HOW AI IS TRANSFORMING THE FUTURE OF DIGITAL PAYMENTS IN INDIA

Leaders in the financial services industry are aware that digital payments is the future of their industry. Consumers and merchants are increasingly using digital tools to buy and sell, and leading companies are entering the digital payments space. For many technology players, the digital payments space is the next frontier. Such companies have considerable expertise in technologies like AI.

- Sunil Khosla

Budding and existing players in the digital payments arena are using their knowledge of AI to deliver secure, safe, and seamless payment experiences. Artificial Intelligence (AI) is transforming India’s digital payment infrastructure. It is making digital transactions secure, facilitating superior customer service, and it is being integrated with existing financial platforms to serve customers better. A few factors behind consumers adopting digital payments are as follows:

Outstanding Digital Infrastructure

In India, digital infrastructure is considerably superior to what it was just five years ago. Five years ago, internet penetration was relatively poor. Fast forward to today, and smartphones are ubiquitous, and the internet has penetrated every corner of the country. Approximately 35 crore Indians today use smartphones. Most of these users regularly use the internet and avail a variety of services online. One service popular among a growing number of Indians is digital payments.