The Role of AI in Enhancing Customer Convenience and Ease in Digital Payment Systems

Laxmi Narayan Yadav; Musheer Ahmed

doi:10.69968/ijisem.2024v3si282-86

Authors

Laxmi Narayan Yadav Research Scholar, Department of Business Administration Khwaja Moinuddin Chishti Language University, Lucknow, UP
Musheer Ahmed Associate Professor, Department of Business Administration Khwaja Moinuddin Chishti Language University, Lucknow, UP

DOI:

https://doi.org/10.69968/ijisem.2024v3si282-86

Keywords:

Artificial Intelligence, digital payment systems, Machine Learning, and Technology

Abstract

Due to the potential of its cutting-edge capabilities, AI has become a prime mover in the development of digital payment systems and has entirely changed the face of the market. Numerous benefits result from integrating AI into these systems, whether it is related to user experience, security, or even operational efficiency. Fraud detection and prevention is one of the major functions that artificial intelligence executes within digital payments. AI systems analyze large transaction data volumes to spot trends and anomalies indicative of fraud. Frauds are far from happening because of this characteristic of real-time monitoring, thereby safeguarding the transactions of the users. Moreover, AI provides personalized services and recommendations with the aid of data analytics to personalize customer experience. Artificial intelligence-driven chatbots and assistants facilitate customer service on a 24/7 basis, thereby increasing consumer pleasure and engagement.

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