New TNS Report Shows Significant Smart IoT Device Payments Adoption Threatened by Consumer Security Fears

RESTON, Va.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/IoT?src=hash” target=”_blank”gt;#IoTlt;/agt;–A new Transaction
Network Services
(TNS) report which surveys consumer attitudes
toward smart payments has confirmed that adoption of this technology
shows substantial growth, but consumers have significant security
concerns.

TNS’ Consumers Confirm Smart Payments Adoption* report
evaluates US, UK and Australian consumer experiences with 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
an impressive 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.

While these figures show the promise of alternative integrated IoT
based payment methods
, it’s also important to note that 74% said
that security concerns would stop them from making a payment via a voice
assistant.

Bill Versen, Chief Product Officer for TNS,
notes, “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.”

It is estimated** that there will be eight billion digital voice
assistants in use by 2023. If these estimates prove correct, then the
market for payments made by voice could be over two billion users.

Versen added, “Our conclusion for the industry is that companies need to
implement strong security protocols and communicate these measures to
consumers to mitigate their concerns. To address this, TNS provides a
managed tokenization service which allows merchants to provide secure
provisioning and payment of consumer accounts for mobile and in-vehicle
applications. More than three million connected cars are currently
using, and benefiting from, our secure payment technology.”

TNS’ report also highlights:

  • 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; and
  • Security concerns are highest in Australia.

The report is available to download by clicking
here
or emailing solutions@tnsi.com.

Founded in 1990, TNS is a trusted partner to the payments industry and
offers a broad portfolio of solutions, including secure and resilient
transaction delivery services that are used by many of the top banks,
transaction processors and ATM deployers around the world.

The organization has secured a strong payments heritage, providing
services across Europe, the Americas and the Asia Pacific regions. TNS
is a Level 1 PCI DSS certified service provider and a global board
member of the ATM Industry Association (ATMIA).
TNS’ secure network is supported 24x7x365 by multiple Network Operating
Centers around the world. For more information about TNS, please visit www.tnsi.com.

ENDS

*KANTAR commissioned a survey on behalf of Transaction Network
Services. The survey interviewed 1,050 US adults, 1,022 Australian
adults and 1,046 UK adults. The survey was conducted by online
self-completion interviews between 17
th – 21st
January 2019 by Kantar. The survey is designed to be nationally
representative of adults interviewed per country. The surveys use a
quota sample based on age interlocked within gender and a regional
quota. Post fieldwork correctional weighting within age, gender and
region has been used to ensure the representativeness of the survey.

**Juniper Research https://www.juniperresearch.com/press/press-releases/digital-voice-assistants-in-use-to-triple

About Transaction Network Services:

Transaction Network Services (TNS) is a leading global provider of data
communications and interoperability solutions. TNS offers a broad range
of networks and innovative value-added services which enable
transactions and the exchange of information in diverse industries such
as retail, banking, payment processing, telecommunications and the
financial markets.

Founded in 1990 in the United States, TNS has grown steadily and now
provides services in over 60 countries across the Americas, Europe and
the Asia Pacific region, with our reach extending to many more. TNS has
designed and implemented multiple data networks which support a variety
of widely accepted communications protocols and are designed to be
scalable and accessible by multiple methods.

Contacts

TNS
E: pr@tnsi.com

Clare Cockroft
PR Director
T: +44 (0)114 292 0163

Rachel Watson
PR Manager
+1 703 814 8065

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