In this present state, the whole world is in the captive of the global pandemic coronavirus that completely caused major instabilities in everyday lives. However, the world is on the journey of energizing and transforming itself into more of technology and innovations. The pandemic is highlighting the significance of technology that empowers speed, flexibility, and innovation.
The advancements of artificial intelligence are pervasive and reaching to all aspects of our lives. AI is being used by the financial institutions; it turned out to favour fintech players and payment providers that help the customers in doing online purchases even amid social distancing.
PoS merchant acquiring, card issuance, EMI solutions for Non-Banking Financial Companies, loyalty solutions for petroleum companies, Internet Payment Gateway, etc are the core areas of business in the digital payment ecosystem.
The new-normal situation created by global pandemic COVID-19 has pushed the payment ecosystem to undergo major conversions into digital payments. Consequently, the technology enables faster, secure, and transparent payment processing. The following emerging technologies emphasize the key benefits that can be derived by the payment ecosystem:
Cloud technology improves time to advertise new ideas, reduce upfront investments, and helps in scaling business faster.
Artificial Intelligence handles frauds effectively, manages risks, personalizes services, and resolves consumer queries through chatbots.
Blockchain drives a collaborative economy and improves security.
Role of artificial intelligence is changing the face of digital payments
The major innovations in artificial technologies simplified the use of machine learning algorithms. In comparison to manual efforts, artificial technology provides an accurate and desired outcome in the improved decision-making process. The application of artificial technologies is easy for those who do not have a deeper knowledge or understanding of complex AI algorithms. IBM, Azure machine learning, Google predictions have adopted AI technologies. The role of artificial intelligence in digital payment space is effective risk and fraud management and dispute management.
Combination of Artificial intelligence and IoT
IoT allows the devices to be interconnected to the internet. In the future, the consumers will be able to initiate digital purchases through their TV, smartwatches, and accept payments as well.