Analyst View: The Apple Watch m-payment opportunity

Date: Fri, 03/20/2015 - 16:56 Source: By Eden Zoller, Ovum

If anyone can create a buzz around a new product then it is Apple but when it comes to smart watches it will have its work cut out.  In Ovum’s 2014 Consumer Insights survey only 15% of respondents said they had any plans to buy a smart watch in the next six to 24 months
Analyst View: The Apple Watch m-payment opportunity

Eden Zoller, Ovum

Image credited to Ovum

Apple will have to change this mind set if it wants the Apple Watch to be successful, and next to beautiful design, clever applications will be a critical means to achieve this. Apple Pay is intended to figure in this equation, but although the m-payment application appears to be enjoying early success on the iPhone 6, it will not necessarily follow the same trajectory on the Apple Watch.

The prospect of wearables, smart watches or otherwise, becoming a mainstream platform for m-commerce is debatable. The most immediate problem is lack of scale, not helped by steep price points and a perception among consumers that wearables are still novelty products.  Wearables are a challenging environment for developers as the market is fragmented, while wearables present completely new form factors and usage scenarios.  Wearable devices will ultimately have a more narrowly defined m-commerce remit than smartphones and tablets, and be best suited to  lower value “tap and go” mobile proximity payments, for example in  travel and transit.

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