No need to carry cash, cards or smartphones when exercising make new payments-enabled wearables a popular option for Singaporeans
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.1
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 (NYSE:V) & Fitbit (NYSE: FIT) 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 excercising.2
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.3
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.4
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.5
“At Visa, we are constantly looking for ways to drive greater adoption of digital payments – from mobile wallets and QR payments to fitness trackers and smartwatches. Our partnership with Fitbit to enable the payment functionality through Visa Token Service on the Ionic smartwatch is another initiative to bring the benefits of contactless payment to everyone and fulfil the cashless society vision for Singapore. Consumers who lead an active lifestyle can now rely on their wearables without the inconvenience or worry of carrying cash during their fitness routines”, said Ms. Ooi Huey Tyng (Tyng), Visa Country Manager for Singapore and Brunei.
Pay on the go
“We are excited to partner with Visa as a payment partner in Singapore and Asia. Based on the survey findings, 46 per cent of respondents often find themselves in daily life situations where they cannot make any purchase as they are not carrying any payment option. With the launch of Fitbit Ionic, Visa customers will now be able to experience the convenience of cashless payments from their wrist, while also keeping track of their personal health and wellness,” said, Steve Morley, VP and GM APAC Fitbit.
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.6
1 Visa & FitbitExercise & Payments Survey was conducted by YouGov in October 2017 on 1,031 Singaporeans aged 18-55 years of age to find out what are the various modes of payments they carry when they exercise and the reasons for their preference of payments.
2 Visa & Fitbit Exercise & Payments Survey
3 Visa & Fitbit Exercise & Payments Survey
4 Visa & Fitbit Exercise & Payments Survey
5 Visa & Fitbit Exercise & Payments Survey
6 Visa & Fitbit Exercise & Payments Survey
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.sg.