Credit card industry sees rise in digital tech

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The local credit card industry expects to see the rise of artificial intelligence (AI) and other digital technologies that will enable issuers to make data analysis on consumer spending habits and demographics, as well as detect and prevent fraud.

At the 43rd anniversary forum of the Credit Card Association of the Philippines (CCAP), CCAP Chairperson Ma. Magdalena Surtida said: “For 2024 and beyond, we expect to harness the power of AI and other new technologies to help us further in fraud detection.”

She said the association, comprised of 17 major credit card players in the Philippines, also expects the increasing use of mobile applications for doing credit card transactions and credit card account management to promote self-service, “enabling our cardholders to have more control over one’s credit card account and the “tokenization,” or the conversion of sensitive data into tokens, to deter fraud as well as to deliver a more seamless credit card payment journey with merchants while enjoying personalized services.

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“With these, cardholders can expect more value for money, more flexibility, and more options to enjoy rewards points for use here and abroad,” she said.

The CCAP forum, which had the theme “The Future of Payments: Credit Cards and Beyond,” featured presentations of global payment industry leaders American Express, Mastercard, UnionPay, and Visa.

“The theme encompasses the use of credit cards, as we discover and mold its future in various forms and modes, how it will continue to help digitalize the payment landscape of our country, and how it helps in our journey towards having a financially inclusive Philippines — with credit card as a financial product that is and can be made available to all Filipinos, for cashless and cardless payments,” said CCAP President Rolando Ebreo in his closing remarks.

 

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