Americans favour connected devices for purchases
Thursday June 8 2017
More than 80% of Americans have a strong interest in using connected devices to make purchases
The study by Visa and PYMNTS.com also found that 75% of consumers have at least one connected device, in addition to their smartphones, computers or tablets. 83% recognise those devices as saving time and reducing friction when making purchases - subsequently creating an unattended checkout experience, regardless of device or platform.
This seamless purchase experience is of interest to all respondents, with auto-pay at the pump and in-store topping the list at 40%.
Connected consumers makes more purchases across more product categories than those with just one connected device, with apparel and footwear leading the way.
The study also showed that as speed and convenience continue to drive adoption of connected devices, consumers still place high value on trust and security. Importantly, the more connected a consumer is the greater their concern is about their financial safety. When asked, more than 75% of respondents cited ‘data privacy,’ while 69% cited ‘order verification and accuracy.’
Respondents also place a greater trust in banks and networks to enable payment via connected devices. Over 65% cited card issuers and bankcard networks as the institutions they trust most to enable those experiences, over retail channels, social networks and mobile device manufacturers.
“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.”