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  Everyday, the FinTech industry continues to excite experts and ordinary users alike. FinTech is redefining financial transactions in amazing ways, using AI and blockchain technology. As the Nigerian FinTech industry booms, key players must know what is the latest by keeping their eyes on the ground.
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While we are still awed by the swiftness of financial transactions and inclusion in various categories of the industry, the latest has been unveiled. It is voice-enabled payments. This AI-powered technology took the world by storm. In this article, I am to state what it is all about, and how it can be adopted into the Nigerian financial and technology mainstream.

Voice-Enabled Payments: What Is It About?

Voice-enabled payment is a technology that allows users to carry out transactions verbally. This transaction is powered by various providers of digital assistant-enabled devices. Transactions are done through vocal commands. The use of smart speakers is powered by Google to write, ask a question on search engines, and the rise of Siri, Alexa, and Google Assistant has made this voice-enabled payment possible. These days, leading banks are either producing their voices or are simply adopting already existing voice assistants like Alexa belonging to Amazon and Siri belonging to Apple. Voice-enabled payment is said to be seamless and has been the easiest form of transaction. These assistants provide ease of transaction by just vocal commands.
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Advantage Of Voice-Enabled Payment

Using conversation to provide financial services may sound complex. However, voice payments offer banks and other financial institutions the opportunity to benefit from the idea of creating their own brand identity. Virtual assistants can be built in line with the brand identity of institutions and can provide personalized services based on the user profile. The personalized user experience is key to driving loyalty and paving the way for new profitable acquisitions. The current helpers are deployed for the following purposes:
  • With virtual assistants, users carry out seamless financial transactions. The user with a command word can transfer a huge amount of money without trying to type in keys and go through a more straining process. For example, Venmo, Paypal and Square Cash are using these assistants. FinTechs in Nigeria can easily adopt it quickly. Row payments users can use voice payments to transact money. Voice-enabled payment is very vital for the growth and development of e-commerce. For example, you can use Alexa to buy things on Amazon and other e-commerce outlets. Furthermore, with Google Assistant, you can shop nearby stores online.
  • Banks in Nigeria can either create their personalized voice-enabling technology, which can best represent their brand. For example, with voice-enabled payment technology and virtual assistant, banks can seize the opportunity to build their peculiar assistant that can communicate in local dialects, making communication and financial inclusion easier.
  • It can also be very important in the area of healthcare delivery.
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This article was first published on 4th December 2021

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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