GfK: data security and time investment are hurdles for smartwatch payments

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According to a GfK survey, only an average of 35% of consumers in China, Germany, South Korea and the UK are currently interested in mobile payment via smartwatch.

The majority of consumers above all consider new smartwatches to be useful for fitness and health monitoring, the study reveals. In Germany, only 20% of respondents were actively interested in their use for making payments. Consumers were also hesitant about this option in South Korea (28%) and the UK (27%). Enthusiasm was greater among consumers in the USA, with 40% of respondents expressing interest.

GfK_logo_RGB_sml imageIn a workshop on user behavior led by GfK experts, participants from the UK identified three significant barriers. One concern is that the security of payment via smartphone might not be adequate. In addition, respondents think that acceptance of the payment function is not yet sufficiently widespread and takes more time than cash or card payments. The added value versus other payment methods is also not apparent.

GfK head of technology and digital solutions Robert Wucher commented: “Although the smartwatch has been positioned as a major trend segment by all major technology companies, consumers are still rather reluctant to embrace this new product. Our studies to date have shown that users do not yet fully comprehend or are even averse to the wide range of application options offered by wearable devices. Providers are currently lacking a comprehensive understanding of the relevant user needs in order to respond with a corresponding strategy for that behavior.”

In August 2014, smartphone owners in China, Germany, South Korea, the United Kingdom and the USA were surveyed. In each country, there were 1,000 respondents of the online survey.

GfK’s expert workshop on user behavior was carried out with six participants from the UK in February 2015.

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