“When it comes to payments and the IoT, we are witnessing a lot of activity and potential within this space,” Jörn Leogrande, executive vice president of mobile services at Wirecard, explains in an in-depth article now available to download from the NFC World Knowledge Centre. “There are, however, a lot of questions and concerns to be addressed in terms of how payments will be secured across these devices.”
Artificial Intelligence (AI), meanwhile, “has the potential to work hand-in-hand with the IoT to transform the customer’s shopping experience on any commerce channel that they wish to shop,” Leogrande adds, “whether that is in a brick-and-mortar environment, through their mobile phone or through their connected fridge or car.”
“Today, the most popular application for AI in financial services is the chatbot — a program that converses with customers through text or speech. However, I believe the real potential for AI lies with its ability to predict customer behaviour and push products and services and targeted offers to customers based on their purchasing data.”
‘Connected living: How the IoT and AI will change the face of payments’ explores the impact of the Internet of Things on the future of payments, takes a detailed look at the security requirements involved, examines the role of tokenization and explores a range of use cases for IoT payments beyond the smart home.
Leogrande then explores how AI is expected to impact the payments industry, including its potential in risk management and fraud prevention, communication and predictive analytics.
Readers can download Leogrande’s eight-page article free of charge from the NFC World Knowledge Centre.
• This article is part of What’s New in Payments 2, a new 76-page special report from NFC World that explores and explains the latest payment trends and technologies. You can download the entire report here.