What does the future of Virtual payments withhold?

What does the future of Virtual payments withhold?

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It’s 2022 and we all have been friends with Siri, Alexa, Google Assistant and other voice bots for a decade. People from across the world are finding voice assistants conducive to their needs which reaffirms the Juniper prediction of voice commerce reaching as high as $80 bn by 2023.

The finTech industry is nowhere behind in adopting this trend and transactions with voice assistants are expected to witness a growth of 630% by 2025 compared to that of 2021.

YES! Exponential may not be the right word to describe these numbers.

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So, why do you think the corporations such as Capital One, Wells Fargo and others want to invest their time and money heavily in voice payment assistants?

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Simple reason - They want to reduce the number of steps and touchpoints.

The financial platforms have gotten better and more efficient but what if I tell you that you can order & pay within seconds?

By using a payment voice assistant - users will not just eliminate the touchpoints on the screen by more than 90% but will also reduce the number of steps like OTP verification as the voice is verification in itself.

The promise of a convenient and hands-free payment system is too hard to ignore, considering the increased revenue and customer experience it can provide.

Benefits of voice payments:

1. Ease of use

2. More mobile banking

3. Fraud reduction

4. Modern customer experience

Voice payment technology is transforming the FinTech industry. Soon there will be no place for traditional payments. It is a matter of time until voice technology reshapes how we interact with financial institutions and those who remain undecided risk falling behind. There are a lot of use cases when it comes to speech recognition and artificial intelligence.

FinTech is getting as innovative as ever.

So, What does the future of voice-assisted payments withhold?