Siri is still very much a walled garden, but Apple has slowly begun opening its voice assistant to third parties. At its WWDC keynote back in June, the company confirmed app makers could let iPhone and iPad users send and receive money via Siri, with Square Cash and Monzo becoming the first to tap into that functionality. Now, bigger players are tapping into hands-free money transfers, after PayPal announced it too now lets users in over 30 countries send and request money via using only their voice. Sending and receiving is very easy, but you'll first need to link Siri with your PayPal account. This involves granting PayPal access to your Contacts and confirming via two-factor authentication (a code sent via text message) that you are who you say you are.
PayPal users who rely on the money transfer service's iOS app for all their electronic transactions can now use their voice to command the app on what to do. This is thanks to a new update that brings Siri integration to the mobile payments application for iPhones and iPads. In an online blog post for its users, PayPal Senior Director for Core Consumer Products Meron Colbeci stated that the company has found that around $41 billion was processed for peer-to-peer (P2P) transactions in 2015. Colbeci then added that the company is expecting over 17 million transactions in time for the holidays this month of December. Because of this projected number of transactions, PayPal is proud to present that its iOS 10 app will be accepting transactions this holiday season with the help of Siri.
PayPal users can now send money to friends and family using just their voice, after the payment service announced it was to integrate into Apple's Siri. Siri is the voice-based virtual assistant embedded into the iPhone, and can be used to set reminders, answer questions and help with tasks. From today, PayPal said users running iOS 10 on their iPhone will be able to use commands such as'Hey Siri, send John £25 using PayPal' to transfer money as an alternative to using the official app. From today, PayPal said users running iOS 10 on their iPhone will be able to use commands such as'Hey Siri, send John £25 using PayPal' to transfer money as an alternative to using the official app Apple's software uses voice recognition so only the known owner of the device can use the voice commands. PayPal's Meron Colbeci said consumers in 30 countries would be able to use the new service.
AI has been talked about since the very early days of computing and has attained mainstream use in recent years with the likes of Amazon's Alexa and Apple's Siri. "Just as in the last 40 years, computation has enabled us to change the way we do business and create new products, AI will help us to make better decisions," Carlos Kuchovsky, chief of technology and R&D at BBVA, tells Finextra. "We are now looking at the ways in which it can help us change the way we operate and bring value." The Bank of England has recently reported that machine learning tools are in use at two thirds of UK financial firms, with the average company using it two business areas, which is expected to double in the next three years. It may be through interoperation with cloud and blockchain technology that AI's capabilities will be fully harnessed.
Artificial Intelligence (AI) is making unending waves, both positive and negative. While some experts are going gaga over its productivity orientation and task precision, a few others are expressing concerns over the social impact due to the loss of jobs to robots. A single fact overrides these opinions--all sectors are without question exploring how they can leverage AI to better business, banking being no exception. For example, last year, RBS replaced some of its human employees with automated services. This is just the beginning, as machines slowly but steadily make their presence felt in the fintech sector.