By 2031, it is forecasted that the value of AI in payments will surpass EUR 55 billion
AI innovations are identified as transformative factors for the payments landscape
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.
Technologies like GenAI and LLMs are reshaping both embedded finance and B2C E-Commerce
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.
Key Questions Covered
- What major technology trends are expected to impact payments in 2024 globally?
- What is the forecasted global value of AI in Payments by 2031?
- How much are banks worldwide expected to invest in GenAI by 2030 compared to 2024?
- What is the projected global market size for GenAI by 2027?
- How is Regtech using AI to transform anti-money laundering processes?
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Amazon
- Block
- Euronet
- FIS
- PayPal
- Remitly
- Shopify
- Square
- Stripe
- Visa
- Western Union