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9/25/24, 4:26 PM AI in fintech: How HyperPay leverages cutting-edge technology to transform payment gateways - Middle East News 247

AI in fintech: How HyperPay leverages cutting-edge

technology to transform payment gateways

By News Desk 1 September 23, 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

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