Consumers are interested in paying for smart watches

According to GfK's survey, on average, only 35% of consumers in China, Germany, Korea, and the United Kingdom are interested in mobile payments using smart watches, and in-depth quantitative surveys have shown why consumers are hesitating to pay for mobile smart watches.

Most consumers think smart watches are useful for fitness and health monitoring. In Germany, only 20% of respondents are interested in mobile payments using smart watches, and consumers in South Korea (28%) and the United Kingdom (27%) are also hesitant about this function; however, US consumers are aware of smartwatches. The mobile payment function is very interesting, accounting for 40%.

In the survey, British respondents raised three major obstacles to mobile payment of smart watches: The primary concern was the security of mobile payment for smart watches; secondly, respondents considered this payment method to be less extensive than cash or bank cards. Payment is more time-consuming; in the end, smartwatch mobile payments are not superior to other payment methods.

Robert Wucher, Head of GfK Technology and Digital Solutions, commented that “Although mainstream technology companies have made smartwatches a major trend in the future, consumers are still not ready to accept this new product. Research shows that users do not fully understand wearables. All the features and applications provided by the equipment, while the supplier lacks a thorough understanding of consumer needs."