IoT adoption ‘threatened by security concerns’

A quarter of people who own a voice assistant have used it to make a payment, with 57 per cent willing to make a payment via a connected car and 45 per cent would pay for groceries via a Wi-Fi refrigerator touchscreen or compatible application.

This is according to a Transaction Network Services (TNS) commissioned survey of 1,046 UK adults, 1,050 US adults and 1,022 Australian adults in January, which also revealed that 74 per cent said that security concerns would stop them from making a payment via a voice assistant.

Payments on other Internet of Things (IoT) devices, such as smartphones and tablets, are popular with 53 per cent of respondents confirming they have made one or more payments on a portable connected device in the last month.

The US was found to be the most eager to own a connected car with payments capabilities, while in the UK, two in three adults aged 16 to 24 would be willing to make a payment via a Wi-Fi connected refrigerator.

Bill Versen, chief product officer for TNS, said: “Our survey clearly shows that consumers are buying into the latest payment technology as adoption figures are high especially among Millennials and Generation Z, but the number reporting security fears is a concern.”

“Our conclusion for the industry is that companies need to implement strong security protocols and communicate these measures to consumers to mitigate their concerns,” he concluded.

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