Daily Archives: 25/07/2019

“Payments via voice tech on rise but consumers reluctant to make ‘big ticket’ purchases” reports Paysafe

According to new research commissioned by the Paysafe Group, over half of consumers (57%) questioned would use voice-activated technology, such as Amazon’s Alexa, to pay for low-value goods and services. The research also found that one-in-ten (11%) have used voice to confirm their identity when purchasing goods online.

Furthermore, over half (53%) of consumers believe that using voice-activated technology is quicker and more convenient than traditional payment methods, suggesting an increasing acceptance of voice-activated systems in consumers’ lives.

Nearly two-thirds (62%) suggested that a greater choice of verification methods, such as voice and fingerprint, make them feel more secure about making payments online, although most consumers (81%) still feel most comfortable if a password’s included somewhere in the process. 

While the acceptance of voice in payment scenarios is clearly increasing, consumers are still in two minds about making larger purchases and, indeed, the security of voice technology in general. For example, only 18% would be happy to pay for a holiday or book flights using voice recognition. From a security perspective, just over a third (37%) trust that their financial information is secure when using voice-activated technology and nearly half (45%) said they don’t want companies having access to their personal biometric details.

VoicePayments

The research report, entitled ‘Lost in Translation: The End of Risk?’, explores consumer attitudes to biometrics prior to the roll-out of Strong Customer Authentication later this year. The annual study tracks changing views on payments globally.

Commenting on the research results, Danny Chazonoff (COO at the Paysafe Group) said: “The age of voice has well and truly arrived with the advent of affordable and highly functional smart speakers. As consumers become more comfortable using voice to access services, it’s only a matter of time before ordering goods and making payments by voice enters the mainstream both via smart devices and mobile.”

Chazonoff continued: “Understandably with a nascent tech like voice activation, consumers are still apprehensive about security. Our research indicates that consumers are likely to start experimenting with low-value shopping and services, but this will inevitably change as people become more comfortable using voice. Once a user base is established, it can take a couple of years before we see a rapid increase in usage.”

*To read the full research report visit https://www.paysafe.com/lost-in-transaction-the-end-of-risk/

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