Mastercard argues that generative AI and computing innovations will reshape commerce over the next three years.
Posted: March 1, 2024 10:35 AM Updated: March 1, 2024 10:44 AM
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George Maddaloni, CTO of Mastercard, shared insights on how advances across AI, computing power, and data are set to redefine commerce.
Mastercard recently released its latest Signals report, “Emerging Technology Trends for 2024,” providing insight into how technological advancements across AI, computing power, and data technologies will redefine commerce over the next three to five years.
The report outlines key trends expected to reshape various sectors, including entertainment, finance, retail, transportation and urban living, among others. Among these trends are spatial computing, deepfakes, and advances in computing power demand and network technology.
Mastercard argues that the convergence of technology and commerce is essential to unlocking new opportunities for expansion and creativity, enabling businesses to thrive in an increasingly digital and interconnected environment. The rise of AI is driving transformative change and is becoming an essential component of our daily lives.
Based on advanced algorithms and extensive training data, generative AI assistants can go beyond executing essential tasks and emerge as indispensable allies. Their role includes providing personalized recommendations and simplifying shopping and travel planning activities.
“AI has the potential to reshape software development, automate standard tasks and improve productivity. But the proliferation of AI also presents challenges with the emergence of sophisticated technologies that are driving a new wave of malicious deepfakes. We believe AI can also play a critical role in strengthening cybersecurity responses and ensuring media credibility,” George Maddaloni, Chief Technology Officer (Operations) at Mastercard, told MPost.
According to the report, spatial computing is emerging as a disruptive trend expected to improve human-machine interaction in everyday life. Spatial computing, leveraging the latest technological advancements, facilitates immersive mixed reality experiences and authentically connects the physical and digital realms. Potential applications for this technology span a variety of fields, including entertainment, gaming, and media.
Recently, Apple’s spatial computing device, Apple Vision Pro, attracted a lot of attention for its hands-free functionality using XR.
“Until high-tech wearables like headsets and smart glasses are adopted and expanded, the next wave of spatial computing promises to transform human-machine interactions. People can engage with virtual objects using hand gestures or eye movements in an immersive environment that blends the physical and digital worlds with unprecedented authenticity,” said Mastercard’s Maddaloni.
“The trend in spatial computing is driven by another trend we are tracking: the growing need for more computational power to meet the growing demand for advanced software applications such as generative AI and deep learning, as well as virtual reality.” It is also closely related.”
Increasing demand for computing power
Mastercard’s report highlights the rapidly growing demand for computing power. Through innovations in new technologies such as semiconductor materials, cloud computing, and quantum computing, the industry is poised to significantly advance computing capabilities.
However, the report highlights the importance of managing the environmental impacts and energy consumption associated with high-performance computing.
“Technologies such as cloud computing are evolving to provide more powerful and scalable computing resources, enabling complex compute and storage solutions for many applications. Other emerging technologies that are still in their infancy, such as quantum computing and fusion capabilities, could also become key technology drivers depending on their scale and speed of maturity,” Mastercard’s Maddaloni told MPost.
“These advances offer great opportunities, but their applicability largely depends on the adequacy of the systems installed to manage their impact on the environment, particularly the high levels of heat generated by high-performance computing and the demands on the computers. The world’s limited energy supplies.”
Next-generation network technologies, including ultra-wideband transmission, edge computing, and AI-enabled cloud architecture, promise to transform connectivity and enable more intelligent experiences. These technologies promote interoperability, helping industries such as retail, transportation, and urban living provide personalized and efficient services.
“This means your home’s security system can activate lights or lock doors. Stores can deliver more personalized experiences with next-level insights. Your car can also become a POS device. In an early sign of this, Mastercard recently partnered with Mercedes-Benz to introduce in-vehicle payments at gas stations for customers in Germany,” Maddaloni added.
Mitigating risks associated with deepfakes
Technological advancements offer the potential for change, but also bring security risks, exemplified by the proliferation of deepfakes. Generative AI’s ability to create highly photorealistic media across audio, video, visual, and text mediums makes way for malicious actors seeking to leverage these capabilities for deception, fraud, and disinformation campaigns. .
Fortunately, this has increased interest in investing in the regulatory and detection tools market on a global scale. Mastercard addresses these challenges through innovations such as Decision Intelligence (DI) Pro, a real-time decision-making solution that uses proprietary recurrent neural networks to improve fraud detection rates.
“Decision Intelligence (DI) Pro is a real-time decision-making solution that helps banks evaluate and securely approve 143 billion transactions annually. Based on a proprietary recurrent neural network built in-house, DI Pro can help financial institutions improve fraud detection rates by up to 300% in some cases,” Maddaloni told MPost.
Mastercard’s report provides a comprehensive outlook on how technological advancements will shape commerce in the future and provides insight into key trends and strategies for navigating the evolving landscape.
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About the author
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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victor day
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.