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9/25/24, 4:26 PM AI in fintech: How HyperPay leverages cutting-edge technology to transform payment gateways

AI in fintech: How HyperPay leverages cutting-

edge technology to transform payment

gateways

Date Share on Facebook Tweet on Twitter
9/24/2024 5:21:42 AM

(MENAFN- Orient Planet Group) 23 September 2024- In the rapidly evolving digital age,
artificial intelligence (AI) has emerged as a game-changer, revolutionising industries across
the spectrum by offering unprecedented opportunities for growth and propelling businesses to

new heights of success. Like any other industry, AI has had a profound effect on the fintech
sector, transforming the industry at its core. Within this realm, 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.
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. 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 per cent 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 USD 15.5 billion.
With nearly a third of businesses expecting significant growth (over 20 per cent) 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

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