AI and M2M augment South African payments and ecommerce
South Africa-based fintech Paym8 has explained how technologies in the payments industry, such as AI and machine-to-machine (M2M), facilitate data analysis and give control over the payment journey.
According to the press release, Paym8 has known how AI helps businesses develop the experience of their customers by offering a method of data analysis assisting with model and trend analysis. This has been important for payment brands in generating repeat business and building a loyal customer base. The company said that use of these technologies is on the increase which is good news for end-customers and for businesses too.
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. Armed with data trends and other information using M2M and AI learnings, organisations are enabled 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, mentioned Paym8.
The company’s own intelligent payments platform, AXIS, gives businesses control over their payments journey. The offering allows choice in the transaction method that is the most suitable and the one that makes the most economic sense. Solutions that deliver on the need for interoperability between transaction types will win out over those that do not, according to the fintech.
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