Wearable Growth, Payments, and High RiskCredit Card Processing

Watches, wristbands, jewelry, glasses, clothing… Wearable technologyis booming!Forecasters anticipate 62% of wearables will be designed with payment functionality by 2020. This article will tell you more about the topic and help you get easily approved for high risk credit card processing.

 

Double-Digit Growth Rate in Wearables

IDC predicts that worldwide shipments of wearable devices will account for 132.9 million in 2018. The so-called basic wristbands representing 35.9% and smart watches (32.8%) are expected to make up the largest shares. Shipments will reach 219.4 million in 2022. Their average annual growth rate will be 13.4%.

 

Smart watchesare expected to claim 38.3% of shipments in the upcoming 5 years. Wristbands, which are viewed as an inexpensive “starter wearable device,” will account for a 22% share.

 

Fitbit has recently introduced a wearable device designed specifically for children. Like the adult model, this one can track steps, active minutes, as well as the number of hours a child sleeps each night. The Fitbit is also going to push activity notifications for children ifthe device sensors find the user is sitting still for too long.

 

When it comes to the wearable categories that’re less registered these days, they’re forecast to represent a larger share of shipments by 2022. However, these categories won’t keep up with smart watches and the so-called popular basic watches by the same year.

 

As for earware and clothing, they’re anticipated to represent 6% and 5.3% shares, respectively. By the way, this year, they reached 3.1% and 2.1%. Connectivity can’t be overlooked in terms of sales. It’s going to drive smart-watch sales as well.

 

ABI Research predicts that global wearable device shipments will reach 500 million by 2021. Beyond that, it’s estimated that 20% of these devices will be “connected’ with a payment, transport or access control application.

 

Payment Growth: High RiskCredit Card Processing

Payments are on the rise around the globe. This is the result of the increasing adoption of contactless point-of-sale (POS) readers, growing comfort with using contactless cards, as well as the growing presence of near field communications (NFC) payments on mobile devices.

 

Mobile transactions account for 50% – 60%YoY growth. As for non-cash transactions, they’re being processed mostly through cards and witnessing a growth rate of 10%.By the way, payment transaction volume on wearables is expected to account for $501 billion by 2020, as Tractica reports.

 

What about the payment processing for your eCommerce company? To get easily approved for merchant services, including high risk credit card processing, it’s critical to work with a reputable payment processor.

 

With a respectable credit card processing company that provides merchant services to all types of merchants, you can enjoy secure and low costpayment processing solutions tailored to your own business needs.

 

It’s interesting to note that sales of at least some watches may be hampered by high price tags. Besides, some express concerns related to security of wearable devices. Specifically, such concerns have to do with the so-called distributed denial-of-service attacks that can make the Internet of Things networks shut down.