RESTON, Va.–Consumers continue to show increasing comfort with smart payments, but are also indicating growing worries over security concerns, a new survey shows.
The Consumers Confirm Smart Payments Adoption from Transaction Network Services report evaluates U.S., U.K. and Australian consumer experiences and attitudes toward smart payment technologies on Internet of Thing (IoT)-based devices, including voice assistants, Wi-Fi refrigerators and connected cars.
The report “reveals that an impressive 26% of respondents own a voice assistant and 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.
TNS said that while the figures show the promise of alternative integrated IoT-based payment methods, it’s also important to note that 74% said that security concerns would stop them from making a payment via a voice assistant.
8-Billion Digital Assistants
“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,” said Bill Versen, chief product officer with TNS.
TNS added it is estimated there will be eight-billion digital voice assistants in use by 2023. If these estimates prove correct, then the market for payments made by voice could be over two-billion users, the company forecast.
“Our conclusion for the industry is that companies need to implement strong security protocols and communicate these measures to consumers to mitigate their concerns,” added Versen.
Other Report Findings
TNS’ report also highlights:
- 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 making payments via Wi-Fi-enabled devices made their lives easier
- Residents of the U.S. are 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.