IoT Devices to Become Common Financial Transaction Methods - eMarketer
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IoT Devices to Become Common Financial Transaction Methods

Internet of things (IoT) devices are garnering the attention of many marketers and consumers. While they may have different purposes, a December 2015 survey found that these devices may become common financial transaction methods, particularly wearables.

Timeframe in Which Select Internet of Things (IoT) Devices Will Become Common Financial Transaction Methods According to Banking/Insurance Executives Worldwide, Dec 2015 (% of respondents)

Cognizant, Marketforce and Pegasystems surveyed 500 senior banking and insurance executives. Some 20.4% of respondents said that wearables will become common financial transaction methods within a year. Over a third (38.9%) of respondents said that it will happen within two years, 31.8% said it will happen within five years and 7.0% said it will happen in 10 years. Only 1.9% of banking and insurance executives said that wearables will never become common financial transaction methods.

Respondents also felt that smart TVs will become common financial transaction methods. For example, 12.1% of banking and insurance executives said that these IoT devices will become common financial transaction methods within a year. Some 39.5% said it will happen within two years and only 6.4% said that it will never happen.

Connected white goods and smart-home controllers and connected cars will also become common financial transaction methods. But almost half of respondents feel that it will happen within five years.

Barriers to Purchasing Internet of Things (IoT) Devices and Services According to Internet Users Worldwide, Nov 2015 (% of respondents)

While the IoT has a wide-ranging impact across many categories, from healthcare to travel, cost may be stopping consumers from buying devices.

Indeed, November 2015 research from Accenture found that nearly two-thirds of internet users worldwide said that one of the barriers to purchasing IoT devices and services were the fact that they are too expensive.

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