Voice Payments: The future of Payment technology
25 Nov 2022
Dear Reader,
Voice payments is a process of paying, transferring and receiving money from individuals using voice command where you speak to a AI powered device such as speaker or smartphone for making payments. The process of setting up a voice payment account is very similar to that of paying through any online wallet. Once the payment app is opened on the device, the device will recognize your request, process the payment and respond with confirmation. This technology comes from the advancements made in artificial intelligence (AI) and machine learning (ML) where it utilizesNatural language processing(NLP), a branch of AI that allows computers to learn, understand, respond, and produce content in human languages. It works closely with voice recognition engines where human speech is converted from analog to digital form which is being used in Google Assistant, Amazon’s Alexa or Apple’s Siri.
According to a PWC report, global cashless payments will increase by 80% between 2020 and 2025, nearly tripling by the end of 2030.The global voice-based payments market was valued at USD 16.11 billion in 2021 and is expected to grow at a CAGR of 9.1% as per Polaris market research analysis.The rise in the popularity of voice payments is result of “24*7 connected” lifestyle of millennials who have access to different consumer services that save their time and are easy to use.
The Opportunities for Voice Payments
- Modern Customer Experience
- On-the-Go banking
- Retaining Customers
The Challenges for Voice Payments
- Security & Privacy
- Understanding different accents
- Point of service Integration
- Return on Investment
Voice payment technology is transforming the FinTech industry with convenience-based technology like voice payments and we will see a shift in the market which is driven by customer demands and adoption of AI in our daily lives with voice applications, Internet of Things (IoT) devices like speakers and voice assistants. Voice payments are expected to bring same kind of transformation in the payments industry that non cash payments did through UPI, Digital wallets and E-transactions.
Highlights of #Issue 14 of FinTalk are:
- Home grown StartUp Stories: Envirokare- Customised e-Waste Recycling Solutions
- RBI launches Digital rupee pilot programme
- At $29 bn, Indian fintech sector now has 14% global funding share: Report
- Why is embedded finance becoming popular in India?
- JPMorgan executes first DeFi trade on public blockchain
With Regards,
Akhil Handa
Chief Digital Officer
Bank of Baroda
PS:
To subscribe: https://goo.gl/forms/tSbCBGSKO5Nnh0433
To unsubscribe: https://goo.gl/forms/9nE3g0fqNlgnGbVo2
Popular Articles
Guide to Getting Agriculture Loan: Application, Eligibility & Required Documents
Tag Clouds
Related Articles
-
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Catalyzing Finance for a nature-positive growth
It has never been more important to take immediate, real-time action to combat climate change. Many people use social media as a source of inspiration for adopting a sustainable lifestyle such as the Netflix series "Our Planet" narrated by David Attenborough, TED talks and inspiring speeches by climate activists such as Greta Thunberg, Leonardo DiCaprio, and William Nordhaus illustrate how the planet can become uninhabitable over time if we do not take steps to stop it.
BFSI at 5G Speed
5G will bridge our hyperconnected world to the future of digital transformation as the next generation of wireless data networks. It brings new bandwidth available at rates two to ten times faster than 4G, resulting in a huge expansion of the information superhighway.
