iWallet introduces Voice AI for secure and seamless payments

By Gloria Methri

US-based iWallet has launched a cutting-edge Voice AI solution designed to address the growing demand for secure, efficient, and user-friendly payment experiences. This new technology aims to revolutionise how payments are processed, combining advanced security features with seamless usability.

As voice technology becomes a staple in the daily lives of 81% of American consumers, the payments industry has struggled to keep pace. Traditional methods relying on IVR (Interactive Voice Response) systems and DTMF (Dual Tone Multi-Frequency) signals are increasingly viewed as outdated and insecure. These systems often fail to meet PCI compliance standards, exposing businesses and consumers to data breaches and fraud risks.

Addressing this gap, iWallet has unveiled the first PCI-compliant AI-based Telephone Order (TO) payment system, which replaces manual DTMF signal entry with advanced voice technology, providing a smoother user experience. 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.”

This development reflects iWallet’s ongoing efforts to innovate within the digital payments sector. The company has previously introduced solutions such as its patented one-sided check deposit system, which streamlines manual processes. In addition, its integration with Venmo, PayPal, and Zelle invoicing has helped simplify payment workflows for numerous businesses.