International Research Journal of Engineering and Technology (IRJET) e-ISSN: 2395-0056 Volume: 11 Issue: 06 | Jun 2024
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p-ISSN: 2395-0072
AI-POWERED DIGITAL PAYMENTS: REVOLUTIONIZING TRAVEL, HOSPITALITY, AND RETAIL EXPERIENCES Sowmyanarayanan Soundararajan Guru Birla Institue of Technology & Science, Pilani, India -------------------------------------------------------------------------***-----------------------------------------------------------------------ABSTRACT The rapid advancement of artificial intelligence (AI) and its integration with digital payment systems has catalyzed a transformative shift across industries like finance, travel and hospitality, and retail. This paper explores the symbiotic relationship between AI and digital payments, examining how key technologies such as machine learning, natural language processing, and predictive analytics drive unprecedented innovation in areas like personalized travel recommendations, dynamic pricing, fraud detection in e-commerce, inventory optimization, and customer experience enhancement. While unlocking new efficiencies and business growth opportunities, AI implementation in digital payments also presents significant data privacy, algorithmic bias, and cybersecurity challenges addressed through industry use cases. By analyzing best practices, the paper proposes strategies for harnessing AI's potential to enhance security, streamline operations, and deliver superior customer experiences across sectors, while navigating complexities through responsible innovation, ethical practices, and cross-stakeholder collaboration - paving the way for AI and digital payments to shape the future of seamless, intelligent transactions.
The effective fusion of AI and digital payments will be essential for boosting competitiveness and influencing the direction of finance as the industry develops further. This article offers insightful analysis and practical suggestions for companies, decision-makers, and scholars who want to comprehend and take advantage of artificial intelligence's revolutionary potential in the digital payment ecosystem. Keywords: AI-powered digital payments, Predictive analytics, Fraud detection, Natural language processing (NLP), Data privacy and security
INTRODUCTION The integration of artificial intelligence (AI) technologies in digital payment systems has revolutionized the financial industry, enabling unprecedented levels of efficiency, security, and user experience [1]. This transformative convergence
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