The wearables market hasn’t quite reached mainstream adoption, but we inch closer to that point as more manufacturers join the fray. And now it seems consumers are more than ready to embrace wearable technology, at least when it comes to making payments.
Despite the fact the number of wearables with payment capabilities is still quite low, a recent study by PayPal showed that 45% of Canadians believe its citizens are ready to embrace new methods of payments, including payments from wearable devices.
A total of 51% of those surveyed reported that they had heard of wearable technology, and an additional 16% confirmed they were aware of wearable technology once it was described to them.
Those interested in payments via wearables listed not having to carry a wallet or phone and having everything in one place as some of the benefits of paying with a device that is attached to your body. Not having to worry about losing the device and being hands-free also made the list.
Despite the apparent enthusiasm for new forms of payments (PayPal’s report mentions payments via internet-enabled wearables, cars, and fridges) of the 1,504 people surveyed, only 23% said they have used their phone to make purchases in store. That number rises to just 29% when asked if they’ve used their phone to buy something online while on the go.