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Artificial Intelligence and security are essential to boost online payments

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● 66% of Ecuadorian consumers consider security as the most important factor when choosing an online payment method.

● 85% do not feel comfortable entering their financial data online.

Ecuador, April 2024 – In the digital and post-pandemic era, online payments have emerged as an essential component of modern commerce. However, its widespread adoption is intrinsically linked to security. As consumers increasingly trust the integrity of electronic transactions, a robust and expanding digital economy will flourish.

Security is the foundation of online payments. From end-to-end encryption to multi-factor authentication measures, every aspect of the payment infrastructure is designed to safeguard sensitive user information. In a world where cyberattacks are an omnipresent threat, these details are imperative to building consumer trust.

Paysafe, a world-leading payment solutions company, carried out the study that explores payment trends and behavior of Latin American consumers “Lostin Transaction 2023”. This study revealed that 69% of Latin American consumers consider security as the most important factor when choosing an online payment method. Among the available options, digital wallets emerge as favorites for 38%, while eCash or electronic money, highlighting systems such as PagoEfectivo —which allows cash transactions through points of sale—, captures the preference of 34% of users. Ecuadorian consumers participating in the survey.

Artificial intelligence (AI) applied in payment technologies plays a fundamental role in the security of online payments. Using advanced algorithms, AI can detect fraudulent behavior patterns in real time, anticipating potential threats and proactively protecting transactions. This predictive capability not only strengthens security, but also streamlines the payment process, providing a seamless user experience.

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In Ecuador, 70% of respondents consider online payments to be more secure and 73% say they feel more comfortable using a payment method that does not require them to share their financial data with merchants when purchasing online.

In addition to traditional payment methods, such as credit cards, innovative alternatives such as Skrill and NETELLER, and eCash, or digital cash, services such as PagoEfectivo are emerging. These services offer consumers versatile options for transacting online, adapting to individual needs and preferences. However, adopting these alternative methods also requires a rigorous approach to security, ensuring that every transaction is safe and secure.

“Consumers are looking for fast and secure transactions, and contactless technology has become the preferred option. “In addition, the integration of artificial intelligence to analyze customer behavior data and offer highly personalized product recommendations plays a fundamental role so that companies that adopt this technology are better positioned to meet the increasingly high expectations of consumers,” explains Gustavo Ruiz Moya, President for Latin America at Paysafe.

From integrating AI to diversifying payment methods, every technological advancement must be backed by strong security measures. Only through this combination of innovation and protection will we be able to build a reliable and sustainable online payment ecosystem for the future.

The post Artificial Intelligence and security are essential to boost online payments appeared first on EntornoInteligente – Breaking News from around the world.

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