Consumers willing to make payments via voice assistant, but wary about security

New research from Transaction Network Services Inc. indicates that adoption of smart payments technology has grown substantially, but that consumers have significant security concerns about its use.

The report, entitled Consumers Confirm Smart Payments Adoption, summarizes research conducted in the U.S., the U.K. and Australia to gauge consumers' experiences with and attitudes toward smart payment technologies on IoT devices, including voice assistants, Wi-Fi refrigerators and connected cars.

According to a press release, TNS found that 26% of respondents who own a voice assistant have used it to make a payment; 57% would be willing to make a payment via connected car; and 45% would pay for groceries using a Wi-Fi refrigerator touchscreen or compatible application.

However, the research also found that 74% of respondents had security concerns that they said would stop them from making a payment via a voice assistant.

«Our survey clearly shows that consumers are buying into the latest payment technology, as adoption figures are high – especially among millennials and Generation Z – but the number reporting security fears is a concern,» TNS Chief Product Officer Bill Versen said in the release. «Our conclusion for the industry is that companies need to implement strong security protocols and communicate these measures to consumers to mitigate their concerns.»

Other findings from the report:

• Payments on IoT-based devices such as smartphones and tablets were popular with 53% of respondents, who said they had made one or more payments on a portable connected device in the last month.
• More than half 64% of respondents thought that making payments via Wi-Fi enabled devices made life easier.
• U.S. respondents were the most eager to own a connected car with payments capabilities, provided that the car was not too expensive.
• Security concerns were highest in Australia.

Download the full report.

Source: ATM Marketplace