Learn How Voice is Impacting Payments in 2018

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Most of the biggest companies in tech are making major bets on voice. And unlike other technologies such as VR, which had a big push a few years ago but seems to have stalled, many consumers are taking to voice in a big way. That’s evidenced with trends like Amazon’s Echo Dot being the company’s best selling product during the last Christmas season.

Amazon is far from being the only tech giant to put a lot of resources behind voice. Google Assistant is a product that the company has continued to push forward. Given that analysts believe around fifty percent of all searches will be done by voice in just three years, it’s easy to understand why Google is taking this trend so seriously.

Because voice is still an emerging technology, there’s not much for individual merchants to do in terms of optimizing their website or online presence. However, what is worth spending a little time on is looking at how consumers are already using this technology to make payments, as well as what other plans tech companies have for enabling payments through voice.

How Google Assistant Handles Payments

Before we look at exactly how Google is using their Assistant technology for payments, it’s worth clarifying where it can be used. As of now, Assistant comes with Android phones, as well as multiple smart home devices that have Google’s brand. It’s also possible for iPhone users to download a Google Assistant app for iOS.

If someone has any of those devices, they can say “OK Google” or “Hey Google” to engage it. Once someone engages Google Assistant, common requests range from doing an online search to playing a song. And increasingly, requests have to do with making a payment.

One reason that more people are using their voice to make payments is this technology has been present in Google Assistant for a while. Through Google Pay, someone can send money to a friend or family member. What’s compelling about this is instead of needing to open an app and give multiple details, someone can just say the amount they want to send, who it’s going to and for what. The same is true for requesting money.

Making the jump from peer-to-peer payments into e-commerce could be done in a number of ways. For example, when someone runs out of a staple item in their home, they could just tell Google Assistant to order it. Depending on the item, they could also specify the merchant or simply let Google decide, which would likely be a significant new source of ad revenue for the tech giant.

As we mentioned above, there currently aren’t any major changes merchants need to make to take advantage of what’s being done with voice. Just keep in mind that it’s important to have a nimble processing partner that’s always ready to evolve with the times. If you don’t feel that your current processor meets that description, switching to an industry leading processing company is something to strongly consider.

Posted on Wednesday, September 19th, 2018