I know, I know, you’re still trying to wrap your head around taking payments via Venmo and PayPal, but there is a new form of payment technology that is becoming more popular out there in the world, and it might represent an even bigger opportunity. Called voice-based payments, or speak and pay, the technology is easier to use, and potentially more secure, than cards, cash, or other forms of payment.
The volume of voice-based payments is still small, but is growing rapidly. One research report predicted there will be $19 billion of voice-based payments made in 2023, compared with $2 billion five years ago.
What makes the technology so beneficial is the convenience — consumers can make payments anytime, anywhere, without needing to physically handle cards or cash. Everyone has become accustomed to using Siri and Alexa with their voices, making payments is the next natural extension of the technology. Consumers go through the process of setting up an account, similar to setting up an online wallet, and then use their voice to make payments going forward. All the consumer has to say to an IVR or IVA is that he or she wants to make a payment and the transaction is processed.
Along with being more convenient, voice-based payments are also more secure than traditional payments. The technology uses voice-recognition software to ensure the individual making the payment is the correct person and thus prevent fraud or unauthorized transactions from being made.
Consumers want everything to be simpler, more convenient, and more efficient. Whether it’s buying something online, or paying a bill, the easier that it can be accomplished, the more likely that it will be accomplished.
