The Impact of AI on the Payments Industry in 2021

With the launch of VisaNet AI, we are seeing Visa in this particular case take matters into their own hands and develop products and services that are targeted at improving the services provided by their own clients, who are not able to keep up with the pace of technological advancement. For a long time we have known that data is the new oil, and that companies who wish to stay competitive in today's landscape, need to take aggressive steps into ensuring that their strategy, infrastructure and processes are data-driven. However, within the Payments industry we know that a lot of companies are still struggling to do so. VisaNet AI, which is a set of network services that helps deliver smarter authorization, clearing, and settlement for banks, merchants and consumers, is a great example of how companies should work on improving their core services. For years, we have worked with issuers, acquirers and merchants to drive through that the performance of their authorization is at the core of what payments should be.