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Mobile payment apps are expected to explore new ways of leveraging AI in the coming years.
FREMONT, CA: Mobile technology has evolved tremendously and has dramatically affected every business. The integration of mobile app technology in the banking industry has proven the most effective way to digitize the payment process. Now, Artificial Intelligence (AI) is playing a significant role in revolutionizing mobile payment apps in order to make them smarter. Here is more to it.
• Grab and Go Applications In order to provide payment services that focus on the user’s time and effort, the mobile application lets users go shopping without any hassle. With the help of AI and speech recognition, users can buy anything and make payments through bots. This will help customers in avoiding the need to go to the shop and stand in the queue to make a payment.
• Fraud Detection The payment fraud detection system today needs to be updated with the time and traditional methods that are no longer capable of detecting malicious activities. To ensure the flawlessness of the payment system, all transactions should be monitored. Several transactions require being reviewed manually in order to put a curb on fraud payment activities. AI-based fraud detection systems in mobile payment apps can secure the payment process by improving itself by consistently learning every time any fraudulent payment detected. In addition, the system also reviews the immense amount of transactions seamlessly.
• Reducing False Declines According to a report, false declines cause more loss to the companies than a fraudulent transaction. It is reported that falsely decline transactions caused 8.6 billion dollars loss in 2019, whereas the actual fraud loss is 6.5 billion dollars. This makes the implementation of an AI security system with predictive capabilities in mobile payment apps more than a necessity. As AI can help identify false declines, fraud loss can be reduced.
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