Transaction Trends

Voice payments are gaining in popularity among consumers despite ongoing concerns about their security, a new report from ETA member Paysafe has found. Over half (57 percent) of surveyed consumers would use voice-activated technology like a smart assistant to pay for low-value goods and services, the report found. And 53 percent of consumers believe that doing so is quicker and more convenient than traditional payment methods, the report said.

However, security concerns persist. Just over a third (37 percent) of consumers trust that their financial data is secure when using voice-activated technology and 45 percent say they don’t want companies to have access to their personal biometric information. Sixty-two percent said that a greater choice of verification methods, like voice and fingerprint, would make them feel more secure about making payments online generally. Most consumers still feel most comfortable using passwords, the report said.

“As consumers become more comfortable using voice to access services and control their home, it’s only a matter of time before ordering goods and making payments by voice enters the mainstream both via smart devices and mobile,” said Danny Chazonoff, COO of Paysafe Group, said in a press release. “Understandably with a nascent tech like voice activation, consumers are still apprehensive about security… 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.”

Certain use cases for voice technology are popular among consumers, the report found. Consumers were most open to use their voice to pay for entertainment services (47 percent) and when signing up for a subscription (45 percent). Recurring payments like utilities and one-off payments like clothing purchases were also popular at 44 percent each, and nearly four in ten said they were even open to using their voice for grocery orders and payments.

To read the full report, click here.