Biometric Voice Payments: The Future of Transactions

Biometrics, like voice and face recognition, are revolutionizing the payment industry, offering convenience and enhanced security for consumers.

### The Rise of Biometric Payments: Voice and Face Recognition Revolutionize the Industry
* 🔒 Biometric authentication, using features like **voice and face recognition**, is revolutionizing the payments industry by providing a **secure and convenient way to make transactions**.
* 👤 Biometrics ensure secure payments by uniquely identifying individuals based on their physical characteristics, **reducing the risk of fraud** compared to traditional methods like passwords.
* 🗣 Voice payments are gaining popularity, with **35% of consumers already using voice assistants to purchase products like groceries, home care items, and clothing**.
* 💰 The voice shopping market is projected to reach **$40 billion in 2022**, a significant increase from the current **$2 billion valuation**.
* 🔊 Amazon, Google, and Microsoft are currently dominating the voice payment market, with the potential to become **key players in the future of payments**.
* 🛡 While there are concerns about security and potential misuse of biometric data for payments, experts argue that biometrics actually **enhance security** by replacing easily hackable passwords.
* 👥 A survey found that **93% of consumers prefer biometric authentication over traditional passwords**, indicating a strong potential for **voice and face recognition to become mainstream payment methods**.
* 🌐 The shift towards biometric payments reflects a broader trend in the industry towards **more secure and user-friendly payment methods**, with **voice and face recognition leading the way**.

The future of payments used to
be all about the next big gadget: a watch, a ring, a phone. But now, at a major fintech conference here in
Amsterdam, gadgets are a lot harder to come by. That’s because one of the biggest trends
in the payments industry is called biometrics. All you need to make a payment? Your face, your voice, your fingerprint,
maybe even your heartbeat. Hello Knomi, please verify my identity. There we are, successful. Now you’d be able to go ahead and continue with
the payment, whatever you're doing with your day. Go ahead and buy something.
It’s that simple. You’re literally just using your face and
your voice to make that payment. Face and voice. You always have
them with you, you can’t forget them. Instead of entering a pin or a password, you would
use your face or the voice as another option. Verify my identity. Biometrics like your voice
are increasingly being used

to authenticate payments from
devices like mobile phones. And thanks to home assistants like
Amazon Echo or Google Home, voice payments are becoming a fast
and easy way to make purchases without ever leaving the house -
or even the sofa. It’s basically teaching computers to understand
your voice and match that voice to your identity. So that now through a simple voice
command, you’d be able to say, Alexa, please buy so and so for me. And then Alexa would be able to
say, Yep, that’s Steve Ritter’s voice, I’m going to go ahead and
make that purchase for him. Research shows voice assistants are
most commonly used to seek information, like the news or the weather,
and to play music and videos. But retail is becoming a bigger function
with 35% of consumers using voice to buy products like groceries,
home care, or clothes. The voice shopping market is expected to grow
to $40 billion in 2022, up from $2 billion today.

And right now, it’s dominated by a few big
players: Amazon, Google, and Microsoft. If you become, as a provider, the top payment
method of one of those large platforms, the probability that you really out-beat everything
and everybody in the market is quite high. Sorry, I don't know that one. But there are still obstacles to making
purchases with just our voices. Just as easy as it is for me to make a payment
using my voice and my Amazon account, somebody else could use that to make purchases either
for theft, or maybe more importantly, money laundering. Some experts say biometrics aren’t the problem,
they’re the solution, to making payments safer. The most common
password is 123456. Biometrics actually changes the consumer
experience and actually makes it more secure too. With a recent survey showing 93% of consumers
prefer biometrics over traditional passwords, it might not be too long before
voice payments go mainstream.

Hey everyone, Elizabeth here.
Thanks for tuning in. What do you think about the future of payments?
Would you use your voice to buy something? Let us know in the comments section, and be
sure to check out more of our videos over here. Talk to you later!

An inside look at the future of payments | CNBC Reports

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CNBC International

Biometrics, such as face and voice recognition, are becoming a major trend in the payments industry, replacing the need for gadgets.

This technology allows for easy and secure authentication, with voice payments particularly facilitated by home assistants like Amazon Echo.

The use of biometrics for payments is rapidly growing, with the voice shopping market expected to reach $40 billion in 2022.

The Rise of Voice Payments and Biometrics

Big players like Amazon, Google, and Microsoft are currently dominating the voice payments market.

However, there are still obstacles to making purchases with voice, including security concerns such as theft and money laundering.

Biometrics are seen as the solution to making voice payments safer and more secure, with 93% of consumers preferring biometrics over traditional passwords, indicating a potential mainstream shift in voice payments.

Voice-activated payments are a growing trend in the future of transactions, offering convenience and efficiency for consumers.

This technology is gaining popularity and could potentially change the way people make purchases.

As the use of voice commands for shopping increases, it may revolutionize the payment industry.