Data: ‘Hey Siri, Alexa, Google—when will you be ready for payments?’
Voice assistants are on a fast track, with ownership of home devices like Amazon Echo and Google Home surging to between 20% and 25% of households from a mere 1% in about two years. The rapid growth is inviting keen interest in many circles about the potential for voice assistants to spark disruption in commerce, payments and financial services.
Financial institutions are starting to experiment with ways for consumers to verify balances and transfer funds, and TSYS predicts that within three to five years, ownership of voice assistants will be mainstream, with consumers using them regularly to shop and make purchases.
What follows is a look at the latest numbers on how consumers are using these devices so far, and what the immediate implications could be for payments.