Your Voice-The Future of Payment

AI-enabled voice recognition is becoming a normal part of how we interact with technology. What humans say is becoming valuable data that businesses can use to sell products and create personalized consumer experiences. Voice Payments will soon going be common thing for people. Voice commanded technology has rapidly increasing there presence in modern tech industry. Most experts are predicting a screen-less future of tech where as to most this progress sounds utterly futuristic but says Voice Payments is a best and easiest way for payments.

“The maturity of artificial intelligence, the great efforts of large corporations, and the significant value it has for customers are some of the factors that will make this new “hands-free” payment method ubiquitous in only a few years.”  – Teresa Alameda

The keyboard replaced the punch card and the touchscreen has now replace the mechanical keyboard. However, 90% of human communication still happens through voice because it is natural which make Voice Payments easily to understand and executes by peoples. ASR, Automatic Speech Recognition is the ability of a machine to recognize human spoken words. The progress was slow because ASR accuracy levels were low compared to human-level accuracy. Things were soon start to change after the entry of voice-based assistants- SIRI, Google Now, S Voice, and Nina — which came with some limitations of Speech and Natural Language Understanding (NLU). And therefore making a payment by simply saying aloud to a device that you want to buy something is a rapidly going to be a common phrase by 2022.

Voice Payments AI Techgrabyte
Credit – BI Intelligence survey 

Banking industry has showing hesitation for adopting the payment system based on voice recognition. While there are plenty of services that replaced the old-fashioned and insecure passwords with voice commands years ago, the first bank only did so in 2016. But there are other non-bank businesses that have recognized the future and are eager to integrate voice payments, there business has already understand the growth possibility of this technology, consumer interest in voice assistance. These business has adopted Interactive Voice Response (IVR) tech which allows computers to interact with humans for making payments and other similar work.

Growth Possibilities 

At current stage almost eight percent of American adults have used some form of voice payment in there home, either through voice commerce — perhaps facilitated by the Amazon Echo — voice initiated peer-to-peer payments or voice-controlled bills. According to a BI survey it is found that 8% of adults in the United States have used a form of voice payment at least once. In 2017, 18 million people will complete voice-based transactions. This survey also state that after few year Voice Payments will be adopted on a large scale and that too rapidly.

It is estimated that, within five years, i.e. in 2022, 31% of adults in the United States will have used some form of Voice Payments system, which corresponds to almost 78 million consumers. This dramatic increase in voice assistance usage can be traced to the increase in voice-capable devices and payers like Apple, Google and Amazon has carrying a greater upper hand advantage in this future industry.

35.6 million Americans use a voice-activated assistant device at least once a month this year. That’s a increase of 128.9%over last year. Which is a clear indication that Voice Payments is soon going to be part of our reality. Amazon’s Echo speaker will have a market share of 70.6% of users. Meanwhile, Google assistant will fall behind with just 23.8% of the market share. On the other hand 29% trust Siri to make voice payments, whereas on Google Assistant – 12% and on Alexa – 17% respectively. Cortana and Bixby still don’t integrate voice payments.

According to the survey 50% stated that the reason they chose voice as their method of interaction (Voice Payments ) because it offers ease of use, where as there are other people  (44%) who are interested in voice as their method of interaction cause they want to try something innovative, reaming people want to go with voice for fun. There is rapid increased regarding the familiarity with giving voice commands and security for all tech which will contribute in Voice Payments methods. Voice commands has several advantages, it save time, which saves money. Efficiency is the major reason why voice commands will attract people when using devices.

So Guys will you make payment by your voice if yes that’s great and if no let me know the reason in comment box.

Have a great day !

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