Opinion Technology
March 01, 2024

Generative AI and Computing Innovations will Reshape Commerce Over the Next Three Years, claims Mastercard

In Brief

Mastercard’s CTO George Maddaloni shared insights into how advancements across AI, computational power and data are set to redefine commerce.

Generative AI and Computing Innovations Will Reshape Commerce Over the Next Three Years, says Mastercard

Mastercard recently launched its latest signals report titled “Emerging Technology Trends for 2024,” offering insights into how technology advancements across AI, computational power and data technologies are set to redefine commerce over the next three to five years.

The report outlines key trends expected to reshape various sectors, notably entertainment, finance, retail, transportation and urban living. Among these trends are spatial computing, deepfakes, computational power demand and advances in network technologies.

Mastercard asserts that the fusion of technology and commerce is vital to unlocking fresh opportunities for expansion and ingenuity, enabling businesses to flourish within an increasingly digital and interconnected landscape. The rise of AI is spearheading a transformative shift, positioning itself as an essential component of everyday existence.

Generative AI assistants, fueled by advanced algorithms and extensive training data, can transcend essential task execution, emerging as indispensable allies. Their roles include providing tailored recommendations and simplifying shopping and travel planning activities.

“AI has the potential to reshape software development, automate standard tasks and enhance productivity. However, the proliferation of AI also presents challenges, with the rise of sophisticated technology driving a new wave of malicious deepfakes. We believe AI can also play a valuable role in bolstering cybersecurity responses and ensuring media authenticity,” George Maddaloni, Chief Technology Officer (Operations) at Mastercard told MPost.

As per the report, spatial computing is emerging as a transformative trend, promising to enhance human-machine interaction in our daily lives. Leveraging recent technological advancements, spatial computing facilitates immersive, mixed-reality experiences, bridging physical and digital realms with authenticity. The technology’s potential applications span diverse sectors, including entertainment, gaming, media and beyond.

Recently, Apple’s spatial computing device, Apple Vision Pro, made waves due to its hands-free capabilities leveraging XR.

“Pending the adoption and scaling of high-tech wearables like headsets or smart glasses, this next wave in spatial computing holds the promise to transform human-machine interactions. People could use hand gestures or eye movements to engage with virtual objects in immersive environments that blend physical and digital worlds with unprecedented authenticity,” said Mastercard’s Maddaloni.

“The trend of spatial computing is also closely related to another trend we’re tracking – a growing need for more computational power to meet the increasing demand for advanced software applications like virtual reality, but also generative AI and deep learning.”

Growing Demand for Computational Power

Mastercard’s report underscores a surging demand for computational power. With innovations in semiconductor materials, cloud computing, and emerging technologies like quantum computing, the industry is poised for significant advancements in computational capabilities.

However, the report highlights the importance of managing environmental impact and energy consumption associated with high-performance computing.

“Technologies like cloud computing are evolving to offer more robust and scalable computing resources, enabling complex computations and storage solutions for many applications. Other emerging technologies still in their infancy, like quantum computing and fusion power, could be major tech drivers as well, depending on scale and speed of maturation,” Mastercard’s Maddaloni told MPost.

“These advancements pose great opportunity, but applicability also largely depends on the adequacy of the systems put in place to manage their impact, particularly on the environment, with the high level of heat generated by high-performance computing as well as the demand on the world’s limited energy supplies.”

Next-generation network technologies, including ultra-wideband transmissions, edge computing and AI-ready cloud architecture, promise to revolutionize connectivity and enable more intelligent experiences. These technologies facilitate interoperability —- empowering industries such as retail, transportation, and urban living to deliver personalized, efficient services.

“This means the security system at your house can activate your lights or lock your door. Stores can provide more personalized experiences with next-level insight. Your car could even become a point-of-sale device. As an early signal of this, Mastercard recently teamed up with Mercedes-Benz to introduce in-car payments at the pump for customers in Germany,” Maddaloni added.

Mitigating Risks Associated with Deepfakes

While technology advancements offer transformative possibilities but pose security risks, exemplified by the proliferation of deepfakes. Generative AI has the power to create highly realistic media across audio, video, visual and textual mediums, giving way to bad actors who want to harness these capabilities for fraudulent activities, scams, and disinformation campaigns.

Thankfully, this has spurred an increased focus on regulation on a global scale and investment in the detection tool market. Mastercard addresses these concerns through innovations like Decision Intelligence (DI) Pro, a real-time decisioning solution that enhances fraud detection rates using proprietary recurrent neural networks.

“Decision Intelligence (DI) Pro is our real-time decisioning solution that helps banks score and safely approve 143 billion transactions annually. Powered by a proprietary recurrent neural network built in-house, DI Pro can help financial institutions improve their 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 coming years, offering insights into key trends and strategies to navigate evolving landscapes.

Disclaimer

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About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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