AI for smarter and more secure payment.
Artificial Intelligence (AI) is set to be a game-changer for transactions.
It will help to make digital payments more secure, improve fraud detection and facilitate frictionless payments with biometrics – and its potential goes well beyond that!
Online security has become a lot smarter with behavioural biometrics. Thanks to machine learning, Jack’s identity is now authenticated based on, for example, the way he is typing and using his smartphone which produces his own personal biometric ‘signature’.
Smart and speedy, Jack’s purchase is authorised immediately and securely with the help of AI.
With AI, digital transactions are stress-tested for risk in real time to protect against fraud. AI analyses Jack’s actions and the context in which his payment is being made to provide a risk score for his transaction in moments.
The result: frictionless, seamless, secure and quick payment!
Not only is her AI-powered virtual personal assistant aware of Emilie’s wishes, it is also aware of relevant contextual information – for example weather forecasts, promotional offers in her favourite shop, what food is in the fridge and what needs to be ordered.
Generative AI is bringing the digital personal assistant of the future a step closer to today!
The order is placed and payment is initiated thanks to AI.
Now Emilie can focus on finishing the book she will be discussing at book club, while AI deals with all aspects of the order and performs a transaction risk analysis.
Biometric technology is already commonplace. Every day, millions of people’s identities are checked based on fingerprint and facial recognition so that their payments can be authorised.
Before long, algorithms will authenticate users based on their unique biometric signatures, such as the way they hold their phone, type on a keypad or use a mouse.
Companies are also using algorithms to analyse large volumes of data and identify higher-risk activities and transactions. Powered by AI, risk scoring and fraud management is becoming more effective.
Further into the future, generative AI will transform customer journeys and relationships. Acting as a machine customer, AI will place orders based on information such as the food in a customer’s fridge and their normal meal plan.
These AI assistants will pay for products and services independently. A vehicle’s on-board navigation system will pay for fuel while the driver stays in their car. A fitness tracker on a gym-goer’s wrist will automatically renew their membership. Alongside AI initiated autonomous payment, we will also need to improve transaction risk analysis (based on AI) to avoid accepting fraudulent payments.
Are you ready to offer these conveniences to your customers? Worldline is already actively preparing to accompany you on this journey.
