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Speak & Pay will be the next innovation within FinTech: Vikas Bansal

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Bansal spoke at the Inc42s Fintech Summit 2022, stating that the company is already experimenting with the invoice payment feature via voice commands via Alexa.

Using Siri, Alexa, and the Google Assistant, voice commands are a fairly mainstream concept, but voice payments haven’t been realized yet.

Bansal also said decentralized finance will be another frontier to replace slow, costly and inefficient modes of cross-border payments.

The payment ecosystem has evolved significantly over the centuries, from cards to checks to pinned cards to swipe to pay and tap to pay. The next major innovation in this ecosystem is speaking and paying, said Amazon Pay India MDVikas Bansal.

Bansal talked in a panel discussion on how payment innovation can help e-commerce reach the $ 400 billion potential on the second day of Inc42s Fintech Summit 2022, with Voice saying: He said he was a frontier. Innovation is needed. For example, Alexa is trying the same. Today you can ask Alexa to pay your invoice, and you know safely, Alexa will pay your invoice. Similar protocols and standards, such as voice authentication, are needed to make payments truly invisible.

Bansal, who talks about the next innovation in the payments ecosystem, said decentralized finance will replace the slow, costly and inefficient mode of cross-border payments.

While much innovation and regulatory enforcement will be needed, decentralized finance will solve the fundamental problems that exist in today’s finance, he said. Bansal also mentioned some use cases, such as eliminating the need for multiple KYCs, geographically restricting the flow of funds, and making money transfers cheaper.

Voice-authenticated payments are not yet widespread, but the Unified Payments Interface (UPI), a real-time payment system widely used in India, is experimenting with feature phone payment modules via sound waves.

In partnership with startups such as ToneTag, whose founder Kumar Abhishek was also part of the panel, UPI will allow users to use the app on feature phones. The selected interface produces sound waves. Sound waves can be acquired and decoded by the receiver at the Merchant Outlet as payment to the Merchant.

However, despite the use of Siri, Alexa, and the Google Assistant to make voice command functionality a fairly mainstream concept, the Speak & Pay idea proposed by Bansal hasn’t worked yet.

The concept of voice payment has been around for some time. You need to link your credit / debit card to your device, use voice commands, authenticate your voice, and speak your PIN to confirm your payment.

However, there are obvious security bottlenecks, and as Bansal said, innovation within the sector will determine whether Speak & Pay functionality will be realized in the next five years.

Sources

1/ https://Google.com/

2/ https://inc42.com/buzz/speak-pay-will-be-the-next-innovation-within-fintech-amazon-pay-indias-vikas-bansal/

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