News

Artificial Intelligence Is About To Change The Mobile Payment Apps That We Know Today

Mobile app are taking help from AI more than our knowledge

AI with Mobile Payment

In recent years mobile apps have dramatically affected almost every business sector with its invasion. The integration of mobile app technology in the banking industry has proven the most efficient way to digitize the payment process. Now, the artificial intelligence is acting as a tool to evolve the mobile apps in order to make them smarter. Against to what we thought, the mobile payment process is integrating the AI technology sooner than we expected.

Artificial intelligence is the stream of technology that homes the terms like machine learning, Predictive Analysis, Speech to Text, Natural Language Processing (NLP), Machine Vision, Image Recognition, and Expert Systems. Most of the payment mobile apps are already leveraging technologies such as chatbots and text recognition systems, P2P money transfer and streamlined payment. The money transaction services such as PayPal are integrating their chatbots to the social media apps to enable the user to make a transaction within the app between the contacts.

However, along with these AI integrations in the mobile payment services are continuously exploring the AI to solve the payment process. Here are some ways AI is revolutionizing the mobile payment applications.

1. Saving Time And Effort With Grab and Go Applications

In order to provide service that focuses on saving the user’s time and effort the mobile applications let users do shopping without any hassle. With the help of speech recognition, pre-order via text and making payment through bots users can buy anything from the store using the app. This will help the users in ditching the need of going to the shop and standing in the queue to make a payment, just go and grab the ordered item.

2. Machine Learning Enhances The Fraud Detection Service

Fraud detection system needs to be updated with the time and traditional methods and ways are no longer capable of detecting the fraudulent activities now. In order to make sure the flawless security of the payment system, all the transaction needs to be observed without any scope of error. A large number of transaction requires being reviewed manually in order to put a curb on the fraud payment activities. Machine learning equipped fraud detection systems have been used by the payment services to secure the payment process. The system is capable of improving itself consistently by learning every time any fraudulent payment detected to cope up with the different tactics of the fraudsters. In addition, the system also reviews the immense amount of transactions easily. This application gives the glimpse of the potential future of AI in the security and protection system.

3. Machine Learning Helps In Reducing False declines

According to a report from the BI intelligence, false declines considered as the non-fraudulent transaction causes more loss to the companies than a fraudulent transaction. This makes the implementation of machine learning security system with predictive capabilities necessary to reduce the false declines. The report states that Falsely decline transactions caused an $8.6 billion loss in 2016, whereas the actual fraud loss projected as $6.5 billion in 2016.

AI Report Card

The mobile payment system is expected to explore new ways of leveraging the AI in coming time. Let us know what you think about recent AI news, advancement and controversies over the past few months via comments.

Vikram <span>Content Manager</span>
Written By
Vikram Content Manager

Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.

News

Instagram Co-Founders Resign From Facebook To Explore Their Curiosity And Creativity

2 min read  

Instagram co-founders Kevin Systrom and Mike Krieger, announced their departure from Facebook. Instagram’s CEO and CTO have shared that they are resigning from their respective positions in Instagram, which is owned by Facebook. Instagram founders have shared the wish ‘to explore their c

News

Ahead of WWDC, Apple Introduces iOS 12 With Memoji And Smart Camera

4 min read  

Following an event closely has the benefits of its own. You don’t need to turn back the pages. And, that saves the time and allows you to remain abreast to the latest commotion happening around. If you are still clueless, let me spill the beans, I am talking none other than the introduction of

News

Apple Design Awards 2019: Top 9 Apps Of The Year

4 min read  

“Work hard in silence and let your success make the noise.”Every app developer or app owner wants their app to get recognition and nothing could be better than the Apple Worldwide Developer Conference’s stage. At the ongoing annual event, Apple announced the winners of Apple De

News

Best Android 9 Pie Features We All Are Waiting For

15 min read  

Google is again ready to change the lives of millions of Android users across the globe. Now, when the name of Android 9.0 isn't a secret anymore, we should talk about its features. The Mountain View company has added plenty of updates and new features to the operating system that will enhance t

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH