Would you like to tap your arm on a payment terminal and finish all your shopping?
Or grab some water and a snack on a run without the need for cash or even a phone?!
Wearables such as the newly-launched Fitbit Ionic enabled by Visa Token Service will allow digitally-savvy consumers and fitness enthusiasts to pay on the go.
Singapore’s reputation as a smart nation of technology early-adopters has been reinforced, with 6 in 10 people saying they would be likely to use a payments-enabled wearable device such as the new Fitbit Ionic when exercising or on the move.
Convenience, ease of use and being able to run or exercise without carrying cash, payments cards or a smartphone are the key reasons Singaporeans would wear a payments-enabled wearable, according to a recent Visa & Fitbit Exercise & Payments Survey* conducted in Singapore in October.
As well, more than 80 per cent of respondents said they would be likely to use a payments-enabled wearable because they had been caught without cash, payment cards or their smartphone and unable to make a purchase after exercising.
The newly-launched Visa enabled Fitbit Ionic addresses this need as more consumers in Singapore can now embrace a cashless lifestyle using Fitbit Pay to match their active lifestyle. Eligible Visa cardholders of participating banks will be able to make payments with Fitbit Pay. Similar to contactless cards, the new payment-enabled smartwatch allows users to tap their smartwatch over a contactless payment terminal to pay for purchases.
Fitbit Pay provides secure payments through the Visa Token Service. Tokenisation 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.
Freedom from cash, cards and smartphones
According to the Visa & Fitbit Exercise & Payments Survey, 67 per cent of respondents carry some form of payment when they exercise. More than half (56 per cent) of respondents carry debit and credit cards while 47 per cent choose their smartphones or mobile wallets.
Half of the respondents (51 per cent) who do carry payment options while exercising keep them in their pockets while others carry a small pouch as they look for safer ways to keep their money.
A majority of respondents (71 per cent) indicated convenience as a key benefit for using wearables for payments. The new device enhances payment experiences for fitness enthusiasts by eliminating the inconvenience of carrying other payment methods during a workout.
Pay on the go
According to the survey, close to one in five respondents do not carry any modes of payments with them when exercising. The top three reasons include finding it cumbersome and uncomfortable, having no place to keep the various modes of payment and fear of losing their valuables.
Close to 50 per cent of respondents have also wanted to make payments after exercise but did not bring any cash or cards with them.