“How We Will Pay”* study shows consumers who own wearables buy more,
prefer cashless purchases and view devices as eliminating buying friction
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 28, 2017--
Visa (NYSE:V) today announced it is enabling Visa payments on Fitbit’s
first smartwatch – Fitbit Ionic™. Eligible cardholders of participating
banks will be able to make payments with Fitbit Pay™, Fitbit’s new
payment function, when available. With Fitbit Pay, Visa and Fitbit are
meeting demand amongst the majority of wearable owners who, according to
the recent “How
We Will Pay” survey* by PYMNTS and Visa, see the opportunity for
wearables to improve the way they pay throughout their day with a more
secure and seamless cashless payment experience.
The continuous rise in mobile connectivity has led to the proliferation
of digital payments, with Visa helping to offer more ways to pay through
devices such as phones, watches and now fitness trackers with the new
Fitbit Ionic – no physical wallet required. To make Visa purchases using
the Fitbit Ionic device, users simply load an eligible Visa credit or
debit card on the Fitbit companion app and hold the smartwatch near an
NFC-enabled terminal for a simple and secure way to make purchases on
“Visa continues to focus on delivering the tools and technologies that
empower our partners to offer safe, secure and convenient payments to
consumers via connected devices,” said Jim McCarthy, executive vice
president of innovation and strategic partnerships at Visa Inc.
“Partnering with Fitbit on its new Fitbit Pay service is another step
forward in the growth of Internet of Things and shows how Visa is
enabling companies across the technology industry to help us all move
towards a cashless future.”
Fitbit Pay provides secure payments through the Visa Token Service.
Tokenization is a payment security technology that replaces card account
information, such as account numbers and expiration dates, with a unique
digital identifier (“token”) that is used for payment without exposing a
cardholder’s more sensitive account information. Active accountholders
can leave their wallet at home and pay with a touch of their wrist.
“We are proud to partner with Visa and offer the ability to pay on the
go with Fitbit Pay on Fitbit Ionic, offering more convenience for our
users to help them reach their health and fitness goals,” said Jon
Oakes, VP of Product Management at Fitbit. “Whether grabbing a smoothie
post-run or paying for a coffee while counting steps on a city tour, we
are delighted to give users the option to leave their wallet at home and
simply pay with their device. We are happy to be working with Visa to
give our customers what they want.”
“How We Will Pay” Wearables Survey Data
The “How We Will Pay” study* finds the majority of consumers want their
wearables to allow them to make everyday purchases, in a safe and
seamless way. New wearables, like the Fitbit Ionic, address some of the
priorities and concerns identified by survey respondents – including
safety/security concerns, reducing friction when making a purchase and
providing a way to pay without carrying a wallet.
Consumers who own wearables buy more: The study showed
wearables owners buy more things than the average consumer in all
product categories, ranging from apparel and food to personal care
products and more.
Wearable and non-wearable owners prefer to go cashless: More
than 60 percent of all respondents – wearables owners and
non-wearables owners – preferred cards and digital payments over cash.
Wearables improve personal productivity: More than 85 percent
reported that wearables help save time and improve efficiency. The
seamless payments made possible by the Fitbit Ionic may reduce
friction for the active Fitbit consumers when they are making a
Security and theft are two major concerns for wearable device
owners: More than 70 percent of wearable owning respondents
reported that they worry about data privacy and theft. Visa Token
Service provides a safer and more secure way to pay, addressing this
concern for Fitbit Ionic users.
For more information on Visa’s role in the Internet of Things and the
“How We Will Pay” survey results, please visit – www.visa.com
- and follow the conversation at @VisaNews.
*The “How We Will Pay” survey was conducted among a panel of
approximately 2,600 adult users ages 18 and older within the United
States by PYMNTS on behalf of Visa from April- May 2017
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit
usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170828005347/en/
Source: Visa Inc.
Katie Harris-Maines, 415-810-4930