How AI Will Chart the Future of Mobile Payments - PaymentsJournal

AI has already changed how we interact with mobile devices. Now we ask for directions and get answers to random questions. A large number of consumers ask our phones to buy and ship items to our house. Focusing on how AI can reduce fraud misses the real opportunities which Mercator identified here, here, and here. "Still, even with the likes of PayPal, Wal-Mart, Target, and other big players coming into the field, only about 22% of merchants accept mobile wallets as a means of payment. For many of these merchants, the mobile payments industry is still in its infancy, with issues such as security, information privacy, and other evolving elements standing in the way of adoption. With artificial intelligence (AI), however, mobile payment platforms might soon feature among the top payment options for merchants and their customers. AI has been the disruptive force behind many tech innovations within the fintech industry. The ability to process massive amounts of data and deliver insightful ...