Page 18 - Hyperpay PR REPORT - SEPTEMBER 2024

9/25/24, 4:26 PM Leveraging cutting-edge tech to transform payment gateways
Leveraging cutting-edge tech to transform payment gateways

DUBAI, 1 days ago
Payment gateways have witnessed a profound transformation, thanks to the innovative applications of AI-powered
tools.

These tools are not only enhancing security and streamlining operations but also revolutionising the way financial
institutions engage with their customers, a HyperPay release said.

AI-driven technologies, such as chatbots and virtual assistants, are reshaping the customer experience by providing
efficient and personalised support. These intelligent systems leverage natural language processing to understand
and respond to customer inquiries, offering instant assistance during checkout or order fulfilment.

Imitating human intelligence
Moreover, AI algorithms can analyse vast amounts of data to identify potential fraud risks, safeguarding both
businesses and consumers. In essence, AI tools imitate human intelligence to address payment-related problems
quickly and cost-effectively.

The Mena region has witnessed a surge in digital payments, driven by increasing internet penetration, mobile usage,
and supportive government initiatives. About 85% of fintech firms in the region are actively engaged in payments,
transfers, and remittance services, contributing to the growth of the digital economy. The UAE, Saudi Arabia, and
Egypt have emerged as key players in the fintech landscape, with a thriving ecosystem of startups and a focus on
innovation.

For instance, the UAE has over 800 startups worth $15.5 billion. With nearly a third of businesses expecting
significant growth (over 20%) in 2024, digital payment innovations have emerged as a crucial element for success in
the dynamic, ever-evolving business landscape.

More than 100 industry executives across the UAE, Saudi Arabia, and Egypt emphasise the critical importance of
digital payment for businesses in the region. A staggering 81 per cent of companies surveyed believe that speedier
transactions directly contribute to increased revenue. Additionally, around 83 per cent of executives recognise the
significance of easy payment completion in building customer loyalty.

HyperPay at the forefront
HyperPay, a leading payment gateway provider in the Mena region, has been at the forefront of integrating AI into its
operations. The company’s commitment to providing exceptional payment solutions is driven by a deep
understanding of the evolving needs of businesses and customers.

At the heart of the company lies its mission of providing companies with the best payment gateway, payment
solutions, and payment services, to make all payment processes easier, faster, and more reliable.

The company has incorporated AI across many of its operations for a variety of reasons. AI-driven algorithms
analyse transaction patterns in real-time to detect and prevent fraudulent activities. Its advanced fraud prevention
solution leverages a combination of risk, settings, machine learning, fraud and payments data, as well as advanced
analytics to identify suspicious transactions and protect businesses from financial losses. Businesses that use or
accept debit and credit cards online are always at risk of fraud.

HyperPay’s advanced fraud protection solution empowers companies to detect risks accurately, maximise genuine
profits, and minimise any potential loss. Machine learning models adapt to new fraud techniques, ensuring ongoing
security. AI optimises payment routing, reducing transaction times and costs. Machine learning models predict
transaction outcomes, minimising errors and failures, enabling real-time response to fraudulent acts and ensuring a
seamless payment experience.

The company uses ‘Blacklists’ based on IP address, region, credit card information, and other factors to further
identify suspicious customers. It refers to a transaction that will be rejected if the details of the customer match those
on the blacklist. Predictive analytics is an additional AI-powered method. It compiles data and information from
across industries (fraud intelligence) to assist the fraud team in identifying fraud more quickly and accurately using
data analytics. Furthermore, companies can promptly and precisely detect new fraud patterns before they influence
the company, thanks to real-time machine learning judgments.

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