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Fintech Sector Snapshot: Artificial Intelligence to Play a Major Role in the Future Growth of the Credit Card/Payment Industry

By: Newsfile

Point Roberts, Washington and Vancouver, British Columbia--(Newsfile Corp. - April 28, 2021) - (, a global investor news source covering Artificial Intelligence (AI) and Fintech issues a sector snapshot looking at how AI will play a leading role in the future growth of the credit card/payment industry, featuring emerging technology company, GBT Technologies Inc. (OTC Pink: GTCH).

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According to Fortune Business Insights, "The global payment processing solutions market size is expected to showcase exponential growth by reaching USD 116.17 billion by 2027. This is attributable to the increasing adoption of value-added services by major fintech firms, along with the growing demand for payments through credit & debit cards that is leading the developers to introduce advanced payment solutions globally."

"The emergence of advanced technologies has led to a massive overhaul in the operations of several fintech firms and major banks globally. They are adopting modern technologies such as artificial intelligence (AI) and machine learning to provide their customers with contextual and customized payment solutions. This is driving the demand for advanced payment solutions to enable fast, simple, and secure business transactions. Furthermore, the surging use of credit and debit cards over cash is likely to boost the global payment processing solutions market growth in the forthcoming years."

Having previously announced several patent filings in the AI space, GBT Technologies Inc. (OTC Pink: GTCH), a development stage company for Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms, recently announced applications for the fintech payment space. The Company announced it had filed with the US Patent and Trademark Office ("USPTO"), a provisional patent for systems and methods of a financial software application to prioritize and consolidate credit cards charge system. The system will be offered as a web-based and mobile application. The system is targeted to use GBT's patented database management technology and empowered by its Artificial Intelligence technology. The software design contemplates an automatic, characterized, and prioritized consolidation of different credit cards into one card method, point of sale, smartphone applications and computer software.

When a credit card user is using his/her account, in most instances the selection of the card is done arbitrarily or by credit availability. In many cases the credit card user is not utilizing his/her other cards lower interests and benefits. The patent protects an automated software tool and method that would combine all of his/hers credits cards accounts into one credit facilitate account. This one credit system, automatically prioritize and charges according to the user's best interest. Furthermore, it will "consolidate" all the line of credits from his/her differ credit cards into one "large" line of credit. The one credit system accumulates the users' credit cards available credit into one account. When a transaction is made, the system searches the user's most beneficial credit account and charges or allocates the amount to it.

The system will be managed by GBT's Artificial Intelligence technology and use it's patented, database sharing method to enable high performance and security. The system will consider the best financial aspects of all credit card account, automatically selecting the user's best interest one. Among these aspects are lowest interest rates, membership fees, cash advanced, line of credit, benefits like mileage, gift certificates, and similar. The assigned application number is 63175564 and the filing date is April 16, 2021. The company intends to file a nonprovisional application during the next few months.

"We are excited to start another activity of implementing our technology in wide variety of domains. This one is in the financial arena. This patent aims to protect a prioritized, characterized credit card system to automatically enable making the best financial decision with user's credit cards. The technology covered by the patent application contemplates the automatic ranking of the user's credit card benefits like interest rate, reward programs and similar and use the one with the highest rank to execute charges. In this way users will be always using their best interest financial credit account. The system will combine all user's credit accounts and will enable consolidation of all credit lines into one account. Our Artificial Intelligence technology will be the brain to empower the entire system and we'll be implementing our patented database management technology for fast performance and high security. Our AI system will enable a personal "credit advisor" that helps with all credit lines financial decisions, always keeping in mind the user's best interest. This is the first time that we will be using our technology in the financial arena and we look forward for further future expansion in this domain," stated Danny Rittman, the Company's CTO.

In February, Visa Inc. announced VisaNet +AI, a suite of AI-powered services that address long-standing challenges and pain points for banks, merchants and consumers - including delays and confusion with managing account balances and the unpredictability of daily settlement for financial institutions. VisaNet +AI comprises several innovative concepts and new value-added services, including Visa Smarter Posting and Visa Smarter Settlement Forecast, as well as Visa Smarter Stand-In Processing (Smarter STIP), a capability announced in August of last year. These innovations harness Visa's high-performance AI platform to help make payments more predictable, transparent, and speedy.

"Our clients, partners and cardholders look to us for actionable data-driven insights to better manage their businesses and financial lives, especially during these unprecedented times. Today we're announcing a set of services that use AI to make it easier for consumers to manage their accounts, and for financial institutions to manage their business," said Jack Forestell, Executive Vice President and Chief Product Officer at Visa. "With our investment in AI infrastructure, we're unlocking novel, real-time solutions to complex problems. This is just the beginning of what we can do with the predictive power of AI."

PayPal Holdings, Inc. talks about how they are using " Machine Learning and Artificial Intelligence Lead to Higher Authorization Rates."

"Optimizing the payment experience: Ensuring high probability of approval & decline prediction

We've all been there. We are ready to make a high-value purchase that we've spent weeks thinking about, maybe a new gaming console, a designer handbag or a vacation rental. And surprise, surprise, the transaction is declined, even though we are well below the card limit."

"But now, by combining historical trends and transaction variables, PayPal's machine learning models can help predict in advance if a user's card will be declined for a transaction and prevent the purchase from being completed. If a decline is predicted, we can create a custom experience for the user that will ensure a valid purchase goes through, which has resulted in improvement of auth rates between 60-240 bps for certain merchants. For example, we can surface a different payment method within a user's PayPal wallet that has been successful in the past. We can also prompt a secondary form of authentication using 3D-secure or request a CVV to make sure the user is who they say they are."

Another smaller player in the sector, Loop Insights Inc., a provider of contactless solutions and artificial intelligence ("AI") to drive real-time insights, also uses AI and IoT saying, "Like the internet connects websites, Loop connects physical locations - providing the data connectivity that will level the playing field between brick and mortar retailers and online giants."

One of their technologies, SmarTap, "infuses Loop's cloud-based artificial intelligence with an NFC (Near Field Communication) reader to create a smart engagement platform suitable for a multitude of applications, including check-in processes, venue tracing, loyalty programs, and marketing. Users simply tap their mobile device to access a streamlined, contactless experience-which is more important than ever before."

Looking at the sector, innovation through AI to simplify the payment process for both consumers and retailers is coming from both small and large corporations. The future is clearly one of contactless payments and has been even further accelerated by the C-19 pandemic.

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