Innovation in Cashless Payment Shaping Europe Wearable Technology Market

Europe has always been at the forefront of scientific and technological innovation. Its place as an influential player has been strengthened by the economic might of countries such as Germany and the U.K. and, undaunted by recent economic troubles in the EU, the region still counts as one of the prime markets for premium consumer goods. Naturally, the wearable technology market is going strong in Europe.

Largely rejected in emerging countries owing to their high costs, wearable tech devices have surged in demand in North America and Europe, the two most prosperous regions in the world. According to leading market intelligence firm Transparency Market Research, the Europe wearable technology market was worth more than US$0.3 bn in 2013. At an astounding 42.1% CAGR from 2014 to 2019, the market is expected to rise to a valuation of more than US$2.5 bn.

Visa Leading Charge of Wearable Payment Devices

Cashless payments are expected to become the norm in Europe soon, thanks to the proliferation of smart cards and the ease of use of cashless payments. To this view, wearable technology giants are gearing up to produce the next winner in the cashless payment devices market.

Visa, one of the leading cashless payment gateways around the world, teamed up with students from Central Saint Martins, a London-based arts school, to come up with innovative ideas for futuristic wearable devices that will help the wearer in cashless payments. 

Browse Research Report:

The three notable results of this collaboration were Budgeteer, a sensor device to be worn on the wrist and one that saves the wearer’s expenses simply through particular motions of the fingers; Small Change, a device meant to facilitate the transition to a coin-free world by enabling the wearer to pay small change digitally through a linked bank account; and Thread, a fashion-oriented wearable device that can be used to compare and review garments wirelessly. Neither of these innovations is expected to be put into production any time soon, but they reveal the direction the Europe wearable technology is expected to take in the coming years.

Another major invention in the field of cashless payment through wearable technology is the Kerv ring. Designed by London-based Kerv, the ring utilizes NFC to enable cashless payment without the need for even a smartphone. The Kerv ring doesn’t even need to be charged up, which addresses the major restraint that has held the Europe wearable technology market back in recent years.

High Costs, Low Batteries Hold Back Europe Wearable Technology Market

The high costs of wearable devices, which are often geared to an extremely specific purpose, have been a major restraint for the Europe market in recent years. With growing prosperity, the markets for wearable technology in North European countries such as Germany, Denmark, Sweden, the U.K., and Norway are growing. The size constraints on wearable devices, due to the need to keep them light and ergonomic, have also resulted in disappointing battery life for most wearable technology. Advances in this field could rejuvenate the wearable technology market in Europe.

Browse Press Release:

Most consumers in Europe purchase wearable technology to monitor their fitness and wellness, with devices such as sleep sensors, running watches, and activity monitors dominating the market. Heart rate monitors and blood glucose monitors are also expected to be major categories in the coming years.


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