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Smart Cards in a Smart World: How AI is Innovating Card Payments
Authors
Arunkumar Paramasivan
Abstract
The integration of artificial intelligence (AI) into card payment systems is revolutionizing the way transactions are conducted and managed. With innovations such as contactless technologies and biometric verification, AI is enhancing both the speed and security of card payments. AI-driven systems enable real-time transaction monitoring, providing advanced fraud detection capabilities by analyzing transaction patterns and identifying deviation before fraudulent activity occurs. Furthermore, predictive analytics allows for better transaction management by forecasting spending behaviors, offering personalized rewards, and improving customer engagement through smarter interactions. These advancements not only optimize the overall user experience but also bolster security by using AI to anticipate potential risks, ensuring that payments are both fast and secure. The article will explore how AI is shaping the future of financial transactions, improving efficiency, and fostering innovation in the payment ecosystem. By utilizing machine learning and deep learning algorithms, AI systems can analyze vast amounts of transaction data, continuously learning from new information to enhance fraud prevention measures and provide more relevant insights for customers. This paper will examine how AI is driving smarter transaction management and offering unprecedented levels of convenience, personalization, and security in card payments, shaping the future of the payment industry.
Keywords
AI, smart cards, card payments, contactless technology, biometric verification, real-time transaction monitoring, fraud detection, predictive analytics, transaction management, machine learning, deep learning, customer engagement, personalized rewards, security, and financial transactions.
Citation
Smart Cards in a Smart World: How AI is Innovating Card Payments. Arunkumar Paramasivan. 2019. IJIRCT, Volume 5, Issue 6. Pages 1-10. https://www.ijirct.org/viewPaper.php?paperId=2412085