iWallet Introduces Voice AI for Secure and Seamless Payment Processing

IWallet brings Voice AI to payments

Voice Technology: Bridging the AI Gap in Payments Nearly 81% of American consumers use voice technology daily according to TELUS. However, the payments industry has lagged behind, relying on outdated systems and neglecting to integrate modern, secure technologies for seamless payment experiences.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 These outdated methods lack innovation and often fail to meet PCI compliance standards, which are crucial for safeguarding sensitive customer data and ensuring secure transactions. iWallet's Breakthrough: PCI-Compliant AI-Based Telephone Orders iWallet is 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 breakthrough ensures businesses can securely process payments while protecting sensitive customer data, a critical requirement for maintaining trust and avoiding costly penalties. "Adding the ability for businesses to use AI for payments saves them a lot of time and money," states Jim Kolchin, iWallet Founder and CEO. "iWallet Voice AI also improves customer satisfaction and keeps the phone calls PCI-compliant and is a leap forward from the traditional automated systems." Experience the Future of Payments To experience the future of payments firsthand, try the demo by calling: (775)2-IWALLET - (775)249-2553. The demo showcases how iWallet Voice AI handles secure transactions and allows to easily change input as if you were talking to human. Ask any question you like. Use card number: 4242-4242-4242-4242 exp: Apr 2044 cvv: 242. Transforming Digital Payments With this breakthrough, iWallet continues its commitment to transforming the digital payments landscape. Examples include its patented one-sided check deposit system, which simplifies manual processes. Additionally, its Venmo®, PayPal®, and Zelle® invoicing integration has streamlined payment workflows for thousands of businesses.

iWallet Begins Offering Voice AI Payments | PYMNTS.com

Digital payment solutions provider iWallet is adding voice artificial intelligence technology to its payments offering. The new technology comes as many consumers are using voice technology each day, according to a Monday (Dec. 30) press release. "However, the payments industry has lagged behind, relying on outdated systems and neglecting to integrate modern, secure technologies for seamless payment experiences," the release said. Traditional systems tend to use interactive voice response (IVR) technology and dual-tone multi-frequency (DTMF) signals, which often fail to meet PCI compliance standards. These principles are critical for protecting customer data and ensuring secure transactions, according to the release. The company said in the release that it is the first to debut a PCI-compliant telephone order (TO) AI-based system using voice rather than manual DTMF signal entry. This provides a smoother customer experience and improved security by preventing the errors and fraud risks associated with manual input. It also helps businesses make sure they're securely processing payments and protecting customer data. "Adding the ability for businesses to use AI for payments saves them a lot of time and money," iWallet founder and CEO Jim Kolchin said in the release. "iWallet Voice AI also improves customer satisfaction and keeps the phone calls PCI-compliant and is a leap forward from the traditional automated systems." The PYMNTS Intelligence report "How the World Does Digital" found that 17.9% of the overall population uses voice technology for shopping at least once a week. Cerence Chief Revenue Officer Christian Mentz told PYMNTS in an interview published in March that with the contextual awareness and natural language processing of the latest AI models, voice functionality has gone from being a "task master" service, simply surfacing information, to a more intuitive, human-like experience. More recently, PYMNTS explored new research showing that AI systems can control computer interfaces through natural interaction. These agents can autonomously navigate software, carry out tasks and manipulate interfaces the same way humans do. "This technology will change our relationship to software," Clarity AI CEO and founder Joan Palmiter Bajorek told PYMNTS earlier this month. "For most people, speaking is one of the most natural ways of interacting with another person. ... Instead of typing a prompt into ChatGPT, you could simply speak your request out loud."

Voice AI Comes to Payments

SAN FRANCISCO, Dec. 30, 2024 /PRNewswire/ -- iWallet, the pioneer in digital payment solutions, announces a groundbreaking innovation with the introduction of Voice AI to payments. This revolutionary technology addresses the growing demand for advanced, secure, and user-friendly payment methods. Voice Technology: Bridging the AI Gap in Payments Nearly 81% of American consumers use voice technology daily according to TELUS. However, 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 fail to meet PCI compliance standards, which are crucial for safeguarding sensitive customer data and ensuring secure transactions. iWallet's Breakthrough: PCI-Compliant AI-Based Telephone Orders iWallet is 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 breakthrough ensures businesses can securely process payments while protecting sensitive customer data, a critical requirement for maintaining trust and avoiding costly penalties. "Adding the ability for businesses to use AI for payments saves them a lot of time and money," states Jim Kolchin, iWallet Founder and CEO. "iWallet Voice AI also improves customer satisfaction and keeps the phone calls PCI-compliant and is a leap forward from the traditional automated systems." Experience the Future of Payments To experience the future of payments firsthand, try the demo by calling: (775)2-IWALLET - (775)249-2553. The demo showcases how iWallet Voice AI handles secure transactions and allows to easily change input as if you were talking to human. Ask any question you like. Use card number: 4242-4242-4242-4242 exp: Apr 2044 cvv: 242. Transforming Digital Payments With this breakthrough, iWallet continues its commitment to transforming the digital payments landscape. Examples include its patented one-sided check deposit system, which simplifies manual processes. Additionally, its Venmo®, PayPal®, and Zelle® invoicing integration has streamlined payment workflows for thousands of businesses. About iWallet iWallet is a San Francisco-based startup dedicated to revolutionizing payment solutions for businesses of all sizes. With a focus on innovation and accessibility, iWallet delivers cutting-edge technologies to simplify and secure the payment process. For media inquiries, please contact: Carla Santana (866) 376-4880 [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/voice-ai-comes-to-payments-302339859.html SOURCE iWallet Market News and Data brought to you by Benzinga APIs