Page 8 - Hyperpay PR REPORT - SEPTEMBER 2024

Feature Article

AI in fintech: How HyperPay leverages cutting-edge

technology to transform payment gateways

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 recognise the
significance of easy payment completion in building customer loyalty.

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