Voice-enabled payments are allowing users to command their devices to perform transactions, providing a frictionless payment experience.
Over the years, innovation in payments has advanced. Gone are the days of entering your pin number. Now most transactions can be made through a customer’s fingerprint or face identification, and voice enabled payments are new and on the rise.
How to pay with your voice
Users must link their debit/credit card or bank account information to a device that will be used for voice activated transactions.
Voice-enabled payments work by leveraging voice recognition technology, which is a form of biometric authentication. The technology uses unique voice patterns to verify the identity of the user and authorise the transaction. Once the user is authenticated, the payment is processed, and the transaction is completed.
Voice automated payments growth
According to an OC&C strategy report, there was over $2 billion worth of voice-settled payments in 2018. The voice-based transaction industry is predicted to reach $14.5 billion in the US by 2030.
This type of payment is popular within the younger generation. Research found that 12% of young people pay their bills using voice commands.
Benefits of voice enabled payments.
Improves security because voice patterns are unique to each individual and therefor difficult to replicate.
Can be more convenient than traditional payment methods as it eliminates the need to carry a physical payment card or remember a pin (like fingerprint and face Identification)
Another key benefit of voice automated payments is the accessibility for disabled people, who might struggle using traditional payment methods like entering a pin or even using a fingerprint.
Aside from these points there may be some downsides to this form of payment. There can be difficulty with voice recognition in noisy environments or errors hearing speech patterns.
Voice enabled payments is a new and developing technology, with the potential to change the way most payments are made in the future.
