Innovations in payments
Some of the technologies that are changing the payments industry.
Blockchain: Pending some of the technological and regulatory hurdles blockchain has great potential. Distributed ledger technology allows for secure, cost-effective, and traceable movement of money. Also, for near-instant, transparent payments, removing complex fee structures. Blockchain’s, consensus-based and distributed real-time verification of transactions makes it particularly difficult to defraud while allowing high transactions throughput and quicker settlement as compared to prevailing card-based systems.
AI: The use of Artificial intelligence (AI) and deep learning to institutionalize next-generation fraud monitoring and AML is vital for card issuers and payments providers to consider bringing value for higher approval rates, real-time analytics support, less declined transactions, and pre-emptive credit limit management. Through a combination of deep learning and personalization, firms can target the right products for customers and support direct payments for purchases made. AI is undoubtedly paving the way for new monetization and revenue opportunities.