News

Voice assistant payments rising despite security concerns

April 29, 2019

More consumers are adopting voice-assisted payments, but many have security concerns about the technology, according a survey by TNS Inc. 

The TNS "Consumers Confirm Smart Payments Adoption" report, which evaluates U.S., U.K. and Australian consumer experiences with and attitudes toward smart payment technologies, found that 26% of respondents that owned a voice assistant have used it to make a payment, 57% would be willing to make a payment via a connected car if they owned one, and 45% would pay for groceries via a Wi-Fi refrigerator touchscreen or compatible application. 

While these figures show the promise of alternative integrated IoT based payment methods, 74% of respondents said that security concerns 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," Bill Versen, chief product officer at TNS, said in a press release.

If estimates that 8 billion digital voice assistants will be in use by 2023 are correct, the market for payments made by voice could be over 2 billion users. 

"Our conclusion for the industry is that companies need to implement strong security protocols and communicate these measures to consumers to mitigate their concerns," Versen said. 

TNS' report highlights include:

• Payments on other IoT-based devices, such as smartphones and tablets, are popular with 53% of respondents confirming they have made one or more payments on a portable connected device in the last month.
• 64% felt that making payments via Wi-Fi enabled devices made their lives easier.
• The U.S. is the most eager to own a connected car with payments capabilities, if the car is not too expensive.
• In the U.K., two in three adults aged 16 to 24 would be willing to make a payment via a Wi-Fi refrigerator.
• Security concerns are highest in Australia.