iWallet, the enabler of digital payments solutions, announces an innovative development with the introduction of Voice AI to payments.
This technology addresses the growing demand for advanced, secure, as well as user-friendly payment methods.
The majority or around 81% of American consumers use voice technology daily according to TELUS.
But the payments industry has lagged behind, relying on outdated systems and neglecting to integrate “modern, secure technologies for seamless payment experiences.”
Traditional systems typically use IVR (Interactive Voice Response) technology and DTMF (Dual Tone Multi-Frequency) signals.
These outdated methods lack innovation and often tend to fail to meet PCI compliance standards, which are crucial for “safeguarding sensitive customer data and ensuring secure transactions.”
iWallet is reportedly one of the first in the world to launch a PCI-compliant TO (Telephone Order) AI-based system that uses voice instead of manual DTMF signal entry, “providing a smoother user experience and enhanced security by eliminating potential errors and reducing fraud risks associated with manual input.”
This ensures businesses can securely process payments while protecting sensitive customer data, which is “a critical requirement for maintaining trust and avoiding costly penalties.”
Jim Kolchin, iWallet Founder and CEO said:
“Adding the ability for businesses to use AI for payments saves them a lot of time and money. iWallet Voice AI also improves customer satisfaction and keeps the phone calls PCI-compliant and is a leap forward from the traditional automated systems”
Their demo reportedly showcases how iWallet Voice AI handles secure transactions and allows to easily “change input as if you were talking to human.”
With this latest breakthrough, iWallet says that it continues its commitment to “transforming the digital payments landscape.”
Examples include its patented one-sided check deposit system, which aims to simplify manual processes.
Additionally, its Venmo, PayPal, and Zelle invoicing integration has reportedly streamlined payment workflows for thousands of businesses.