Interest in Mobile Payments on the Rise - Other News

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Credit Card Applications » News » Other » Interest in Mobile Payments on the Rise

Interest in Mobile Payments on the Rise

Consumer interest in using connected devices outfitted with payment technology is growing in a market where voice-controlled assistants and wearable devices are becoming part of the cultural landscape, according to a new study by Visa.

They found that more people are interested in using their devices to buy everything from gas and clothing to pizza and lattes because it is easy, saves time and streamlines their everyday lives. Yet they are also concerned about keeping their data safe.

The “How We Will Pay” study was released during the WIRED Business Conference, where Visa brought over a dozen new partners into their token service provider program to help them expand into the Internet of Things (IoT) era.

“The category of payment-enabled devices is still in very early days, yet this research shows just how much consumer interest and understanding is starting to build for what these experiences can offer,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc.

“As we work with our banking partners to make it easier to put payment credentials onto devices, a few new consumer use cases will inevitably breakthrough and start to really change the game,” he said.

Upswing in buying

The phase “connected devices” means more than smartphones and tablets, and includes everything from smartwatches to activity trackers. In the study, 75% of people indicated that in addition to having smartphones, computers or tablets on hand, they also use at the very least one other kind of device. And 83% say that these devices make paying easier and saving them time in the process.

What kinds of purchases are the most popular? If you’re thinking it could be ones that involve using auto pay you would be right, with auto pay at the gas station and at stores on top of the list for 40% of respondents.

Devices, devices, devices

What devices are hot with consumers? People in the study reported owning 4.4 connected devices (avg.), which include:

  • Game consoles (47%)
  • Activity trackers (41%)
  • Smartwatches (15%)
  • Voice-controlled assistants (14%)
  • Connected thermostats (9%)
  • Virtual reality headsets (7%)

The more connected devices consumers own, the more likely they are to use them to buy something they want or need using payment technology integrated into the device.

Yet they are also worried about keeping their data safe, with 75% indicating that they are concerned about their data privacy, and for 69% verification and accuracy is their top concern.

The “How We Will Pay” was carried out in May of 2017 by PYMNTS.com. They spoke 2,600 adult smartphone users living in the United States.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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