How Merchants and Enterprises are Using Artificial Intelligence to Grow Payments

Artificial Intelligence (AI) is no longer the future, but the present. AI is the technology that powers the verbal commands you give Siri. It operates driverless cars and can beat you in online games. It may sound intrusive, or even creepy, but companies are investing in AI to learn your behaviors – and monetize those behaviors. So what exactly is AI? Artificial Intelligence is the simulation of human intelligence processes by machines – especially computer systems – to make decisions like a person. These processes include learning, reasoning and self-correction. Particular applications of AI include expert systems, speech recognition and machine vision. AI is commonly used in smartphones, reservation systems, medical diagnosis and, of course, finance. It makes possible greater efficiencies, faster processing and almost complete accuracy, and is affecting nearly every industry, including the payments ecosystem. The next few years will see an acceleration in developments that will alter how payment companies large and small operate their businesses. This is especially true in the high-risk merchant processing side of the industry, where the potential for fraud and high levels of chargebacks is rampant. Those high-risk merchants who take advantage of the growing suite of AI driven tools to reduce risk while…

Link to Full Article: How Merchants and Enterprises are Using Artificial Intelligence to Grow Payments

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