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September 27, 2017
Sept. 27, 2017 – CHICAGO — As the prevalence of the Internet of Things (IoT) and connected devices continues to affect a growing number of industries, the mindset of U.S. consumers towards these new innovations is evolving. New research from Worldpay, a leader in global payments, reveals more consumers are ready to embrace the automation and convenience delivered by IoT technologies. From chatbots and virtual assistants to connected devices, the interest and opportunity is there, but there is still work to be done in ensuring consumers see value in these new IoT experiences.
In their new Connected Consumer research, Worldpay examined the opinions of 20,102 consumers across 10 markets related to IoT, connected devices and the use of payments via the technology. In the U.S. specifically, nearly half of consumers (48%) said they would feel comfortable with a connected device, such as a refrigerator, ordering items on their behalf. However, 62% would want to approve all purchases beforehand and 78% would prefer to be notified before the order is placed.
The data study highlights openness to IoT amongst U.S. consumers, but the need for reassurance when it comes to important factors, such as payments and security.
Casey Bullock, General Manager for North America at Worldpay said: “No matter if done by a human or machine, it is vital for consumers to remain in control when they’re delegating payment tasks. 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.
“The beauty of technology advancements means that there are many opportunities for virtual assistants and connected devices to make consumers lives easier. If machines can offer consumers a ‘concierge’ style service that reduces day-to-day life admin and menial tasks then there’s no reason why they won’t want to delegate some of their shopping responsibilities – after all, we would all appreciate an extra bit of time to ourselves. In the end, consumers need confidence that machines can be trusted to make the right decisions and keep their owners informed and in control.”
While virtual assistants and chatbots are rising in popularity — specifically through an increasing number of consumer-centric devices such as Amazon Echo and Google Home — there is still work to be done in helping consumers fully embrace this technology. Most importantly, respondents would like the virtual assistants and chatbots they interact with to have two personality traits: helpfulness and intelligence.
Connected devices, along with robots and drones, open the door for consumers to experience automated ordering and delivery in new ways. U.S. respondents are fairly enthusiastic about using this technology in their daily lives, however those feelings vary greatly across generational divides.
To help companies explore the possibilities of machine-to-machine payments, Worldpay is trialing an open source software development kit (SDK) to facilitate payments between connected devices. Worldpay Within is an embeddable payments agent that allows smart devices to make and accept payments simply, quickly and securely. With the number of connected devices estimated to reach 20 billion globally by the end of 2017, making sure these technologies can communicate effectively and securely will be crucial to getting the most value out of them.
For more information about Worldpay Within, visit https://wptechinnovation.github.io/worldpay-within-sdk/.
The research was conducted by research house Opinium in June 2017 and interviewed 20,000 consumers who have heard about the Internet of Things in Australia, Brazil, China, Germany, The Netherlands, Singapore, Spain, Sweden, United States of America and United Kingdom. The full Connected Consumer report is available upon request. In the U.S., the study interviewed 2,025 consumers.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to around 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world. Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types. For more information, visit http://www.worldpay.com/global
Walker Sands Communications for Worldpay Global eCom 312-648-6006
This document and its content are proprietary to Worldpay and may not be reproduced, published or resold. The information is provided on an "AS IS" basis for information purposes only and Worldpay makes no warranties of any kind including in relation to the content or suitability. Terms and Conditions apply to all our services.
Worldpay (UK) Limited (Company No. 07316500 / FCA No. 530923), Worldpay Limited (Company No. 03424752 / FCA No. 504504), Worldpay AP Limited (Company No. 5593466 / FCA No. 502597). Registered Office: The Walbrook Building, 25 Walbrook, London EC4N 8AF and authorized by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. Worldpay (UK) Limited is authorized and regulated by the Financial Conduct Authority for consumer credit activities.
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