Voice Payments is the next BIG Technology!

We live in a world where you can instruct Alexa and Siri to “Pay Electricity Bill” and deliver food and other supplies within the comforts of your home. ?

Hence, it is not the least surprising that voice-based payments should be the future of the Fintech world!?

Voice communication is the most effective and fastest mode of communication, apart from being the natural one.?

It is said that on average a person can say 5 times more words than he can write. No wonder, voice technology is gaining momentum.?

The voice-based payment was a technological advancement that was waiting to happen. ?

Most internet users prefer to consume online content in their own vernaculars. This is where speech technology can play a significant part.?

Siri and Alexa were launched in 2010 and 2014 respectively and within a decade, both have become commonplace in most houses, not just in developed countries like the USA and the UK, but also in developing countries like India. ?

These smart assistants are enablers of digital payments too.?

Leveraging encrypted sound waves, digital payments can be completed.?

Traditional digital payments are equally good, secure, and robust, but it has limitations too like frequent validation to parry cyber-attacks, and cross-checking every time a new application is used. ?

Voice-based payments will be proximity-reliant for the time being, but it is only a matter of time before such limitations can be eliminated.?

With the assistance of a voice system, consumers can complete payments through smartphones. Commands can be spoken to an IVR- Interactive Voice Response to make payments.?

Not a new TECH

We communicate with each other using audio clips via applications like WhatsApp and LinkedIn. There are people who actually prefer sending across voice clips than dial a number, keep waiting for the other person to pick up the call, and sometimes only be disappointed with a “call some other time” automated message.?

So, we are a global community that is very much familiar with and well-attuned to voice technology. ?

Whether it is sending money to a friend or relative, or paying for groceries, voice technology is ushering in disruptive changes in the payments industry.?

Sound Technology allows consumers and businesses to communicate in a two-way method. It is faster, will support the local language, is hands-free, and the cherry on top is that it is not internet reliant. ?

Enhanced Customer Experience?

Globally, 78% of transactions are digital and there is an increasing preference for digital payments in a post-covid world.?

Is there a better time to introduce voice technology??

A data-driver acoustic system will be given to the user to make payments faster and far more conveniently.?

The system will have an audio analyzer and an acoustic marker.?

Consumers can utilize voice to search, select, and make payments. An OTP will be generated for completing the transaction. ?

“Pay with Voice” will be a commonplace option soon.?

Instructions like “Display the menu”, “Select Item no. X”, “Pay $100” are going to be the norm.?

It is interesting to note that by using Amazon pay and Alexa mobile app or an Alexa-empowered device in the car, voice commands can be used to pay for the cab or pay for gas at a pump. ?

Even for car-pooling services, users can leverage voice payments.?

Voice Payments - the future of payments??

Consumers and businesses both prefer digital payments because of its great benefits. But businesses are looking for ways to ensure cheaper modes of payment and one that requires fewer infrastructure. ?

Customers too are looking to overcome the hassle of OTPs, manual authorizations, entering 16-digit pins, internet dependencies, etc. ?

This is why voice-based payments are revolutionizing Digital Payment methods.?

Just like Digital Payments ushered in an era of contactless payments by phasing out traditional cash payments, voice-based technology will soon bring about disruptive changes in the digital payment ecosystem. ?

The market for voice technology is projected to grow exponentially throughout this decade. ?

Voice commerce is anticipated to grow to reach 80 million dollars by 2023 and transactions via smart domestic devices are to reach 164 billion dollars by 2025. ?

Additionally, Voicebot Research evinced those 45 million consumers in the USA used voice assistants in 2021 for shopping and other activities. Interestingly, in 2018 the number stood at 20.5 million only. ?

This is a whopping 120% hike!?

Payment service providers are the greatest enablers of voice-based payments. Today, the market is inundated with voice commerce solutions. ?

When the global consumer prefers mobile devices to make transactions across a multitude of industries, retailers must not hesitate to create a payment ecosystem that will give them a next-level experience. ?

This will inevitably grow the market and encourage consumers to adopt voice payment solutions.?

There is little doubt that Voice-based payments will soon take over the entire Fintech industry!

So, let's as a global community gear up for a hi-tech voice payment revolution in the coming years!

Great week ahead folks!