Wednesday, November 22, 2017

Voice Payments 101

MoneyTips

Have you ever made payments only using your voice? Most people have at least given their credit card number out over the phone or have used automated phone payment menus – although the latter often leaves people shouting "REPRESENTATIVE!!!" at their phone attempting to interface with a human being.

Significant advancements in voice recognition technology are enabling more natural forms of voice payment that don't require a stilted script and specific words for a reply. As a result, voice payments are projected to take a huge leap in the near future.

A research report by BI Intelligence, the research service arm of Business Insider, found that 18 million American consumers have made a voice payment at some point. BI projects that over the next five years, that number will almost quadruple – from 8% of consumers to 31%. The report cites three driving factors – advances in artificial intelligence (AI), a massive increase in voice-enabled devices, and "a stron...



from MoneyTips https://www.moneytips.com/voice-payments-101

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