Home / Business and Economy / AI in Payments: Trust Over Speed, Says Amazon Pay India CEO
AI in Payments: Trust Over Speed, Says Amazon Pay India CEO
11 Sep
Summary
- AI enhances payment personalization but doesn't reduce risk importance.
- Amazon Pay uses over 1,000 parameters for transaction checks.
- Company expanding focus to credit, insurance, and savings.
Vikas Bansal, CEO of Amazon Pay India, stressed that artificial intelligence, while crucial for contextual and automated digital payments, does not diminish the necessity of robust risk checks for maintaining customer trust. He explained that AI enhances personalization and convenience in transactions.
Bansal elaborated that Amazon Pay currently employs over 1,000 parameters to verify each transaction. This rigorous security approach will persist as payment technologies evolve, ensuring safety alongside convenience.
Beyond payment security, Bansal indicated Amazon Pay's strategic expansion into broader financial services, including credit, insurance, and savings. The company recently introduced a digital revolving credit offering for MSMEs and a health insurance product.
He observed that digital credit inclusion is progressing rapidly, with Tier-2 cities surprisingly outpacing Tier-1 cities. Bansal also praised India's digital public infrastructure and industry-government cooperation as key drivers for future economic growth.
