Voice-based Payments Market valued at US $17.58 Billion in 2022 is anticipated to grow at CAGR of 9.1% to reach a value of US $35.28 Billion in 2030.
Voice assistants were once dismissed as being unimportant. These tiny voice robots are rapidly becoming more well-known and well-liked. Now included in watches, speakers, smartphones, vacuum cleaners, and light bulbs are Alexa, Siri, and Google voice payments.
Voice technology is useful; otherwise, Siri would not have been praised for helping people book hotels, arrange rentals, or enter specific text into Google searches.
Many customers use smartphones to transact money at the moment, but speech technology in banking is a new alternative that will do away with standard payments.
Creating an online wallet is the same as making a voice payment. The device needs to be initially connected to a debit or credit card.
In order to improve their services and open up new market opportunities, banks are progressively incorporating voice-based payment systems into their business processes.
Bank customers can check account information and complete financial transactions using voice requests thanks to voice-enabled payment systems.
As a result, more banks are implementing voice-based payment methods to enhance the client experience.
As a result, voice technologies are increasingly used for financial transactions.
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Voice-based transactions are the way of the future. Voice recognition technology has progressed to the point that it can now be used to make a payment. All of the benefits of using a card are available with these payments, plus enhanced simplicity and security. No one else can take your money, and the transaction is completely private and safe. Without sacrificing privacy, voices can be modified to avoid discovery on public transportation or in crowds.
Global Voice-based Payments Market: Segmentations
Top Key Players:-
- Amazon
- PayPal
- Paysafe
- PCI Pal
- Vibepay
- Baidu Inc.
- Cerence Inc.
- Google LLC
- Huawei Technologies Co., Ltd
- LumenVox LLC
- Nuance Communications
- ToneTag Inc.
- Voxpay
- Microchip Payments
Based on Component
- Software
- Hardware
Based on Enterprise
- Large Enterprise
- Small & Medium Enterprises
Based on End-User
- Government
- Retail
- Healthcare
- Automotive
- BFSI
Table of Contents
- Market Introduction and Market Overview
- Market – Executive Summary
- Market Trends, Outlook, and Factors Analysis
- Market: Estimates & Historic Trend Analysis (2018 to 2021)
- Market Estimates & Forecast Trend Analysis, by Deployment
- Market Estimates & Forecast Trend Analysis, by Component
- Market Estimates & Forecast Trend Analysis, by Content Type
- Market Estimates & Forecast Trend Analysis, by End Use
- Market Analysis and Forecast, by Region
- North America Voice-based Payments Market: Estimates & Forecast Trend Analysis
- Europe Voice-based Payments Market: Estimates & Forecast Trend Analysis
- Asia Pacific Voice-based Payments Market: Estimates & Forecast Trend Analysis
- Middle East & Africa Voice-based Payments Market: Estimates & Forecast Trend Analysis
- Latin America Voice-based Payments Market: Estimates & Forecast Trend Analysis
- Competitive Landscape
- Company Profiles
- Assumptions and Research Methodology
- Conclusions and Recommendations
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Impact of COVID-19
The coronavirus outbreak has had a negative impact on certain industries, including manufacturing, logistics, hospitality, transportation, healthcare, and retail; however, IT, telecommunications, energy, and utilities, government, education, and banking, insurance, and security services have been unaffected. The pandemic has had a tremendous impact on the demand for contactless money transfers, smartphone payments, and peer-to-peer asset transfers. Due to the lockout and a decreasing reliance on cash, the requirement for using wallets to make transactions connected to essential services has grown. Some card companies have raised fees for retailers and customers. As a result, an increasing number of merchants are refusing to use these wallets for transactions.
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