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  • American and Chinese Consumers Interested in Smartwatch-Based Digital Wallets

    According to recently released survey data, smartwatch-based digital wallets are being look forward to by American and Chinese consumers while facing an uphill battle in Europe where consumers look to such devices with suspicion. Roughly 20% of German consumers and 27% of their UK counterparts are interested in using a contactless payment system built into a smartwatch. The data shows that the numbers in China for the same technology are at 54% and US consumers are at 40%.

    It should be noted that the numbers come from interviews with 1,000 smartphone owners each in China, Germany, South Korea, the UK and the US conducted by a German market research firm, GfK. One of the more surprising results included the fact that South Korea lagged behind with only 27% of consumers showing interest in the technology.

    Although there isn’t any specific reason given for the difference, it’s possible that the existence of established digital pay systems plays a big role. Credit card-based contactless payments have been very popular in Europe and South Korea for quite some time where consumers are given the ability to take advantage of similar systems which are built into phones and even SIM cards. On the other hand, countries such as China and the US lack contactless payment solutions that are on a large scale. NFC systems that have been seen in other parts of the world seemed to have failed to gain wide adoption. As a result, consumers in the two country appear to be more excited and accepting of Apple’s NFC-based payment system, Apple Pay.

    Apple Pay is expected to roll out in the US as soon as this week. Europeans are likely to gain access next year while China is likely to follow considering details of an agreement between Apple and China’s UnionPay were revealed previously.

    Other uses for smartwatch-based digital wallets include storing health and identification data. The data revealed that 70% of Chinese consumers, 50% of Americans and 43% of South Koreans surveyed mentioned that they would be interested in storing health data in such a service. When it came to storing identification data, Chinese consumers once again led the path with 57% answering that they store identification data on their smart watches. The US came in second with 41% followed by the South Korea, the UK and Germany at 33%, 28% and 20% respectively.

    Ultimately we’ll have to wait and see what demand is like once the Apple Watch is made available. How about you? Do you see yourself using Apple’s mobile payment solution via a smartwatch once it is released?

    Source: GfK via AppleInsider
    This article was originally published in forum thread: American and Chinese Consumers Interested in Smartwatch-Based Digital Wallets started by Akshay Masand View original post
    Comments 6 Comments
    1. novadam's Avatar
      novadam -
      not this American.
    1. PaKi619's Avatar
      PaKi619 -
      my local Walmart already replaced their card machines at checkout that does not have nfc support. lol.
    1. bmwraw8482's Avatar
      bmwraw8482 -
      I keep seeing payment terminals that say tap phone or swipe card. I can't wait to be able to actually do the former
    1. buggsy2's Avatar
      buggsy2 -
      Quote Originally Posted by PaKi619 View Post
      my local Walmart already replaced their card machines at checkout that does not have nfc support. lol.
      I doubt many Walmart shoppers own iPhone 6's.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      It's amazing though... All my local homeless people seem to have them.
    1. blckceaser's Avatar
      blckceaser -
      Quote Originally Posted by buggsy2 View Post
      I doubt many Walmart shoppers own iPhone 6's.
      You'll be surprised. In this little town of Greenville, ms 85% of the population own the new iPhone 6 or 6+. Our population is no more than 56,000