Today In Data

Today In Data: Consumers’ Demand For New IoT Payment Methods

Taking the temperature of consumer attitudes to help determine what’s next or how to best approach situations is something that’s often done by companies.

One of the hot topics that has seen an uptick in researcher interest over the past few years has been connected technologies and how they’re influencing both consumer perceptions and actions.

Serving as a barometer to consumers’ feelings toward connected devices, Visa partnered with PYMNTS to conduct a research study on the topic.

Here are the numbers:

2,584 | Number of U.S. consumers surveyed who own at minimum a smartphone

6 million | Number of data points analyzed in this research project

75 percent | Percentage of consumers who own more than one connected device

23 percent | Percentage of early adopters of any connected device and who own six or more IoT items

83 percent | Percentage of consumers interested in using connected devices to speed up the shopping experience

44 percent | Percentage of consumers interested in some level of autopay options

76 percent | Percentage of consumers who expressed concern over data privacy

66 percent | Percentage of consumers who believe connected devices can help in friction buying areas

38 percent | Percentage of consumers who think the smartphone has the capability for seamless payments

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Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

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