Security concerns wearing down confidence in paying with wearables
A new study shows consumers love the option of using smartwatches for payments, but appear to be too concerned about security to use it.
Almost half of Americans are willing to make payments through their watches or other wearable devices, but security concerns are stopping most people from actually doing it, according to new research from payments technology company Transaction Network Services.
The company’s survey of 1,046 UK adults, 1,050 U.S. adults and 1,022 Australian adults found that 47% of Americans were willing to make a payment using a wearable device such as a ring or bracelet, but 64% said security concerns stopped them from actually using such devices to pay for items.
“Living in the era of the cybercriminal and regular news reports concerning data breaches, it is not surprising to find that consumers exhibit security fears related to wearables,” TNS said. “While no unscrupulous activity related to payments made via wearable devices has yet been exposed at the time this report goes to press, the growth of this promising market segment could be irrevocably damaged if fraud was to occur.”
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