Commentary

80% Of Millennials Want To Pay Via Wearable During Exercise

The capabilities of wearables continue to evolve, but there’s one feature that may give a real boost to adoption of the devices.

That feature is the ability to pay for something via a wearable device, such as a smartwatch or fitness tracker.

The majority (60%) of consumers say they would be interested in using a contactless form of payment, like by a smartwatch, to pay for something while exercising, according to a new study.

For millennials, it’s even higher, with 80% interested in using a wearable device for paying while exercising. For baby boomers, that number is 38%.

The study comprised a survey of 1,000 adults in a representative sample of the U.S. population conducted by Wakefield Research for Visa.

Almost half (49%) of consumers say they have wanted to make a purchase immediately before or after exercising but could not because they didn’t have a form of payment with them. Even more (70%) millennials felt the same way.

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More than half (57%) of consumers say they have put a form of payment somewhere while exercising. Here’s where consumers put their form of payment while they exercise or work out:

  • 56% -- In a pocket
  • 32% -- In a sock or shoe
  • 24% -- Inside the waistband of pants or shorts
  • 24% -- In undergarments, such as underwear or bra
  • 18% -- Held it in their hand the entire time
  • 8% -- Put in in a hat

A third (33%) of millennials put their payment method in their undergarments, compared to 14% of baby boomers.

Most Americans (71%) carry some form of payment with them while exercising or working out but fewer than a third (28%) have it in a smartphone or wearable device.

That’s an opportunity for smartwatches and fitness trackers, since many of those exercising or working out already have that device literally on them.

 

 

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