
Why is the Trend of Wearable Payment Skyrocketing in Europe?
The trend of wearable payment seems to have caught the fancy of many in the European subcontinent.
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CIO Applications Europe | Friday, January 31, 2020

The trend of wearable payment seems to have caught the fancy of many in the European subcontinent.
FREMONT, CA: There are no limitations when it comes to the desires of human beings. Likewise, there are no limitations when it comes to the extent of convenience that advancing technologies can bring. The emergence of wearable payments and its subsequent rise in Europe is a case in point. While several innovative payment methods have erupted across the globe, the trend of wearable payments commands the highest amount of attention due to its sheer uniqueness. Apart from the technologies behind wearable payment devices, many other factors have contributed to this trend in Europe.
Consumer acceptance is one of the major reasons behind the feasibility of wearable payments in Europe today. A significant proportion of the European population has access to smart wearable devices today. Since these devices double up as payment devices and offer a lot of conveniences, the acceptance that this form of payment enjoys is understandable. Besides, the banks and the regulatory bodies have been favourable towards wearable payment. That, in addition to the positive attitude of shop owners and retailers, has helped make Europe one of the leading destinations for wearable payments.
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Recently, a report published by MasterCard shed light on the growing popularity of wearable payments in the European region. According to statistics in the report, there has been an eight-time rise in wearable payments in 2019 when compared to 2018. The Netherlands leads the countries by accounting for almost 33 per cent of the total wearable-enabled payments. Other countries that found mention include the United Kingdom and Switzerland with contributions of 8 and 7 per cent, respectively.
Being a contactless mode of payment, wearable payments are considered to be secure in addition to being convenient. Contactless payments are now considered to be the future of payments. Besides, there have also been continued innovations in the variety of wearables that facilitate payments. Together, all of these factors resulting in Europe embracing this mode of payment.
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