AI in digital payments penetration, by age 2024

Artificial intelligence to help enhance payments was significantly more an option for younger respondents than it was for their older counterparts in 2024. This is according to a survey held in 14 different countries across North America, Europe, and Latin America. The source observed in 2023 already that most respondents - regardless of age - were not yet comfortable with the idea of AI in digital payments. This revealed itself, especially, in the reply from 10 percent of the respondents that they would perhaps use artificial intelligence in two years' time when it had become more established. In 2024, the source did not ask how many people actively used AI during their payments journey.

Examples of AI in day-to-day digital payments for consumers

The source lists three specific use cases of artificial intelligence in consumer-driven payments: Smart wallets, AI-powered checkouts, and chatbots. One example includes Amazon's Just Walk Out (JWO) in its Amazon Go shops in the United States. The technology uses machine learning to identify what customers picked off the shelves and then bill them automatically. This solution aims at the innovation consumers hope to see most in shopping, especially online: A seamless payments experience. Payment providers had a similar impression, in that they observed a demand among their clients for real-time payments. More so than for lower payment processing costs or cross-border payment solutions. The source adds certain payment solutions might already be using AI in the background, but that consumers are simply not aware of them.

AI pros and cons for financial services

The finance industry is expected to make heavy use of artificial intelligence's capabilities for years to come. AI's ability to monitor trends and improve data analytics, especially, is popular among financial service providers. Another popular use is that AI can help process large quantities of data. This is especially useful for larger investment-style banks. There are concerns, though. Data issues and growing concerns about keeping talent on board to help out with issues or data sciences ranked as the top AI concerns in 2024.

Share of consumers worldwide who indicate they are comfortable with companies using artificial intelligence (AI) to improve digital payments as of 2024, by demographic

Characteristic	I am fully comfortable with this	I have some reservations	I could be comfortable with this if I knew more about it	I’m not comfortable with this at all
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-

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Release date

August 2024

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Region

Worldwide, Argentina, Austria, Brazil, Bulgaria, Canada, Chile, Colombia, Ecuador, Germany, Italy, Mexico, Peru, United Kingdom, United States

Survey time period

May to June 2024

Number of respondents

14,500 respondents

Age group

18 years and older

Special properties

Consumers; The source did not survey respondents from the Asia-Pacific region

Method of interview

Online survey

Supplementary notes

The source phrased the question as follows: "How comfortable are you with businesses using AI to improve the speed and security of payments? Select one"

The results have been weighted to represent the entire population.

The source lists three specific uses cased for artificial intelligence within payments: AI-powered checkouts, smart wallets, and payment chatbots.

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