While AI and Machine to Machine (M2M) technology are nothing new, they are being deployed with greater speed and efficiency, and in more contexts within the South African payments and e-commerce environment. According to Andrew Springate, CEO of tech and financial gateway service provider PAYM8, the real potential of these technologies is just starting to be realised.
Says Springate, “We’ve known for some time how AI helps businesses enhance the experience of their customers by offering a method of data analysis assisting with model and trend analysis. This has been vital for payment brands in generating repeat business and building a loyal customer base. Use of AI and M2M is undoubtedly on the increase which is good news for end-customers and for businesses too.”
Now that AI and M2M are fast becoming more entrenched, merchants are reaping the benefits of ever more integrated and secure payment solutions. “On a practical level this technology can provide merchants such as debit order collectors with real insight into, by way of example, a debtors’ employment sector and the best debit order collection dates.”
Springate says having factual insight into specific trends is the entryway to increased operational efficiencies and accurate decisions. “Armed with critical data trends and other valuable information using M2M and AI learnings, organisations are empowered to make systematic payment processing decisions. For example, switching between primary and secondary payment channels in order to minimise the risk of bounced debit orders.”
PAYM8’s own intelligent payments platform, AXIS, gives businesses greater control over their payments journey. The platform allows choice in the transaction method that is the most suitable and the one that makes the most economic sense.
“The e-commerce and payments industry demands choice and flexibility. Solutions that deliver on the need for interoperability between transaction types will win out over those that do not. Merchants require a complete remit of transaction processes from collections to digital commerce to daily transaction management in a way that is simple, seamless and frictionless,” notes Springate.
From an industry that barely existed just two short decades ago, Springate says e-commerce, and with it, online payments, have skyrocketed to occupy a commanding position in today’s connected global economy. “The entire payments and retail ecosystem continues to transform before our very eyes. The opportunities in South Africa and the rest of the continent are immense as smart technologies, like AI and M2M, are put to good use in best of breed payment solutions.”