AI and Payment Innovation | Oct 10, 2023
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The emergence of a smart grid in payments coupled with artificial intelligence (AI) is a pivotal shift towards smart money and—where transactions are not merely exchanges but intelligent interactions.
Invisible, ID-based Smart Grids
“The more invisible a payment is, the smarter it is,” a notion that encapsulates the essence of the evolving payment grid. Largely unseen and innovating at an unprecedented speed, crafting a smart grid that intertwines with our digital interactions. The invisibility here is not an absence but a subtle, intelligent presence that facilitates, secures, and enhances every transaction.
See: Mastercard is Navigating Global Trust Frameworks and Building a Global Digital Identity Network
A pivotal focus for the future of payments is the emphasis on proving identity. The shift from credential-based payments, such as card information, to identity-based validations, underscores a transition towards a more secure and personalized financial ecosystem. The digital ID doesn’t merely serve as a verification tool; it becomes an integral part of the user’s digital persona, ensuring transactions are not just secure but also inherently tied to the individual, not just the credentials.
The potential incorporation of blockchain technology could revolutionize the way financial institutions interact and share data securely amongst each other. Imagine a grid where banks and financial entities could validate details in a payment before it’s sent, ensuring absolute accuracy and significantly speeding up the process. This shift is a redefinition of trust and reliability in the digital finance domain.
Smart Money ‘Talks Back’
Imagine payment data that doesn’t just validate but “talks back” through virtual assistants, providing real-time insights, suggestions, and even predictive analyses of spending patterns. This isn’t just smart; it’s intuitive, crafting a financial interaction that’s tailored, insightful, and inherently secure.
See: LQWD’s AI Tech Achieves 4500% Lightning Network Surge
The irony isn’t lost when we consider AI being utilized to combat fraud, which is being perpetuated at an “industrial pace” by AI itself. It’s a synthetic battle, where AI systems are locked in a perpetual chess match, one trying to outwit the other, crafting a scenario where the technology becomes both the shield and the sword in the financial realm.
Things Are About To Get Personal
In the convergence of the smart grid and smart money, the future of finance is not just about transactions but about intelligent, secure, and personalized interactions. It’s a future where your identity is not just a validator but a two-way communicator, where AI facilitates, protects, and advises in your financial journey.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/the-convergence-of-smart-grids-and-smart-money/
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