Two-thirds (66%) of UK consumers do not want to use a smartwatch app to make payments or purchase goods.
So finds newState of Financeresearch from experience management company Qualtrics, which examines financial technologies and payment preferences across the UK.
The finance-focused research, which surveyed more than 1,000 UK consumers, also found that 81% of those questioned say that they have never used a smartwatch to pay for items.
Although the debit card has overtaken cash as the preferred form of payment, Qualtrics’ research found that 97% of consumers still use cash at least some of the time. Surprisingly, over a third (36%) are still paying with cheques — almost double those who use wearables.
Commenting on these findings, Luke Williams, CX strategy lead at Qualtrics, believes: “While it’s great to see both retailers and financial institutions investing in new and innovative forms of payment, it appears that consumers are not yet ready to transition away from cards and cash. Financial institutions need to think carefully about what payment approaches work for their customers and the technologies that will meet consumer demands. There is no substitute for offering experiences that consumers want to engage with, and payments are no different. The key is not imposing technologies that you think consumers should use, but listening to customers and tailoring your approach to their individual needs.”