So , how could Gen AI shape the future of payments technology in the next 10 years ?
The payments technology of the future It goes without saying that , for most , 10 years is a long time . But in an ever-evolving payments landscape , a decade is a lifetime . Despite the timescale , we ask the experts how much they think payments technology will have evolved in that time .
Rodrigues gives us his take : “ Within the next decade I think we ’ ll see a truly open payments landscape with monolithic applications moving to modular and containerised systems , with banks able to consume all aspects of their payment architecture and not be beholden to one provider .
“ The advent of digital currencies and tokenised deposits will also drive efficiencies in cross-border and account-to-account transactions . We should also expect open banking to enable consumers and businesses to pay each other instantly via mobile apps , reducing the need for intermediary schemes that charge fees for debit transactions .”
For O ’ Halloran , there are myriad use cases in which Gen AI will come to define the payment technology of the future . “ I can see payments being fundamentally disrupted again by technologies that don ’ t even exist yet ,” he says .
“ Today we ’ re in the biggest paradigm shift in paytech since the invention of the internet and the pace of change means that we cannot yet conceive of all of the products and features we will be able to create in that timeframe .
“ Alongside this , new regulations to manage the financial safety and data privacy of citizens and financial institutions will evolve to try and keep pace with the new technological advancements that innovation will bring .”
88 January 2024