Digital PaymentsWith the increasing popularity of digital wallet providers, The world’s best companies are running behind magic word “PAY”. Incorporating this feature into any payment process can greatly enhance its efficiency and ease. Payment serves as the foundation for the entire banking experience, but it is currently being challenged. Almost all of them are coming out of payment/financial services domain.  Rushing to launch a product which ends with “Pay”.

Digital payments are on the rise, through which people can conveniently make payments for their daily essentials, leisure activities, and even education using only an email address, mobile number, or a few taps on a mobile app.

Digital Transformation Of Money – Digital Payments

Digital transformation for money Money is becoming more of a non-tangible or data byte than a tangible item. Almost all of them have cutting-edge technologies like machine learning, artificial intelligence, artificial neural networks, and deep learning. Innovative products with a combination of AI technologies and fintech are flooding the market already.

Digital Payments

The frequent, rapid advancements in technology have resulted in significant improvements in digital customer engagement. This includes the implementation of advanced analytical tools to assess customer sentiment and service utilization, as well as the increasing prevalence of voice assistant services on smartphones and the progress made in biometric authentication. These developments have all contributed to a more sophisticated and effective means of engaging with customers in the digital realm.

This is great for us, but less great for the smartphone companies, particularly the big brands, who want to charge a premium for flagship handsets. Understanding customers better and letting them choose services for their convenience in which they want to communicate with the bank, login, or navigate an app or website Providing a truly frictionless experience that could stand up to Uber or any other popular app, AI is determined to play a bigger role in payments science.

Digital Payments · Better Than Cash Alliance

This creates unnecessary risk from a privacy and security perspective. The naive perception is that somehow [chatbots] will replace full-service banking in the coming years, but on what are chatbots standing-service banking in coming years, but on what are chatbots standing? AI should be used to provide more safe, private, cheap, and easy methods of payment.

Because of the rapid pace at which fintech, banking services, financial products, and payments in a digital environment are developed and commercialized, companies may be pushed to start collecting and processing personal information before their privacy and security frameworks are fully developed.

Data Value Chain of Digital Payments

As the world is moving towards digital wallet providers every day, which makes it easy for consumers to pay quickly either for bread, entertainment, or even education purposes with just an email address, mobile number, or just a few clicks on a mobile app, etc. Adding this facility to any checkout process or shopping experience always makes it simple and effective. Payments represent the beachhead for the entire banking relationship, and this beachhead is under attack.

This enables consumers to pay through plastic cards, banks, and local payment methods. Unfortunately for banks, many of these payments are transacted through mobile apps controlled by online payment specialists and digital merchants. We are very confident that software systems can do adoption jobs dynamically. As mobile payment systems head toward primetime, we could be witnessing the beginning of a profound shift in payment culture.

It is crucial for banks to include a robust payment plan within their overall strategy for digital banking. In order to stay competitive in the rapidly developing digital landscape, banks need to satisfy the demands of tech-savvy individuals by providing a broad range of resources to assist customers in making informed choices about various financial offerings. A prudent approach would entail recording the customers’ commonly occurring transactions with the new mobile medium initially and eventually moving towards a completely digitized connection.

Books + Other readings Referred

  • Open Internet
  • Hands on research work & ground experience of  AILabPage members

Conclusion: In conclusion we agreed that where do we go when the era of Central Banking dies? (Bitcoin is a classic example or prime killer) Because it’s about to die — by decentralize organisms that are dynamically scalable and software that can be modified.

AI technologies have been around for a while in the payments industry  though we may not realise unless been hinted and given examples for it. The neural networks used for dynamic risk scoring but it has never been hotter as a topic than it is right now.

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Posted by V Sharma

A Technology Specialist boasting 22+ years of exposure to Fintech, Insuretech, and Investtech with proficiency in Data Science, Advanced Analytics, AI (Machine Learning, Neural Networks, Deep Learning), and Blockchain (Trust Assessment, Tokenization, Digital Assets). Demonstrated effectiveness in Mobile Financial Services (Cross Border Remittances, Mobile Money, Mobile Banking, Payments), IT Service Management, Software Engineering, and Mobile Telecom (Mobile Data, Billing, Prepaid Charging Services). Proven success in launching start-ups and new business units - domestically and internationally - with hands-on exposure to engineering and business strategy. "A fervent Physics enthusiast with a self-proclaimed avocation for photography" in my spare time.


  1. Correctly said …. Big companies participating in play where game is to create only “PAY” games/words and vertical forums to discover which stage of Digital Maturity Journey are they on. Redefining there business business strategy to become the leader of some one else industry in the Digital Era.


  2. Dallent at

    Excellent read, especially on insights into the future of AI on Digital payments


  3. Pay Tech at

    Too many Pays these days


  4. Steve Mackrell at

    Play with word Pay srarted at hight speed when apple came out with apple pay….. thank you this insightful post


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