Is voice payment going to be the next big thing?
Premium- Voice connection with technology is significantly more natural for humans
It’s safe to assume that a huge population is now comfortable using one or other form of voice technology. In one minute, the average person can speak five times more words than they can type. After all, the most natural and efficient way of communication is through voice. Because of several impressive advances in voice-related technology, it’s no wonder that digital voice assistants have become widespread.
When it comes to their preferred online language, India’s growing number of new internet users have unique needs. With 90% of new internet users preferring to consume content in their home language, an increasing number of Indians are increasingly opting for speech technology to assist them in searching online and completing digital transactions not only in English and Hindi, but in other regional languages, too.
Is voice payments going to be the next big thing?
The current winds of change appear to be in favour of the adoption of voice-based payment technology. The voice-based smart assistant revolution, which started with Siri and Alexa, is now being lauded as the key enabler for a large percentage of the population to go on board with digital payments. ToneTag, for example, is moving the industry forward by allowing encrypted sound waves to be used for proximity-based contactless payments.
Traditional digital payment is a reliable method, but it necessitates constant checking of account numbers, cross-checking among applications, among other things. As a result, voice technology ushers in a new era of digital payments that is far too quick and handy. Customers can use a voice system to make payments via any mobile device by speaking to the IVR through their headphones to complete payment—as simple as dialling a phone number.
Voice technology is a familiar tech
Voice connection with technology is significantly more natural for humans, and voice functionality is already accessible in a variety of apps. Speech, on the other hand, allows users in India, where mobile is the primary device of choice for many, to communicate with technology in their preferred local languages.
Sound technology has the potential to transform the usual two-way relationship between customers and enterprises. It is hands-free, allows for faster checkout, supports regional dialects, and is fully functional on both smart and feature phones without the need for an internet connection.
Better customer experience
60% of Indians now use mobile and online banking for financial transactions, and the majority of them wish to do so in the post-covid era as well.
Thus, the introduction of voice commands comes at the right time. Data will be transferred utilising sound waves, allowing for contactless encounters. Furthermore, the user will be given a data-driven acoustic platform for faster checkout and entirely hands-free commerce using the combination of an audio analyser and an acoustic marker.
Users will be able to use voice technologies to search for, select, and pay for items. Clicks or an OTP are still required for online payment. Customers can check out any brand’s online store and select “Pay with Voice" at checkout with the new voice-based technologies.
Customers can use their favourite set of applications to enable the voice payment mechanism. If a consumer accesses a food app with a voice-enabled device, for example, he or she can press their earphone and say, ‘Get me the menu.’ They can choose their food items and close the order by speaking on the phone, where the “pay with voice" payment option is already pre-selected, after getting the welcome message from a quick service restaurant.
Defining the future of money
Businesses are looking for payment solutions that accept online payments since they are less expensive and require less infrastructure.Customers are also looking for alternatives to OTPs, clicks, manual authentication, the internet, and other methods. For the time being, voice technology appears to be fermenting a revolution in the payment sector, with the potential to realign and rebuild old digital transaction methods.
Voice payments are predicted to stimulate the same kind of transformation in the business that non-cash payments did through digital wallets, Unified Payments Interface (UPI) and e-transactions.
Kumar Abhishek is the founder and chief executive officer of ToneTag.