Integrations between Siri and fintech apps are creating new payment methods for Apple users. These updates are being previewed by developers, according to a recent article in Apple’s Newsroom.
The extension of Siri’s repertoire is thanks to the release of SiriKit, which is allowing developers to integrate Siri functionality with an increasing number of apps. Among them: Square Cash and Monzo, two popular financial apps that allow users to send secure payments instantly. With the command, “Hey Siri, send Anna 10 dollars using Cash,” users will be able to send money without so much as opening an app.
When users issue a voice command to send a payment, they will automatically be asked for a Touch ID authentication to approve the payment. The required authentication is a reassuring layer of protection for users who may be worried about account security.
The payment feature has also been integrated into iMessage. Payments can be attached to a message and “gift wrapped” so that the amount is a surprise until the other person accepts it.
With banks increasingly falling out of favor as the primary channel to move money, particularly at a P2P level, technological advancements like an AI that can send money via a third-party app will only spur the trend.
Monzo markets itself as an app that “aims to build a bank of the future for people who hate banks.” If their success is any indication, they’ve certainly struck a nerve. Developments like the new integration make it easier and more convenient than ever for people to hate banks — and that’s making it easier to embrace the “banks of the future.”
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