PAYMENTS TECHNOLOGY
Although most fintechs and financial services companies have had to shift their stance from unabated growth to consolidation amid difficult macroeconomic conditions in the past year , payments technology has well and truly bucked this trend .
Today , there is much to be excited about in the payments space . But the clamour and bustle around Generative AI is perhaps greater than for anything else .
Indeed , Gen AI has catalysed a new wave of innovation in payments technology – Finastra ’ s State of the Nation survey found the number of decision-makers at financial institutions who had improved or deployed AI capabilities over the last 12 months has increased from 30 % in 2022 to 37 % in 2023 at a global level .
It ’ s no wonder Finastra ’ s EVP of Payments , Barry Rodrigues believes “ Gen AI and the use of natural language processing ( NLP ) has leaped to first place ahead of other AI technologies , such as robotic process automation and machine learning ”.
Though we ’ ll delve into Gen AI in payments a little later , it ’ s worth noting other innovations drawing excitement too . For Peter O ’ Halloran , VP and Head of Enterprise & Digital Commerce ( EMEA ) at Fiserv , the pace of growth of unattended and SoftPos payments in the payment technology landscape is “ genuinely exciting ”.
“ These innovations allow businesses of all sizes to untether payments from a fixed till and process transactions through smart devices such as unattended Pos units , phones and tablets ,” he tells us .
Unattended Pos and SoftPos are indeed at the forefront of a revolution at the checkout , but it is not the only technology drawing attention . fintechmagazine . com 81