Do you want to make a deposit to play online roulette vulkanBet? Or, do you want to buy a product you like from an online merchant? No matter what your purpose is, if you want to make an online payment, you no longer have to enter passwords, confirm SMS codes, and deal with other complex security measures. You can confirm and complete all your online payments using just your voice. Below we list what you need to know about this exciting technology.
What Are Voice-Enabled Payments?
Actually, this is not a new technology: it has been used since 2018. However, its use was limited to mobile assistants such as Siri and Google Voice and devices such as Google Home and Alexa, but it didn’t become mainstream. However, as of 2020, we started to see voice-enabled payments in banks’ mobile applications too. Given the popularity of this option, it wouldn’t be wrong to say that it will soon become the standard in almost all mobile banking transactions.
Speaking of popularity, let’s share some data so that you have an idea of how common voice-enabled payments actually are. A report by OC&C shows that approximately $2 billion worth of online payments were made by voice in 2018. (The same report estimates that this figure will reach $40 billion in 2023.) According to statistics, the young consumer group prefers voice-enabled payments the most and uses this option mainly for bill payments. P2P payments come in second, bank payments come in third. The voice-enabled payment feature of smart devices is mostly used for food orders. Women prefer this option more, and the group who prefers voice-enabled payments mainly consists of the 18-34 age range.
This data actually gives us two valuable pieces of information: First, voice-enabled payments are often used for daily expenses and low amounts. Second, P2P payments are becoming more common.
Digital Money Transfers with Voice
P2P payments can be a concept you’re unfamiliar with. This term is used for FinTech services, which are used to send and receive the money instantly, and digital banking applications. For example, PayPal and Venmo transfers are considered within the scope of FinTech services. We can show Revolut and Monzo as examples of digital banking applications. The new generation of consumers does not want to go to banks and wait in line for money transfers, or even use ATMs. The most important thing is for them to be able to send and receive the money within seconds, and they choose services that offer this option. This means that we will see a change in the traditional banking system in the near future and voice-enabled payments will be part of this change.
However, voice-enabled payments offer much more than fast money transfers. In collaboration with Carrefour, Google has launched a program in France where you can shop for groceries with your voice. If you link your Carrefour account to your Google account, all you have to do is tell the products you want to buy to the Google Assistant aloud: payment is taken from the credit card linked to your account, and the products are delivered to your door. This option is also available in the contactless and cashier-less markets: after purchasing your products, you can complete your payment using your voice.
There Are Security Concerns Too
Any option where biometric security systems are used has some security risks, including voice-enabled payments. First of all, banks need to improve their voice recognition technology and maybe add a middle-man option for added security. We share a lot of videos on social media, and we use our voice in these videos: can a hacker imitate our voice using these videos? Maybe we should only approve payments using words we set ourselves, but this can cause different problems.
Like any newly developed technology, there are many challenges we have to overcome here. A study conducted in Germany and Austria reveals that only 36% of consumers consider using voice-enabled payments. Other consumers do not consider using this option due to security concerns. It seems Bulgarians like this new technology the most: 52% of Bulgarians are ready to approve their payments with their voices.
Voice-enabled payments are a new technology and, like any new technology, it will take time to improve. But we are sure that the new generation of consumers will choose it in the near future: No one wants to wait or deal with time-consuming security measures to transfer money anymore.