In just one year, the ownership of voice-activated assistant devices has nearly doubled according to the second annual “How We Will Pay” study from Visa and PYMNTS.com. The average American consumer continues to digitally entrench themselves with no end in sight, as 96% of surveyed customers own at least one connected device, with the average owning four or more.
The study surveyed about 2,800 adult respondents 18 years or older within the United States, measuring their response to the rise of new ways to pay that make digital payments more accessible. Ownership of voice-activated speakers skyrocketed with an 88% year-over-year increase. This shift towards digital payment methods of all kinds leads to consumers carrying less cash on their person, with nearly half only carrying between $10 and $50, while 20% carried $0 to $10.
When it comes to the reasons behind this dramatic change, 77% stated the biggest reason was simply saving time, with 74% citing the convenience as an improvement in their quality of life. U.S. consumers generally cited a desire to tap to pay instead of swiping a card for both of these reasons, while nearly two-thirds have familiarity with the symbol for contactless payment, which indicates that consumer can tap to pay with contactless-enabled phones, cards, or wearable devices.
This convenience brings new worries for customers however, with data security and privacy concerns rising by 11% compared to 2017. TS Anil, the global head of payment products and platforms at Visa, spoke on how the company is addressing these concerns. “By working with EMVCo® to create and support new standards, we are increasing security and consistency in the consumer payment experience, no matter where or how someone chooses to pay, whether online, in stores or increasingly just by voice.”
