It is safe to assume that a large population is now comfortable using one form or another 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 method of communication is through voice. Due to the many impressive advances in voice-related technology, it’s no surprise that digital voice assistants have become widespread.
India’s growing number of new internet users have unique needs when it comes to their preferred online language. 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 enable them to search online and conduct digital transactions not only in English and Hindi, but also in other regional languages. help to complete it. very.
Is voice payments going to be the next big thing?
The current wind of change appears to be in favor of the adoption of voice-based payment technology. The voice-based smart assistant revolution, which started with Siri and Alexa, is now being hailed as the key enabler for a large percentage of the population to go on board with digital payments. For example, ToneTag is leading the industry by allowing encrypted sound waves to be used for proximity-based contactless payments.
Traditional digital payments are a reliable method, but it requires constant checking of account numbers, cross-checking between applications, among other things. As a result, voice technology heralds a new era of digital payments that are much faster and easier. Customers can use the voice system to make payments through any mobile device—as easy as dialing a phone number—by talking to the IVR through their headphones to complete the payment.
Voice technology is a familiar technology
The connection of voice with technology is much more natural to humans, and voice functionality is already available in a variety of apps. Speech, on the other hand, allows users to communicate with technology in their preferred local languages in India, where mobile is the primary device of choice for many.
Sound technology has the potential to transform the normal two-way relationship between customers and enterprises. It’s hands-free, allows fast 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 most of them want to do the same in the post-Covid era.
Thus, the start of the voice command occurs at the right time. Data will be transferred using sound waves, allowing for contactless encounters. In addition, the user will be given a data-driven acoustic platform for fast checkout and completely hands-free commerce using a combination of an audio analyzer and an acoustic marker.
Users will be able to use voice technologies to find, select and pay for items. Click or OTP is still required for online payment. Customers can check into any brand’s online store and select “pay with voice” at checkout with new voice-based technologies.
Customers can use their preferred set of applications to enable the voice payment mechanism. For example, if a consumer accesses a food app with a voice-enabled device, he can press his earphones and say, ‘Get me the menu.’ They can select their food items and close the order by speaking on the phone, where the “Pay with Voice” payment option is already selected, after receiving a welcome message from the quick service restaurant.
defining the future of money
Businesses are looking for payment solutions that accept online payments because they are less expensive and require less infrastructure. Customers are also exploring the options of OTP, Click, Manual authentication, Internet and other methods. For some time now, voice technology has been driving a revolution in the payments sector, with the potential to reinvent and rebuild old digital transaction methods.
Voice payments are predicted to encourage a similar transformation in business that was done through non-cash payment digital wallets, Unified Payments Interface (UPI) and e-transactions.
Kumar Abhishek is the founder and CEO of Tontag.