83% of consumers want connected payments

Consumers are demanding new IoT ways to pay for goods and services, according to a study by Visa.

Over 80% of consumers want to use a connected device to pay for things in a more efficient and less time-consuming manner.

Ultimately, this means an experience where someone can leave a store and pay for something without having to physically stop and pay for it.

Around 77% of respondents want their financial institution/bankcard network to enable IoT payments, while less than 30% of connected consumers trust the large technology enablers to provide such a solution.

The survey of 2,584 American shoppers who owned at least a smartphone, found that consumers own and use a variety of connected devices – on average, more than four. Over 60% of participants believe that buying and paying for things – both online and in a physical store – is inefficient, unproductive and time consuming, and could be improved.

44% said they would welcome seamless autopayments for products bought in a physical store – food, clothing, petrol etc.; however, the consumer still needs to have control over when it happens.