Artificial intelligence could play a bigger part in payments

While artificial intelligence has been a staple in automated trading for some time, the technology appears set to enter the world of payments.

According to reports, payment providers are looking at ways to introduce AI in a number of areas, such as customer interaction and fraud detection.

At present, one of the most popular applications of AI within financial services is chatbots. These programs can chat with customers, answer queries and point them in the right direction of potential sales.

However, experts believe that in the future, these chatbots will become smarter and up-sell products to customers. AI will also be able to crunch through masses of data to find out the best time to sell a product.