Over a quarter (26%) of British shoppers expect to use contactless wearable payments according to Mastercard.
In the UK, contactless spend on Mastercard increased by 139% in the last year. According to the firm, this means that Brits are now more willing to explore new ways to pay.
In addition, concerns around fraud have dropped in the UK. According to the research, worries around fraud have fallen a staggering 31%.
Banks across Europe are working with Mastercard to deliver these wearable options. ABN AMRO has launched a new wearable device that is enabled to link with a current account in a pilot for 500 customers.
The Netherlands seems to be a perfect place for the trial as over 50% of payments in the Netherlands are contactless and 80% of terminals accept contactless payments.
In comparison, only 36% of all in-store payments in the UK are contactless.
Paolo Battiston, Executive Vice President Digital Payments & Labs Europe at Mastercard, said: “Europe leads the world in contactless payments and its overwhelming success has created a demand for even greater convenience. Shoppers’ trust in contactless is greater than ever, and in turn it seems they are ready to take this one stage further by trying contactless through connected devices. Pilots like the one we’re involved with in The Netherlands will empower consumers in the digital economy.”