As a millennial, I have a unique perspective into the business world, especially when it comes to mobile payment processing. I, like most of my friends, have never written a check. Instead, we use mobile payment apps. According to recent research, 46% of US consumers have made a mobile payment. And not surprisingly, millennials are responsible for 39 percent of all mobile payments. Apps like Venmo, Google Wallet, Dwolla, and Apple Pay allow you to quickly transfer money to friends, family and coworkers. And now businesses are getting in on the action. Most transactions are made instantaneously, so it’s easier for consumers to spend more.
Listening to Consumers
The electronic payment space is in the initial stages of yet another prominent shift—voice payments. Voice payments are capturing the attention of both consumers and business. Imagine paying your bills by asking Siri to send $100 to the power company. Voice assistants like Siri, Alexa or Cortana might become an integral part of electronic payments sooner than you think. Already, Siri can make a transfer to a friend using Venmo, and Alexa can pay bills on Capital One credit cards.
Apps aren’t the only catalyst for voice payments. Smart homes are also listening to consumer needs. The popularity of smart homes (Amazon Dot, Google Home, Apple HomePod), will only further boost the usage of voice payments. According to a 2017 BI Intelligence Survey, around 8 percent of US adults claim they have used voice commands to buy something, send money or pay a bill. By 2022, the percentage is expected to grow to an impressive 31 percent.
The Economic Perspective
The recent advancements in payment processing mean a more efficient economy. The usage of this technology automates processes, and over time decreases the cost for banks processing payments for customers. Those customers see lower transaction costs and, in turn, more savings. Voice payments are continuing to decrease transaction costs for banks and customers, which is one more reason this technology is a win-win for everyone.
The Future of Mobile Payments
Most millennials are choosing to shop on mobile devices. And this generation is 75 million strong in the United States alone, so voice payments should see unparalleled growth in the coming years. From Venmo to voice payments, the mobile payment space is changing quickly. I’m excited to see further advancement as more of the population takes advantage of voice payments!
Are you looking forward to the ease of making mobile payments with the power of your voice?