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|Visa Study: IoT and Things Paying for Things are Driving the Future of Commerce|
More Spending, Across More Devices, in Less Time
As the use of voice-controlled assistants and wearable devices become more commonplace, consumers are citing adoption benefits such as saving time, more frictionless payments, and efficiency with day-to-day tasks. With benefits such as these, it is no wonder that the number of connected devices has increased to 4.4 devices per person on average in the age of the IoT.
The study found that 75 percent of consumers have at least one connected device, in addition to their smartphones, computers or tablets. 83 percent recognize 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 percent.
“How We Will Pay” Study Fast Facts
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 percent of respondents cited ‘data privacy,’ while 69 percent cited ‘order verification and accuracy.’
Respondents also place a greater trust in banks and networks to enable payment via connected devices. Over 65 percent 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
About the Study
As part of the “How We Will Pay” study, consumers responded to a variety of questions that defined specific behavioral patterns, buying habits and shopping preferences related to connected commerce. The study outlines a clear picture of five distinct user personas based on age, geography, purchasing preferences and connectivity levels, providing in-depth of analysis of each group. A detailed analysis of the personas, which range from The Super Connected, who own the most number of connected devices, to the Smartphone Centric, who rely only on their mobile phones, are listed in the full report.
The study was conducted among a panel of approximately 2,600 adult
smartphone users ages 18 and older within the United States by
PYMNTS.com on behalf of Visa in
PYMNTS.com is reinventing the way in which companies share relevant information about the initiatives that shape the future of payments and commerce and make news. This powerful B2B platform is the #1 site for the payments industry by traffic and the premier source of information about “What’s Next” in payments and commerce. C-suite executives, company founders and investors turn to it daily for these insights, making the PYMNTS.com audience the most valuable in the industry. It provides an interactive platform for companies to demonstrate thought leadership, popularize products and, most importantly, capture the mindshare of global decision-makers. It’s where the best minds and best content meet on the web.