Article
From Manual Transactions to Algorithmic Systems: Expert Insights on AI’s Transformative Role in Digital Payment Services
The integration of artificial intelligence (AI) in the organized world of digital payments (DP) is a transformation in the route of transaction execution, management, and security. With India selected as the locale for researching, the study is harnessing itself to assess the influence of AI on the DP marketplace in terms of safety and operational process. The data for the study was primary and qualitative, in which the key concepts in the field of AI in DP were explicated and the authorities' views corroborated on the issue of this technology deployment focusing on DP services. Experts from fintech, banking, and financial services (BFS), and non-bank finance companies (NBFCs) were interviewed to build a unique perspective. All interviews were audio-recorded, watched carefully during transcription and kept crisper for qualitative content analysis taken in accordance with a preset structure. So, needless to say, this research also pushes India's AI-DP path from basics to very specific details. Yet another aspect of this research is the prediction of upcoming trends and challenges in the acceptability of AI in the Indian DP environment. The issue is centred on the seamless experience of users at every stage of the process, trust placed on the users and improved security systems. The study predicts a boundless future in self-use tenderness to the functionality of AI in commerce like identity theft detection, risk management, options of expense cutting, scalability of the system, immediate implementation of transactions, and lastly, the enhancement of user experience. These revelations will also permit different players in the business to have a deeper grasp of the idea of AI transforming everyday transactions along with swift AI-related innovations and regulations that may bolster trust and sustainability within the changing DP ecosystem.