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Security Concerns Wearing Down Confidence in Paying With Wearables

A new study shows consumers love the option of using smartwatches for payments, but appear to be too concerned about security to use it.

Making payment using wearables. Making payment using wearables. (Source: Shutterstock)

Almost half of Americans are willing to make payments through their watches or other wearable devices, but security concerns are stopping most people from actually doing it, according to new research from payments technology company Transaction Network Services.

The company’s survey of 1,046 UK adults, 1,050 U.S. adults and 1,022 Australian adults found that 47% of Americans were willing to make a payment using a wearable device such as a ring or bracelet, but 64% said security concerns stopped them from actually using such devices to pay for items.

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