AI in the Payments Ecosystem

Breakthroughs in science and technology not only grab headlines but also often stay there as we dream, imagine, and predict how the latest discovery or invention will change our world. The journey from conceptualization to operationalization, however, is often compared to a long trek through a desert where incremental gains are rarely newsworthy. Welcome to the AI desert, where merchants and payment service providers are working hard to turn the promises of artificial intelligence into tangible business advantages. 

AI promises to deliver new levels of automation and efficiency to merchants and payment service providers in various ways. As card payments expand their ubiquity and complexity, managing the data generated by payments to maintain regulatory compliance has payment service providers looking to AI as a crucial tool. Merchants are also seeking better ways to identify shopping patterns and preferences from payment data to deliver a more personalized shopping experience for their customers. They are rushing to leverage AI in providing solutions.

Key questions discussed in this report: 

• How prevalent is the application of artificial intelligence in payments?
• Where is AI finding the most uses?
• What are the risks of using AI?
• What’s next for AI? 

Companies Mentioned: 

Air Canada, Amazon, Anthropic, Apple, Aurora Innovation, ChatGPT, CIO.com, EverC, Google, Hugging Face, McDonald’s, Meta, Microsoft, Nvidia, Payarc, Perplexity, Storyblok, Yelp