by The contactless payment ring market is gaining momentum owing to rising preference for contactless payments amid the COVID-19 pandemic. Contactless payment rings allow users to make secure tap-and-go payments through embedded chips linked to their preferred mobile wallets or bank accounts. They provide a convenient way to pay without withdrawing physical cards or smartphones while maintaining social distancing. Rings are often made of precious metals such as silver, gold or diamond-plated precious metals and available in popular ring shapes and styles. Their sleek, discretion designs make them preferable to standard cards or phones for everyday purchases and payments.
Global Contactless Payment Ring Market is estimated to be valued at US$ 38.76 Bn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the contactless payment ring market are Adyen, Alipay, American Express Company, Apple Inc., Amazon.com, Inc., Block, Discover, Giesecke ; Devrient GmbH, Infineon, Ingenico, MasterCard, PayPal Holdings Inc., Phone Pe, Samsung Pay, Thales, and Visa Inc.
Rising preference for Contactless Payment Ring Market Demand and increased adoption of mobile wallets is expected to boost demand for contactless payment rings over the forecast period. Concerns around sharing physical cards and touching shared surfaces amid the COVID-19 pandemic has accelerated this shift towards safer digital payment options.
Growing international e-commerce is also driving the global expansion of the contactless payment ring market. As cross-border sales increase, demand is rising for universal payment solutions accepted across different geographies like contactless payment rings linked to major payment gateways.
Market key Trends
One of the Contactless Payment Ring Market Size And Trends outlook is the integration of biometric authentication. Major manufacturers are working on fingerprint and facial recognition features to add an extra layer of security to payments. This will resolve existing issues around encrypting personal financial details in wearable devices and boost consumer confidence in contactless payment rings.
Porter’s Analysis
Threat of new entrants: Payment rings provide convenience and security for contactless payments, however high initial investments and expertise required act as barriers for new companies.
Bargaining power of buyers: Buyers have favourable bargaining power due to presence of substitutes and easy availability of payment rings from different brands.
Bargaining power of suppliers: Suppliers have moderate bargaining power due presence of different component manufacturers and technologies used in payment rings don’t require specialised skills.
Threat of new substitutes: Payment apps provide a substitute but lack hardware support for payments.
Competitive rivalry: Intense competition exists among payment ring manufacturers to offer additional features and secure technology.
Geographically, the North America region dominates the contactless payment ring market in terms of value owing to high adoption of digital payment methods. Asia Pacific is the fastest growing region for the contactless payment ring market due to rising internet and smartphone penetration coupled with government initiatives to promote digital payments in countries like India and China.
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*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
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