“These systems include, Machine Learning, such as Deep Learning and Predictive Analysis, Speech to Text, Natural Language Processing (NLP), Machine Vision, Image Recognition, and Expert Systems, to name just a few of the leading technologies.
Advanced algorithms receive a host of data, from speech, text, images, and behavior, and make intelligent decisions based on previous interactions and behavioral patterns. Purchase predictions, suggested TV content, Alexa, biometric border exits and customer service chatbots all utilize some of the above technologies.
AI technologies, such as chatbots and text recognition systems are already enabling P2P money transfers and streamlined payments. The PayPal bot integrates with social apps such as Facebook Messenger and Slack to allow users to type a payment request within the app for transferring money between contacts. Similarly, companies are integrating payment bots within Messenger to streamline payments, such as Hipmunk, which enables customers to book and pay for a hotel directly from within the messenger app.
Amazon Go, the brick-and-mortar Amazon alternative, offers a checkout-free shopping experience, currently available to its employees only (beta trial). Shoppers log into the Amazon Go app upon entering the store. Store-implemented sensors and computer vision technologies calculate which products are in the customer’s shopping basket, and the customer’s Amazon account is automatically charged upon leaving the store. No need to stand in line, wait for each product to be scanned, or even swipe/tap a payment method.
The above examples of AI implementation in payments are just the tip of the iceberg, as AI has the potential to revolutionize the customer shopping experience and payment security.”