#Fintech/#AI
Sector Snapshot- #Stocks to Watch (OTC: $GTCH) (NYSE: $V) (NASDAQ: $PYPL)
(TSXV: $MTRX.V) (OTCQB: $RACMF) @Visa @PayPal @LoopInsights
#ArtificialIntelligence to Play a Major Role in the Future
Growth of the Credit Card/Payment Industry
Point Roberts WA, Vancouver BC – April 28, 2021
– Investorideas.com (https://www.investorideas.com), a global investor news source
covering Artificial Intelligence (AI)
and Fintech issues a sector snapshot looking at how AI will play a leading role
in the future growth of the credit card/payment industry, featuring emerging technology
company, GBT Technologies Inc. (OTCPINK:GTCH).
Read this article, featuring GTCH in full at https://www.investorideas.com/news/2021/artificial-intelligence/04281GTCH-V-PYPL-MTRX-RACMF.asp
According
to Fortune Business Insights, “The global payment processing solutions
market size is expected to showcase exponential growth by reaching USD 116.17
billion by 2027. This is attributable to the increasing adoption of value-added
services by major fintech firms, along with the growing demand for payments
through credit & debit cards that is leading the developers to introduce
advanced payment solutions globally.”
“The
emergence of advanced technologies has led to a massive overhaul in the
operations of several fintech firms and major banks globally. They are adopting
modern technologies such as artificial intelligence (AI) and machine learning
to provide their customers with contextual and customized payment solutions.
This is driving the demand for advanced payment solutions to enable fast,
simple, and secure business transactions. Furthermore, the surging use of
credit and debit cards over cash is likely to boost the global payment
processing solutions market growth in the forthcoming years.”
Having previously announced several patent filings in the AI space, GBT Technologies Inc. (OTCPINK:GTCH), a development stage company for Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms, recently announced applications for the fintech payment space. The Company announced it had filed with the US Patent and Trademark Office (“USPTO”), a provisional patent for systems and methods of a financial software application to prioritize and consolidate credit cards charge system. The system will be offered as a web-based and mobile application. The system is targeted to use GBT’s patented database management technology and empowered by its Artificial Intelligence technology. The software design contemplates an automatic, characterized, and prioritized consolidation of different credit cards into one card method, point of sale, smartphone applications and computer software.
When a
credit card user is using his/her account, in most instances the selection of
the card is done arbitrarily or by credit availability. In many cases the
credit card user is not utilizing his/her other cards lower interests and
benefits. The patent protects an automated software tool and method that would
combine all of his/hers credits cards accounts into one credit facilitate
account. This one credit system, automatically prioritize and charges according
to the user’s best interest. Furthermore, it will “consolidate” all the line of
credits from his/her differ credit cards into one “large” line of credit. The
one credit system accumulates the users’ credit cards available credit into one
account. When a transaction is made, the system searches the user’s most
beneficial credit account and charges or allocates the amount to it.
The system
will be managed by GBT’s Artificial Intelligence technology and use it’s
patented, database sharing method to enable high performance and security. The
system will consider the best financial aspects of all credit card account,
automatically selecting the user’s best interest one. Among these aspects are
lowest interest rates, membership fees, cash advanced, line of credit, benefits
like mileage, gift certificates, and similar. The assigned application number
is 63175564 and the filing date is April 16, 2021. The company intends to file
a nonprovisional application during the next few months.
“We are
excited to start another activity of implementing our technology in wide
variety of domains. This one is in the financial arena. This patent aims to
protect a prioritized, characterized credit card system to automatically enable
making the best financial decision with user’s credit cards. The technology
covered by the patent application contemplates the automatic ranking of the
user’s credit card benefits like interest rate, reward programs and similar and
use the one with the highest rank to execute charges. In this way users will be
always using their best interest financial credit account. The system will
combine all user’s credit accounts and will enable consolidation of all credit
lines into one account. Our Artificial Intelligence technology will be the
brain to empower the entire system and we’ll be implementing our patented
database management technology for fast performance and high security. Our AI
system will enable a personal “credit advisor” that helps with all credit lines
financial decisions, always keeping in mind the user’s best interest. This is
the first time that we will be using our technology in the financial arena and
we look forward for further future expansion in this domain,” stated Danny
Rittman, the Company’s CTO.
In February,
Visa Inc. (NYSE: V ) announced VisaNet +AI, a suite of AI-powered services
that address long-standing challenges and pain points for banks, merchants and
consumers - including delays and confusion with managing account balances and
the unpredictability of daily settlement for financial institutions. VisaNet
+AI comprises several innovative concepts and new value-added services,
including Visa Smarter Posting and Visa Smarter Settlement Forecast, as well as
Visa Smarter Stand-In Processing (Smarter STIP), a capability announced in
August of last year. These innovations harness Visa’s high-performance AI
platform to help make payments more predictable, transparent, and speedy.
