News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Consumers Open to IoT Payments, but Must Retain Control: Report

Consumers Open to IoT Payments, but Must Retain Control: Report

According to some estimates, the number of connected devices will grow from around 8 billion this year to around 50 billion globally by 2020. An increasing number, starting with our laptops, phones, game consoles and home assistants and moving to our cars, home appliances and more, will enable payments. Fully automatic payments via connected devices are still beyond most consumers’ comfort zones, however, according to a new report from e-commerce processor and acquirer Worldpay.

Nearly half of U.S. consumers (48 percent) said they would be comfortable with a connected device like a refrigerator ordering on their behalf. Of those, however, 62 percent said they would want to approve all purchases beforehand and 78 percent would want to be notified when such a transaction was made. So, while consumers are open to the next generation of online commerce, it’s important for companies offering these services to understand and allow for some level of consumer control, according to Casey Bullock, general manager of North America for Worldpay.

“Our research has found that there should always be a conscious ‘act of consent’; be that via a device notification, button push or a pre-set rule like a spending limit, being agreed in advance,” Bullock said. “The beauty of technology advancements means that there are many opportunities for virtual assistants and connected devices to make consumers’ lives easier. In the end, consumers need confidence that machines can be trusted to make the right decisions and keep their owners informed and in control.”

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