Voice-Based Payments Market Report 2025

The voice-based payments market size has grown rapidly in recent years. It will grow from $9.42 billion in 2024 to $10.94 billion in 2025 at a compound annual growth rate (CAGR) of 16.2%. The growth during the historical period can be credited to the rising penetration of smartphones, increased adoption of e-commerce, enhanced consumer confidence in digital payments, the expansion of mobile wallets, and improved internet accessibility.

The voice-based payments market size is expected to see rapid growth in the next few years. It will grow to $19.67 billion in 2029 at a compound annual growth rate (CAGR) of 15.8%. The anticipated growth in the forecast period is driven by the growing demand for biometric authentication, a stronger preference for contactless payments following the pandemic, increased use of voice assistants, the expansion of cloud-based payment solutions, and heightened investments in voice recognition technology. Key trends expected during the forecast period include advancements in voice recognition technology, innovations in biometric security, progress in natural language processing, ongoing research and development in artificial intelligence, and a growing emphasis on improving user experience via voice commands.

The rising penetration of smartphones is expected to drive the growth of the voice-based payments market in the future. Smartphones are portable electronic devices that integrate mobile phone functionality with advanced computing capabilities, enabling users to make calls, access the internet, run applications, and engage in various multimedia activities. This increased smartphone penetration is driven by the growing demand for mobile internet access, allowing users to stay connected with ease. Voice-based payments enhance smartphones by enabling users to perform quick, secure, and hands-free transactions through voice commands, thereby improving convenience and accessibility in daily mobile financial activities. For example, according to a report published by Uswitch Limited, a UK-based online and telephone comparison and switching service provider, in February 2023, there were 71.8 million active mobile connections in 2022, reflecting a 3.8% increase from 2021. Additionally, by 2025, the UK population is projected to reach 68.3 million, with 95% of individuals expected to own smartphones. Hence, the growing smartphone penetration is a key factor driving the expansion of the voice-based payments market.

Leading companies in the voice-based payments market are prioritizing the development of advanced solutions, such as multilingual voice command support, to improve accessibility and provide users with smooth, convenient payment experiences. Multilingual voice command support enables users to interact with systems using voice commands in multiple languages, promoting wider accessibility and personalized user experiences. For instance, in February 2025, Google Pay, a US-based digital wallet platform, introduced an AI-powered voice payment feature in India that allows users to conduct UPI transactions through voice commands in their preferred language, developed in collaboration with the Indian government’s Bhashini artificial intelligence (AI) initiative. This feature integrates advanced speech recognition with AI-driven fraud detection technologies to offer a highly secure, convenient, and seamless voice-based payment experience. It includes real-time transaction monitoring, personalized voice authentication, and adaptive learning capabilities that continually enhance accuracy and security, thereby fostering financial inclusion and building trust in digital payments.

In April 2025, Banked Ltd., a UK-based fintech company, acquired VibePay for an undisclosed sum. Through this acquisition, Banked aims to accelerate the global adoption of Pay by Bank by merging its payment infrastructure with VibePay’s consumer engagement tools and personalized incentive features. VibePay is a UK-based social payments app company that provides voice-activated payments via its iOS app, utilizing Apple's Siri.

Major players in the voice-based payments market are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Baidu Inc., Cerence Inc., PayJunction Inc., Naffa Innovations Pvt. Ltd., Fonix Mobile PLC, PCI Pal PLC, Voxpay SAS, Spitch AG, iWallet Inc., VoicePay Limited, and Kasisto Inc.

North America was the largest region in the voice-based payments market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in voice-based payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the voice-based payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Voice-based payments refer to transactions that are initiated and authorized through voice commands, usually via smart devices such as smartphones, voice assistants, or specialized banking applications equipped with voice recognition technology. These systems utilize natural language processing and biometric voice authentication to securely verify users, allowing them to perform actions such as transferring money, checking account balances, or paying bills hands-free.

The primary components of voice-based payments consist of software and hardware. Software comprises instructions, programs, or data that operate computers and execute specific tasks or functions. Key technologies include cloud-based solutions, on-premise solutions, and hybrid solutions, supporting multiple payment methods such as voice commands, voice recognition, and voice biometrics. This technology is employed by various enterprise sizes, including large enterprises as well as small and medium enterprises, across multiple end-use sectors such as banking, financial services, insurance, automotive, healthcare, retail, government, and others.

The voice-based payments market research report is one of a series of new reports that provides voice-based payments market statistics, including the voice-based payments industry global market size, regional shares, competitors with the voice-based payments market share, detailed voice-based payments market segments, market trends, and opportunities, and any further data you may need to thrive in the voice-based payments industry. This voice-based payments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The voice-based payments market consists of revenues earned by entities by providing services such as voice-enabled bill payments, voice-based money transfers, voice-activated account management, voice authentication, and multi-language support. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice-based payments market also includes sales of smart speakers, smartphones and tablets, microphones and voice capture sensors, and automotive infotainment systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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