"Our
clients, partners and cardholders look to us for actionable data-driven
insights to better manage their businesses and financial lives, especially
during these unprecedented times. Today we’re announcing a set of services that
use AI to make it easier for consumers to manage their accounts, and for
financial institutions to manage their business," said Jack Forestell, Executive
Vice President and Chief Product Officer at Visa. "With our investment in
AI infrastructure, we’re unlocking novel, real-time solutions to complex
problems. This is just the beginning of what we can do with the predictive
power of AI."
PayPal
Holdings, Inc. (NASDAQ: PYPL) talks about how they are using “ Machine Learning and
Artificial Intelligence Lead to Higher Authorization Rates.”
“Optimizing
the payment experience: Ensuring high probability of approval & decline
prediction We’ve all been there. We are
ready to make a high-value purchase that we’ve spent weeks thinking about,
maybe a new gaming console, a designer handbag or a vacation rental. And
surprise, surprise, the transaction is declined, even though we are well below
the card limit.”
“But now,
by combining historical trends and transaction variables, PayPal’s machine
learning models can help predict in advance if a user’s card will be declined
for a transaction and prevent the purchase from being completed. If a decline
is predicted, we can create a custom experience for the user that will ensure a
valid purchase goes through, which has resulted in improvement of auth rates
between 60-240 bps for certain merchants. For example, we can surface a
different payment method within a user's PayPal wallet that has been successful
in the past. We can also prompt a secondary form of authentication using
3D-secure or request a CVV to make sure the user is who they say they are.”
Another
smaller player in the sector, Loop Insights Inc. (TSXV:: MTRX) (OTCQB: RACMF), a provider of contactless solutions and
artificial intelligence (“AI”) to drive real-time insights, also uses AI and
IoT saying, “Like the internet connects websites, Loop connects physical
locations – providing the data connectivity that will level the playing field
between brick and mortar retailers and online giants.“
One of their
technologies, SmarTap, “infuses Loop’s cloud-based artificial intelligence with
an NFC (Near Field Communication) reader to create a smart engagement platform
suitable for a multitude of applications, including check-in processes, venue
tracing, loyalty programs, and marketing. Users simply tap their mobile device
to access a streamlined, contactless experience—which is more important than
ever before.”
Looking at
the sector, innovation through AI to simplify the payment process for both
consumers and retailers is coming from both small and large corporations. The
future is clearly one of contactless payments and has been even further
accelerated by the Covid-19 pandemic.
For a list of artificial intelligence stocks
on Investorideas.com visit here
Investors can trade these stocks and other ideas on our site using our list of top
stock trading apps including Robinhood , Acorn, Stash and others.
About Investorideas.com - News that Inspires Big Investing Ideas Investorideas.com is a recognized news source
publishing third party news, research and original financial content. Learn
about investing in stocks and sector trends with our news alerts, articles, podcasts and videos, looking at cannabis, crypto, AI
and IoT, mining, sports biotech, water, renewable energy and more. Investor
Idea’s original branded content includes the following podcasts and columns : Crypto Corner , Play by Play sports and stock news column, Investor Ideas Potcasts Cannabis News and Stocks on the Move podcast
and column, Cleantech and Climate Change , Exploring Mining the AI Eye .
The Investorideas.com podcasts are also
available on iTunes, Spotify, Tunein,
Stitcher, Spreaker.com, iHeartRadio and Google Play Music.
Visit the Podcast page at Investorideas.com:
https://www.investorideas.com/Audio/
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third
party sourced news, articles and equity research as well as creates original
content, including video, interviews and articles. Original content created by
investorideas is protected by copyright laws other than syndication rights. Our
site does not make recommendations for purchases or sale of stocks, services or
products. Nothing on our sites should be construed as an offer or solicitation
to buy or sell products or securities. All investing involves risk and possible
losses. This site is currently compensated for news publication and
distribution, social media and marketing, content creation and more. Disclosure
is posted for each compensated news release, content published /created if
required but otherwise the news was not compensated for and was published for
the sole interest of our readers and followers. Contact management and IR of
each company directly regarding specific questions. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about
publishing your news release and our other news services on the
Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com Disclosure:
GTCH is a paid monthly featured Ai stock on Investorideas.com
Global investors must adhere to
regulations of each country. Please read Investorideas.com privacy
policy: https://www.investorideas.com/About/Private_Policy.asp
Follow us on Twitter https://twitter.com/Investorideas
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Download our Mobile App for iPhone and Android
Join our Investor Club https://www.investorideas.com/membership/
Contact Investorideas.com
800 665 0411
