Fitbit Pay launches in the UK
Payments have evolved significantly in recent years, most notably with the proliferation of contactless payment methods which have increased
It is no wonder therefore, that the next step in the progression of payments will be with wearable devices, and the launch of Fitbit Pay represents this movement. As with the contactless card, we expect wearable payments to become an increasingly important feature in the British payments landscape as more consumers become accustomed to them.
An attractive benefit of using wearables for payments is that a wearable device can hold multiple cards, alongside a growing number of NFC enabled loyalty cards, Tesco for instance has just relaunched their Clubcard with NFC incorporated. Consumers therefore need only use one device, which is both convenient and can be more secure as you can lock the wearable. From a banks perspective, they may find Fitbit payments interesting as a platform for payments as it is not uniquely tied to a phone platform such as Apple or Android, and therefore it may be more enticing to consumers that are not wedded to one phone platform. In addition, Fitbit is also a brand more clearly defined on the already large and rapidly growing health and lifestyle market which will attract certain consumers over the more generalist Apple and Android devices.Fitbit is also a brand more clearly defined on the already large and rapidly growing health and lifestyle market which will attract certain consumers over the more generalist Apple and Android devices – and most consumers typically only choose one smart watch.
The success of contactless payments so far shows consumers are quick to adopt new payments solutions that focus heavily on improving the consumer experience, and the same can be expected for wearable payments. However, because consumer experience can cover many aspects including convenience, security, speed and ubiquity, it’s vital that providers put in place ways to improve the experience over current solutions. If future payment solutions do not address all of these areas – which are fast-becoming a customer expectation – then they are unlikely to be successful.