PUBLISHER: yStats.com | PRODUCT CODE: 1419627
PUBLISHER: yStats.com | PRODUCT CODE: 1419627
"By 2031, it is forecasted that the value of AI in payments will surpass EUR 55 billion:" New yStats.com report.
AI's dominance in payment processing surpasses its presence in remittance and money transfer services, driving advancements in operations, customer satisfaction, cost reduction, and risk management. Major trends like intelligent applications, AI augmented development, and TRiSM are transforming the payments landscape, with projections indicating the global GenAI market will grow significantly, exceeding EUR 55 billion by 2031. Additionally, banks are increasing their AI investments, with over 90% of global payment professionals leveraging AI and machine learning to enhance fraud detection. However, concerns persist about transparency in decision-making processes.
AI innovations are reshaping embedded finance platforms and B2C E-Commerce, with technologies like GenAI, LLMs, and deep learning altering platforms such as Square, Shopify, and Amazon. Future developments focus on biometric authentication, customized financial advice, and dynamic risk management. In B2C E-Commerce, AI, AR, and VR enhance customer experiences and drive purchasing decisions, with a growing demand for AI-driven solutions, including the integration of GenAI into operations and the effective use of chatbots to resolve customer queries.