As the payments landscape evolves, retailers face the challenge of staying ahead in a rapidly changing environment. / Credit: fizkes via Shutterstock

Retailers face increasing threats as cybercriminals use generative AI for sophisticated scams, including deepfake videos and personalised phishing. At the same time, AI is becoming a powerful ally for businesses.

“AI systems now analyse over a trillion data points in milliseconds to verify transactions,” according to Mastercard. Its Decision Intelligence Pro solution has improved fraud prevention rates by up to 300%.

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In the U.K., AI-driven tools like Mastercard’s Consumer Fraud Risk are stopping authorised payment scams before funds are lost.

As cybercrime approaches $10 trillion annually by 2025, leveraging AI tools to protect payments is vital for retail businesses.

Empowering small retailers with digital tools

Small retailers are capitalising on technology to stay competitive in a digital-first world. During the pandemic, businesses that embraced e-commerce and digital payments often thrived.

Now, centralised platforms are pushing this transformation further. “Integrated platforms allow retailers to automate tasks, create tailored marketing campaigns, and make data-driven decisions,” say industry experts.

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These tools help small retailers streamline operations and enhance customer engagement, levelling the playing field with larger competitors.

Digital wallets and the retail experience

Digital wallets are shaping how customers interact with retailers, especially in regions where traditional banking is limited.

These wallets provide seamless payment options and are increasingly integrated with loyalty programmes and personalised offers.

Mastercard’s Pay Local service exemplifies this trend by linking credit and debit cards to local wallets, enabling smoother cross-border transactions.

“Wallets are evolving into multi-functional platforms that meet everyday needs, from payments to identity verification,” say Mastercard representatives.

The retail advantage in payments

Retailers are at the centre of a payments revolution, where fraud prevention, digital tools, and evolving payment methods are reshaping the customer experience.

By adopting these innovations, retail professionals can meet rising consumer expectations and build trust in a fast-changing marketplace.