The new technology permeating the payment industry is most certainly the use of voice for payments. The increased use of voice-driven digital assistants has captured the attention of consumers and businesses which resulted in a swift spread of this technology.
Right now the most popular digital virtual assistants are Amazon’s Alexa, Apple’s Siri, and Samsung’s Bixby that enable users to make payments, while Google has announced to launch this feature soon via Google Assistant. The spread of this technology is noticeable in the number of languages offered by the assistant apps.
Recent research by goMEDICI showed that the number of people using virtual assistants globally is increasing by the compound annual growth rate of 29.4% and is estimated to reach 1.83 billion by 2021. These are not just millennials who are using this feature but also the various audience in need of seamless payment experience.
With security risks in mind, the voice-payment systems are backed-up by a biometric authentication or a four-digit PIN code to be read out loud. The multi-point authentication maybe does hurt the seamlessness of this method, but it certainly provides a better security.
Voice payment technology is a game changer in financial services with a lot of potential and room for change and improvement with the users receiving a highly personalized experience and banks receiving a new payment channel.