Consumers concerned about AI-driven payments

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According to a recent study, the majority of consumers (86%) hold reservations about the integration of artificial intelligence (AI) into the payment process. Interestingly, they show a more favorable attitude toward adopting augmented reality (AR) and virtual reality (VR).

The survey was commissioned by payments platform Paysafe and conducted among 14,000 consumers. It was discovered that a mere 14% of respondents currently utilize AI-powered payment methods. Looking ahead, 10% express their willingness to embrace AI-driven payments within the next two years, while 17% admit feeling uncomfortable with the technology.

Many of these reservations stem from a knowledge gap, with 35% of participants stating they lack sufficient understanding of the technology to use it effectively. Additionally, a quarter of respondents (24%) express a desire for more information concerning the safeguards in place to protect consumers’ data when AI is employed in payments.

Paysafe interprets these results as indicative of the untapped potential inherent in AI technology and underscores the necessity for awareness campaigns to address consumer concerns and misconceptions.

“With the very immediate and significant impact of AI that we’ve seen in recent months, it’s understandable that consumers would have concerns about using such technology at the checkout,” said Rob Gatto, chief revenue officer at Paysafe.

“Payment service providers and merchants will need to educate users about the benefits of AI-driven payments, such as smoother experiences, convenience, and security, in order to break down those barriers,” he said.

The research also shows that consumers have a much greater willingness to use AR and VR technology in the payment process with 27% and 28% of consumers respectively prepared to use the technology once they become more widely available.

“With the tech giants placing such significant focus on this area and new headset launches emerging in the market, we could see a rapid rise in mixed reality commerce once the technology is more widely available,” said Gatto.

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