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Payments Companies Pursue AI

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Payments Dive

As payments companies have reported quarterly earnings, one red-hot topic has come up repeatedly: artificial intelligence. Executives sharing company results have appeared eager to mention how their companies are already using AI, and how they hope to use it in the future.

Corporate discussion around AI has mushroomed since last November, when artificial intelligence company OpenAI launched a chatbot called ChatGPT. The technology has evolved rapidly, as have potential uses of it, inspiring payments companies to explore how they can incorporate generative AI.

Some executives mentioned using AI to cut costs internally, while others want to use it to power customer-facing products. But executives also stressed they are using these new tools with caution, threading the needle between excitement and concern.

AI is “something that we cannot afford to ignore,” Mastercard CEO Michael Miebach said during the company’s first-quarter earnings call in April. “We will lean in, but make sure that we are a trusted party when it comes to scaling it up.”

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