Adoption of artificial intelligence (AI)-driven payments worldwide 2023, by age group
Artificial intelligence was used more often for payments by younger respondents in 2023, but usage remained low across all age groups. This according to a survey held in 14 different countries across North America, Europe, and Latin America. The source observed that most respondents - regardless of age - were not yet comfortable with the idea of AI in digital payments. This revealed itself, especially, in the reply from 10 percent of the respondents that they would perhaps use artificial intelligence in two years' time when it had become more established. The source did not provide an age breakdown for this specific comment, and it does not clarify whether Gen Z was more open to using artificial intelligence for payments than their older counterparts.
Examples of AI in day-to-day digital payments for consumers
The source lists three specific use cases of artificial intelligence in consumer-driven payments: Smart wallets, AI-powered checkouts, and chatbots. One example includes Amazon's Just Walk Out (JWO) in its Amazon Go shops in the United States. The technology uses machine learning to identify what customers picked off the shelves and then bill them automatically. This solution aims at the innovation consumers hope to see most in shopping, especially online: A seamless payments experience. Payment providers had a similar impression, in that they observed a demand among their clients for real-time payments. More so than for lower payment processing costs or cross-border payment solutions. The source adds certain payment solutions might already be using AI in the background, but that consumers are simply not aware of them.
AI pros and cons for financial services
The finance industry is expected to make heavy use of artificial intelligence's capabilities for years to come. AI's ability to monitor trends and improve data analytics, especially, is popular among financial service providers. Another popular use is that AI can help process large quantities of data. This is especially useful for larger investment-style banks. There are concerns, though. Data issues and growing concerns about keeping talent on board to help out with issues or data sciences ranked as the top AI concerns in 2024.