Will Voice Payments be the future of Fintech?


Today, Alexa and Siri are a commonplace presence in an average household. These technology tools take our commands, process it, give accurate responses, and carry on a meaningful conversation, almost as good as human interaction.



Voice is the first and most natural way of communication, not just for humans, but for all living beings.


Content is king, no doubt, but so is convenience. User Experience is the buzz word in today’s digital ecosystem.


Every business is leaving no stones unturned to ensure greater user-experience and every customer is looking for that one service provider who will guarantee quality at an affordable price.


It is imperative for businesses to ensure their users get state-of-the-art experience. This is the sure-shot way to grow business, expand business clientele, greater market penetration, and higher customer lifetime value.


When voice payments emerged, it guaranteed greater user experience. Convenience was sure to be heightened. No more fumbling for change, no more hassles of inserting card, entering the pin, imagine the embarrassment for a customer if he forgot the pin or payment is declined due to insufficient balance.


When cards slowly replaced cash in global transactions, people all over the world experienced a heightened sense of security and ease of conducting business and receiving payments. When traditional payment cycles could be as late as 35 to 45 days, digital payments took less than a few hours to credit.


Similarly, every technological advancement will enhance the existing user experience.

Voice payments use encrypted sound waves to complete digital transactions.


secure payment solution


Every time a payment is made via an application, cross verification's are required. This can be challenging for senior people and not so tech-savvy populace.

Currently, all voice payments are distance-based. Proximity is crucial, but we can all agree that in due course, all these limitations can be circumvented.


An IVR or Interactive Voice Response system is used to complete payments.

Globally, there is a changing consumer behavior. More and more people prefer digital payments compared to traditional payments. True, a large group of consumers still use cash as the long-standing trust in cash-based economy is almost indomitable.

But as technology is enjoying greater exposure and digital adoption is increasing, there is no denying that in a matter of a few years, things will change drastically and digital penetration will be 100%.

When that day dawns, voice payments will be as popular as card payments are today. It was in the nick of time before card payments slowly phased out cash payments.

In voice payments, an acoustic system is driven by data, an audio analyzer coupled with an acoustic marker is used to complete commands.


Just by using voice, users can search, select, and complete actions with ease. Here too an OTP is required.


It is only a matter of time before all checkout pages will be integrated with “Pay by Voice” appears.


Internet dependency is often cited as a major drawback in card payments. This is overcome in voice payments. This is why tech leaders believe that Voice payments will drastically bring about disruptive changes in the payment's world.


These aforementioned reasons are perhaps why voice payments are increasing significantly. Voice commerce is expected to breach 80 million dollars by 2023 and a slew of reports indicate that an approximate 35% of consumers in the US have used voice payments in 2021 alone. Compare this to the 12% in 2018.

No matter what technology comes and goes, the ultimate truth is that the customer is king and he decides what is in and what is out. When end users prefer voice payments, businesses will adopt and that is how every market change is triggered.

So, let’s gear up to the changing market fads!

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