Visa Consulting & Analytics (VCA) highlights the transformative potential of generative AI in the payments industry, stressing its ability to innovate customer acquisition, engagement, and retention. The rapid mainstreaming of generative AI, spearheaded by technologies like ChatGPT, prompts payment businesses to evaluate its application given their unique risk profiles, regulatory environments, and customer interaction needs. VCA emphasizes the importance of ethical, secure, and transparent implementation strategies to harness generative AI's capabilities effectively, while mitigating potential risks and enhancing customer experiences.

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