Are you familiar with the concept called Voice- based payments and connected customers? .Knowingly or unknowingly, people are continuously connected to information through their devices like smartphones and other gadgets. Nowadays, people need a rapid response from any service because of digitalization. Connected banking is a concept that provides a better customer user experience between banks and the customer.
Being connected to the customers help banks to understand the customer’s requirements more easily. It also helps banking sector to deliver the latest technologies like AI and voice-based payment services. Voice-based payment is an upcoming technology in the banking sector that connects banks to its customer. This technology may be the future of digital payment.
How do voice-based payment changes the payment process?
Previously, Voice-based technology was utilized for purposes like asking for simple queries or directions about products or services. Now, People use voice commands to add products to their shopping cart and to make payments. This payment option is made possible by the platforms like google assistant, Siri and more. They use artificial intelligence and machine to understand voice input and authenticity.
Voice payment reduces many steps involved in the digital payment process and improves the overall user experience. We can say that this payment method is very efficient for both bank and its customers.
6 best software to use for voice-based payment technology
As we said earlier, it’s an upcoming technology. It requires improvements, but there are evident reasons that it will be the future of digital payments. Reports say voice payment technology will be used by 77 million at the end of 2023. Here are the 7- best software for voice payment technology.
1. Amazon
Alexa is one of the most popular products offered by Amazon. It’s an AI-powered virtual assistant that has various features. Alexa allows you to add products to the cart, check order status and re-order items only through voice command. Among these features, Amazon also offers a voice payment option.
Now you can pay your credit card bills using voice command. You can also know the status of previous payment details and more. Amazon announced that users will receive an update for voice notifications regarding payment details.
2. Tesla
Tesla is a well-known automobile manufacturer. They have already connected cars and homes through voice technology. Now they are working on developing voice payment technology for automobiles. Yes, you read it correctly, Tesla and Alexa are working closely to launch a voice payment option in the automobile industry.
It is going to be the most useful feature for Tesla owners as they can pay their fuel bills through voice commands. People don’t want to swipe their cards at the time of payment.
3. Google Home
Google Assistant is a widely- used voice assistant around the world. It is very beneficial in both IOS and Android platforms. Xcel Energy is an electricity company which supplies electricity to nearly 3 million households. It has introduced a google action to pay electricity bills through voice command. Voice assistant also insists users on energy-saving tips and the company has seen a noticeable impact on energy consumption.
4. Apple
Siri is a virtual assistant introduced by Apple. It’s popular among IOS users, and Siri is now offering a voice payment option. Registered users can pay their bills by voice command from their devices. Users can launch Siri and then initiate the payment without accessing the bank’s payment platform. Siri completes the payment by matching the nickname of the users. It also uses touch ID authentication to complete the payment process for more security.
5. Samsung
Samsung launched its Bixby virtual assistant many years back and it’s popular among the Samsung community. Bixby’s main goal was to assist users to deliver enhanced user experience across Samsung devices. Now Bixby is integrated into the banking application to enable the voice payment option.
6. Microsoft
Microsoft is not actively working on smartphones but it launched its virtual assistant in 2014 called Cortana. The name was derived from one of the famous Microsoft games. However, windows smartphone OS is almost unavailable but used in android and IOS platforms. Microsoft is planning to take Cortana as a separate platform for voice-based technology. It is planning to integrate voice payments in Cortana.
Summing up
Voice-based payment technology is going to change the way we make payments. In the next few years, everyone may use voice-based payment solutions. Many financial organizations are seriously working on this technology as it saves time and money. According to Yahoo, the global market for voice biometrics may reach $3bn in 2026. It’s also crucial to overcome security issues before integrating voice-based payment methods. Companies should implement severe security protocols to make this technology safe and secure for users. To frequently read more updated technical blogs visit our website.
