AI for Payments – Visa vs. MasterCard

  • “Jamison said Visa has more than 100 applications that use AI in some form
  • In fact, in looking across the globe, Jamison pointed to Asia as fertile ground for AI innovation. “The whole integration of AI into daily life is really happening in the Asia-Pacific region,” he said.
  • Amazon has shipped over 100 million Alexa-enabled devices, and where voice-controlled interactions (remember the car scenario above) are pervasive across commerce and everyday life.
  • The banks may not be immediately perceived as being on the frontlines of innovation, said Jamison, ‘but people know they’re not going to screw things up, and that if something goes wrong, the bank[s] will fix it. Individuals trust that it’s regulated and managed in a way that is, ultimately, in their best interest.'”

    • “Mastercard is using artificial intelligence and natural language processing in unique ways to combat fraud and money laundering.
    • Association of Certified Fraud Examiners reported a 42% frequency of fraud across small businesses costing an average of 5% of gross revenues.”

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