iWallet, a payment solutions provider, has launched what it says is the first PCI-compliant telephone order system that uses voice AI instead of traditional keypad entry, targeting businesses looking to modernize their payment acceptance processes.
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Why it matters: The move comes as voice technology adoption continues to grow among consumers, while many payment systems still rely on older interactive voice response (IVR) and dual-tone multi-frequency (DTMF) technologies that can present compliance challenges.
By the numbers
- 17.9% of people globally use voice technology for shopping at least weekly, according to PYMNTS Intelligence
- Traditional phone payment systems often struggle with PCI compliance requirements for protecting customer data
Details: The new system aims to:
- Replace manual keypad entry with voice commands
- Reduce errors and fraud risks associated with manual input
- Maintain PCI compliance while processing payments
- Improve customer experience through more natural interaction
What they’re saying: “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 a release. He noted that the voice AI system also helps maintain PCI compliance while improving customer satisfaction.
The bigger picture: The launch aligns with broader trends in AI voice technology becoming more sophisticated. Cerence CRO Christian Mentz has noted that recent advances in contextual awareness and natural language processing have made voice interactions more intuitive and human-like.
What’s next: The technology reflects a growing shift toward more natural computer interfaces. Recent research indicates AI systems are increasingly able to navigate software and carry out tasks in ways similar to human users, suggesting potential for further evolution in how consumers interact with payment systems.
Learn more (including how to demo the new product)
