How Much Is In Your Wallet, How Do You Want To Part With It, And How Fast?

A study, titled “How We Will Pay”, delivered at the recent WIRED Business Conference and sponsored by Visa, claims more than 805 of Americans want to use connected devices to make purchases. Of course, the study mentions that segment is concerned with security.

 

At this time, there exist quite a few ways to make purchases and parting with one’s money seems to be the easiest part. Online shopping has been around for quite some time and becomes more popular with each passing Black Friday. Obviously, one could use just about any internet-connected device, i.e., laptop, tablet, smartphone, etc., to make purchases.

 

The new kids on the block are voice-enabled systems and wearables. Users are claiming these now commonplace devices are enabling frictionless payment when shopping on line. They also claim they save time, freeing up more time to further detach themselves from society and walk into each other while texting.

 

The study finds 75% of consumers have at least one connected device and 83% claim those devices save time and reduce friction when making purchases. As a result, this creates an unattended checkout experience, regardless of device or platform, i.e., no human interaction required. 

 

Connected device purchases are increasing, as per the study, and consumers with more connected devices make more purchases. Additionally, 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 finds 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. 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.

 

Based on the results of the study, one might conclude retailers should not waste their resources on advertising. Just flood the population with complementary connected devices, sit back, and just watch those orders come flying in. For details, download a copy of the study by CLICKING HERE. ~MD

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