IoT payments adoption threatened by consumer security fears, TNS shows

Wednesday 17 April 2019 13:09 CET | News

A Transaction Network Services (TNS) report has revealed the growth of the adoption of smart IoT device payments, but also security concerns among consumers.

The report, Consumers Confirm Smart Payments Adoption, evaluates the US, UK 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. It reveals that 26% of respondents that own 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. However, 74% said that security concerns would stop them from making a payment via a voice assistant.

Other key findings of the report:

  • 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 US is the most eager to own a connected car with payments capabilities, if the car is not too expensive;

  • in the UK, two in three adults aged 16 to 24 would be willing to make a payment via a Wi-Fi refrigerator;

  • security concerns are the highest in Australia.

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Keywords: IOT, payments adoption, security, TNS, Transaction Network Services, voice assistant, US, UK, Australia
Countries: World