Digital Transactions Authoritative, insightful and timely information for payments professionals
Only 42% of consumers would consider or have already bought wearable technology. That’s one result from a Bank of America Corp. survey of more than 1,000 U.S. adults.
Wearables garner much attention because of their mobile-payments capabilities. These devices—mostly watches—enable consumers to make mobile payments without using a smart phone or payment card.
The BofA survey also found that younger consumers were more apt to consider wearable devices. Of those between 25 and 34 years old, 48% would consider or already have bought a wearable, and of those between 35 and 49 years old, the percentage is 47%. BofA did not provide the results for other age groups.
Javelin Strategy and Research forecasts that Apple Inc. alone will ship 15 million of its new Apple Watches within the next 10 months, according to an April report. Early adopters of the technology are younger, wealthier, and more active in digital banking and payments than consumers who own smart phones and tablets, the report says.
The BofA survey also asked about person-to-person payments. A majority of respondents—54%—say they would consider paying someone using a P2P service in a mobile-banking app.
