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AI Leaps Forward

Some recent survey work we did shows that DCA members largely agree that artificial intelligence is a big deal. We also know that AI has a long way to go before it’s really transformative.

Recently, AI took a big step.  A firm called OpenAI released its ChatGPT tool onto the web.  It’s software that responds to questions or prompts – which isn’t new.  Chatbots have done that for decades.

The difference – and it’s a big one – is that ChatGPT is good. Alarmingly good.

2022 was a tough year, but it was also a year of scientific breakthroughs.  It brought us  Webb Telescope pictures, the cold fusion announcement, and now a public demonstration of next-level AI capabilities.

So our last Commerce Conversation of 2022 – at the link below – is a Q&A with ChatGPT about the future of payments.

It took about ten seconds.  It would take a smart human at least 15-20 minutes to do what the AI did here, and that’s assuming they know the payments field.  If the human author is a payments novice, it might take a day or three.

But that’s the thing – machines have huge limitations, including no common sense whatsoever (I’ve written about that at length here), but they aren’t novices at anything.  Combine that significant fact with the ability to instantly write large amounts of high quality text, and the next Industrial Revolution might get up a head of steam in 2023.

Happy New Year?


Dan Currell

What is the next big development in digital payments technology?

 Chat GPT

It is difficult to predict the exact direction that digital payments technology will take in the future, as it is constantly evolving and being shaped by a variety of factors such as consumer demand, technological advancements, and regulatory environments. However, there are a few trends that are likely to continue to shape the development of digital payments in the coming years:

  • Increased adoption of mobile payments: The use of mobile phones to make payments is likely to continue to grow in popularity, as it offers a convenient and secure way to pay for goods and services.
  • Greater use of cryptocurrencies: Cryptocurrencies, such as Bitcoin, are digital currencies that use cryptography for security and are decentralized, meaning they are not controlled by a central authority. They are likely to continue to gain in popularity as a means of exchange, although their volatility and regulatory uncertainty may limit their widespread adoption.
  • Development of contactless payment technologies: Contactless payment technologies, such as NFC (near field communication), allow consumers to make payments by simply tapping their device (such as a phone or smartwatch) against a payment terminal. This technology is likely to continue to be developed and adopted, as it offers a quick and easy way to make payments.
  • Integration of artificial intelligence and machine learning: Artificial intelligence (AI) and machine learning (ML) technologies are likely to be increasingly integrated into digital payment systems, potentially enabling more personalized and convenient payment experiences.
  • Increased focus on cybersecurity: As digital payments become more widespread, there is likely to be a continued focus on ensuring the security and privacy of payment transactions. This may involve the development of new technologies and protocols to protect against fraud and data breaches.


Related DCA Resource:

Commerce Code Episode 20: Data & Artificial Intelligence, The Secret to Prospering in Challenging Times

Commerce Code Episode 115: Law & Policy Roundup: Regulators Grapple with Cutting-Edge Artificial Intelligence

Commerce Code Episode 138: How Will Emerging Technologies Change Digital Commerce?

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