The total transaction value of payments that occur via smart home devices are forecast to grow 630 percent from 2020 to USD 164 billion in 2025, driven by an increasing use of voice assistants via smart speakers for e-commerce, according to a study from Juniper Research. The researchers predict that the use of smart displays will be transformative for voice payments in the home, by allowing users to see products and confirm purchases.
Digital wallet ecosystems – critical to growth
The researchers found that using existing digital wallets is crucial to the success of smart home payments. They recommend that smart home device manufacturers combine the massive installed base of payment-enabled smart home devices, which will be over 2.7 billion by 2025, with popular digital wallets, such as Google Pay or PayPal, to best access existing digital payments users.
Connected TV payments positive, but connected appliances lack traction