behind the popularity of wearable payments in Europe today. A major proportion of the European population is using smart wearable devices today. Since these devices can also act as payment devices and offer a lot of conveniences, the popularity that this form of payment enjoys is imperative. Besides, the regulatory bodies and the banks have been favorable towards wearable transactions. The trend supplemented by the positive attitude of shop owners and retailers has made Europe one of the leading destinations for wearable transactions.

Recently, a report published by MasterCard asserted on the growing popularity of wearable transactions in the European region. As per the statistics in the report, there has been an eight-time growth in wearable payments in 2019 as compared to 2018. The Netherlands leads the chart by accounting for almost 33 percent of the total wearable-driven payments. Other countries that found mention are the United Kingdom and Switzerland with a figure of 8 and 7 percent, respectively.

Being a contactless payment mode, wearable payments are regarded to be secure in addition to being convenient. Contactless payments are now being viewed as the future of payments. Besides, there have also been constant innovations in the variety of wearables that aid payments. Together, all of these factors have led Europe embracing this mode of payment.

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