A study by Mastercard found that consumers in Europe are increasingly embracing wearable devices for payments. According to the study, such transactions increased eightfold over the last year.

The growth was led by the Netherlands, which accounted for 33% of all wearable transactions this year.

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The UK reported 18% of such payments, Switzerland 8%, and Russia 7%.

Australia ranked at the top in terms of wearable payments across the globe while the US claimed the eight spot.

Other countries in the global top 10 list were from Europe.

Notably, the total number of European transactions was nearly 20 times more than in North America.

With the increase in demand for wearables, fashion brands are ramping up their game and launching high-end accessories in the space instead of only functional accessories, noted Mastercard.

At present, one in five adults was found having a smartwatch or fitness strap.

Mastercard predicts the wearable technology market to be valued at €30bn by next year.

The study also highlighted an increase in the adoption of contactless, with 61% of all European in-store payments now contactless. The figure is a 23% surge over last year.

Mastercard country manager of The Netherlands Arjan Bol said: “At Mastercard we envisage new ways of payments being adopted rapidly as consumers want faster and more convenient payments, as long as the provider is a trusted brand.

“It is remarkable to see how easily consumers switch to new innovative payment technologies, which fit into their digitally connected lifestyle. Wearables give people more convenience and ease of mind, while providing the required trust and security.”