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Understanding The Role Of Artificial Intelligence In Payments Posted on : Mar 22 - 2018

The payments landscape continues to rapidly evolve, driven by emerging technologies and digital transformation across industries. One of the biggest catchphrases of the last few years is “artificial intelligence,” and many are wondering how AI will impact the payments space in the near and long terms.

It’s already clear that digital commerce has expanded beyond the desktop and even beyond mobile. As the Internet of Things (IoT) continues to expand and consumers become connected at every level -- from devices to clothing and appliances -- the ability to pay anywhere at any time will become more ubiquitous. Artificial intelligence will amplify and accelerate this reality, using the power of machines to streamline payments at every level.

Conversational Commerce Paving The Way

Consumers have come to expect a frictionless checkout experience that doesn’t sacrifice security, and they expect this experience to be available at their convenience. Since messaging apps have surpassed social networks in popularity, these channels have been targeted by smart retailers as a lucrative payments opportunity.

This conversational commerce opportunity sits at the intersection of commerce and popular messaging apps, providing a streamlined purchase experience where consumers prefer to spend their time. It’s not limited to messaging apps, either. Digital assistants have jumped into the payments parade, allowing users to order items by voice command.

Brands are just beginning to scratch the surface with conversational commerce, and the integration of AI will expand capabilities and increase automation. AI technology is currently used via chatbots to converse with shoppers, providing relevant content and suggestions and collecting valuable information. These smart chatbots elevate customer service and automate things on the back end, expanding retailers’ abilities to sell to anyone, anywhere in an intelligent way.

Boundless Possibilities

On the consumer-facing front, AI has the power to personalize experiences. Customers now have the ability to quickly ask questions, obtain information, narrow searches and complete purchases by interacting with a chatbot programmed to connect in a personal way with consumers. The implications for payments reach even further. View More