In a significant innovation in the field of digital payments, payment solution provider iWallet has launched the first voice AI payment system. This groundbreaking technology marks the official entry of the payment industry into the era of intelligent voice interaction.
The current payment industry still predominantly uses traditional technologies such as Interactive Voice Response (IVR) and Dual-Tone Multi-Frequency (DTMF), which not only provide a poor user experience but also face challenges regarding Payment Card Industry (PCI) compliance. Addressing this pain point, the voice AI system developed by iWallet not only ensures PCI compliance but also effectively reduces error rates and fraud risks by minimizing manual operations.
Jim Colchin, founder and CEO of iWallet, stated that the introduction of AI payment technology not only saves businesses significant operational costs but, more importantly, enhances user experience while ensuring PCI compliance, representing a major breakthrough over traditional automated payment systems.
Data shows that voice payment is gradually being accepted by more consumers. According to the "Global Digital Trends" report released by PYMNTS, currently, 17.9% of the population uses voice technology for shopping at least once a week. Cerence's Chief Revenue Officer, Christian Menz, pointed out that thanks to the latest AI models' advancements in context understanding and natural language processing, voice payment has evolved from simple information interaction to a more intelligent service experience.
Even more noteworthy is that recent research indicates that AI systems have gained the ability to control computer interfaces through natural interactions. As Clarity AI CEO Joan Palmiter Bajorek stated, this technology will fundamentally change the way humans interact with software.
As AI technology continues to advance, this innovative model of voice payment is expected to bring consumers a safer and more convenient payment experience in the future, driving the payment industry towards a new stage of intelligent development.