PAYMENTS
With a plethora of anti-fraud solutions entering the market to better protect consumers from fraud , De Montessus is confident of a secure future where fraud is on the decline .
“ Compared with historically rulesbased methods of fraud detection , AI and ML can build real-time models on a variety of data assets that can respond to new and emergent threats in a nearly autonomous fashion ,” he explains .
“ As we ’ ve seen in the past 18 months alone with the rapid evolution of AI systems , I fully believe that the technology has the potential to go well beyond fraud and will play a crucial role in efforts to fully optimise payments , whether that is with enhanced authorisation rates or smart routing .”
The future of payments : Sustainability front of mind As payments technology moves into the future ( as discussed with the emergence of blockchain technology ), one need that payments providers will have to meet is the end-users ’ growing desire to adopt sustainable practices in their purchases .
According to Worldpay ’ s recent Future Shoppers report , almost three-quarters ( 73 %) of all consumers said they would likely be influenced by sustainability and the environment when deciding where to shop in the coming years .
Tracking the environmental impact of spend could , therefore , become a key consideration for payments providers in the future . fintechmagazine . com 107