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 However, the payments industry has lagged behind, relying on outdated systems and neglecting to integrate modern, secure technologies for seamless payment experiences.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 These outdated methods lack innovation and often fail to meet PCI compliance standards, which are crucial for safeguarding sensitive customer data and ensuring secure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.
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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.”
Source: PRNewswire