iWallet Integrates Voice AI into Payment Solutions

Digital payment solutions provider iWallet is set to revolutionize the industry with its new voice artificial intelligence technology. This innovation comes at a time when a growing number of consumers are using voice technology in their daily lives.

In a recent press release, iWallet noted, ‘The payments industry has lagged behind, relying on outdated systems and neglecting to integrate modern, secure technologies for seamless payment experiences.’

Traditional payment systems often depend on interactive voice response (IVR) technology and dual-tone multi-frequency (DTMF) signals, leading to challenges in maintaining PCI compliance standards, crucial for safeguarding customer data and ensuring secure transactions.

iWallet claims to be the first to launch a PCI-compliant telephone order (TO) AI-based system, which utilizes voice commands instead of manual DTMF signal entry. This innovation promises to enhance the customer experience and bolster security by reducing the potential for human errors and associated fraud risks in payment processing.

The company’s founder and CEO, Jim Kolchin, emphasized that ‘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.’

According to the PYMNTS Intelligence report titled “How the World Does Digital,” approximately 17.9% of the general population utilizes voice technology for shopping at least once a week.

‘This technology will change our relationship to software,’ stated Clarity AI‘s CEO, Joan Palmiter Bajorek. ‘For most people, speaking is one of the most natural ways of interacting with another person.’