Visa study: consumers who own wearables buy more

The “How We Will Pay” survey was conducted among a panel of approximately 2,600 adult users ages 18 and older within the United States by PYMNTS on behalf of Visa from April- May 2017.

The study finds the majority of consumers want their wearables to allow them to make everyday purchases, in a safe and seamless way. New wearables, like the Fitbit Ionic, address some of the priorities and concerns identified by survey respondents – including safety/security concerns, reducing friction when making a purchase and providing a way to pay without carrying a wallet.

“How We Will Pay” Wearables Survey Data

. Consumers who own wearables buy more: The study showed wearables owners buy more things than the average consumer in all product categories, ranging from apparel and food to personal care products and more.

. Wearable and non-wearable owners prefer to go cashless: More than 60 percent of all respondents – wearables owners and non-wearables owners – preferred cards and digital payments over cash.

. Wearables improve personal productivity: More than 85 percent reported that wearables help save time and improve efficiency. The seamless payments made possible by the Fitbit Ionic may reduce friction for the active Fitbit consumers when they are making a payment.

. Security and theft are two major concerns for wearable device owners: More than 70 percent of wearable owning respondents reported that they worry about data privacy and theft. Visa Token Service provides a safer and more secure way to pay, addressing this concern for Fitbit Ionic users.

Visa Enables On the Go Payments With the New Fitbit Ionic

Visa announced it is enabling Visa payments on Fitbit’s first smartwatch – Fitbit Ionic™. Eligible cardholders of participating banks will be able to make payments with Fitbit Pay™, Fitbit’s new payment function, when available.

To make Visa purchases using the Fitbit Ionic device, users simply load an eligible Visa credit or debit card on the Fitbit companion app and hold the smartwatch near an NFC-enabled terminal for a simple and secure way to make purchases on the go.

Fitbit Pay provides secure payments through the Visa Token Service. Tokenization is a payment security technology that replaces card account information, such as account numbers and expiration dates, with a unique digital identifier (“token”) that is used for payment without exposing a cardholder’s more sensitive account information. Active accountholders can leave their wallet at home and pay with a touch of their wrist.

Source: Visa Inc.