To help us direct you question to the best team to provide an answer please select which option best descibes you.
Over half of consumers would use voice to pay for low value goods
Jul 23, 2019
Acceptance of voice activation for shopping grows as smart speakers increase in popularity
LONDON – Over half of consumers (57 percent) would use voice-activated technology, such as Amazon’s Alexa, to pay for low-value goods and services according to new research commissioned by Paysafe Group (Paysafe), a leading global payments provider. The research also found that one in ten (11 percent) have used voice to confirm their identity when purchasing goods online.
Furthermore, over half (53 percent) 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 percent) further said 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 percent) still feel most comfortable if a password is included in the process.
But while the acceptance of voice in payment scenarios is clearly increasing, consumers are still in two minds about making larger purchases and the security of voice technology. For example, only 18 percent would be happy to pay for a vacation or book flights using voice recognition. From a security perspective, just over a third (37 percent) trust that their financial information is secure when using voice activated technology and nearly half (45 percent) said they don’t want companies having access to their personal biometric details.
The research, Lost in Transaction: 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, Danny Chazonoff, COO, Paysafe Group, said: “The age of voice has well and truly arrived with the advent of affordable and highly functional smart speakers in the home. 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.”
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.”
Consumers were asked to state how comfortable they would be ordering and paying in the following contexts using a voice-activated system like Alexa:
Sign up for a subscription e.g. Netflix: 45%
Pay for an entertainment service e.g. a movie: 47%
Make a recurring payment e.g. utilities: 44%
Make a one-off payment or transfer e.g. clothing: 44%
Order and pay for groceries: 39%
To read the full research report, please visit https://www.paysafe.com/lost-in-transaction-the-end-of-risk/
Additional statistics on voice authorisation (both smartphone and smart device):
Question: For which of the following would you be happy to use voice recognition (i.e. no password) to authorise a payment, whether this is on your smartphone or smart home device
Buy or order lunch: 35%
Shop for food and groceries: 31%
Book/Pay for a taxi: 29%
Buy tickets for public transport: 25%
Buy tickets for sports, cinema and other events: 25%
Buy clothing and fashion accessories: 24%
Buy bulk household items e.g. toilet paper: 23%
Buy Christmas or birthday gifts: 22%
Book flights: 18%
Pay for holidays/vacation: 18%
General business purchases: 17%
Buy furniture or domestic appliances: 17%
None of these: 33%
About Lost in Transaction 2019
Lost in Transaction: The end of risk? is an independent research project commissioned by Paysafe and supported by London-based agency Loudhouse in Q2 2019. The research was completed among 6,197 consumers from the US, UK, Canada, Germany, Austria and Bulgaria. Respondents came from six different age groups and a variety of different professions.
About Paysafe Group
Paysafe Group (Paysafe) is a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, card issuing and online cash solutions.
With over 20 years of online payment experience, an annualized transactional volume of over US $85 billion, and approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.
Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Visit us at www.paysafe.com
Follow Paysafe on Twitter / LinkedIn / Google + / stories.paysafe.com
For media enquiries, please contact:
Director of Corporate Communications, Europe and Asia, Paysafe Group
E: Anna.Howard@paysafe.com M: +447585 967772