Fiserv taps AI for retail rethink

Fiserv is pushing retailers to modernize their payment stacks to keep up with AI-driven consumer shopping habits. For your business, this means the old way of handling transactions is becoming obsolete. Customers are starting to use AI assistants to find products and finalize purchases. If your payment system can't talk to these AI tools, you risk losing sales to smoother competitors. The focus is shifting toward 'embedded finance' and frictionless checkout. Merchants need to ensure that financing options, like BNPL or revolving credit, are instantly available at the exact moment a digital assistant or smart device suggests a purchase. Fiserv notes that the goal is to make the payment invisible. Retailers should look for payment partners that offer modular APIs. These allow you to plug in new financing tools or AI features without rebuilding your entire website. The technology is moving toward a world where the consumer doesn't 'go to the checkout.' Instead, the checkout happens automatically wherever the consumer is browsing. To stay competitive, operators must transition away from legacy hardware and toward cloud-based systems that can handle these complex, automated interactions.

Source: Payments Dive

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