Voice-based Payments Industry Overview

The global voice-based payments market size was valued at USD 5.89 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.9% from 2022 to 2030. 

The continued rollout of voice-based payments by financial institutions and retailers to seamlessly access personal data and understand customer behavior is expected to drive the growth of the market. Mobile payments platforms, such as Zelle, PayPal, and Venmo, have started rolling out voice-activated controls for their customers to carry out financial and banking functions. Conventional banks, such as Wells Fargo, are also adding conversational voice interfaces to their mobile banking apps to help their customers in accessing all the banking services.

The growing adoption of peer-to-peer voice-based payments worldwide is expected to drive the growth of the market during the forecast period. Several banks, such as Barclays and Royal Bank of Canada, among others, have started offering voice-enabled peer-to-peer payments to their customers.

Gather more insights about the market drivers, restrains and growth of the Global Voice-based Payments Market