ChatGPT has received a lot of press since its November 2022 launch. But while interest in the tool is high almost everywhere, its use is not yet universal.
Insider Intelligence
ChatGPT brought generative AI into the limelight when it hit 1 million users in five days. But how valid is the buzz around ChatGPT? We unpack what you need to know: How does generative AI work? Who are the key players? Is ChatGPT ready for prime time? And most importantly: How will the technology change the way we do business?
ChatGPT has received a lot of press since its November 2022 launch. But while interest in the tool is high almost everywhere, its use is not yet universal.
Insider Intelligence
ChatGPT, a conversational AI model built by OpenAI, is the most talked-about technology of 2023. And it has piqued the interest of insurance industry leaders. But where exactly will ChatGPT, and generative AI broadly, have the greatest impact? And what are its most and least promising use cases?
Insider Intelligence
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- Cash and checks are declining but not disappearing.
- Debit, credit, and prepaid cards will compete for growing digital spending.
- FedNow's launch could increase the prominence of bank-based payments and intensify competition.
Although debit still reigns supreme, with consumer preferences moving toward digital, cash and checks will continue to be displaced in the US.
- While most retail sales still occur in-store, digital is driving innovation as ecommerce grows.
- Domestic P2P and digital remittance providers will diversify to lure users and monetize solutions.
- Digitization is dominating B2B and disbursement innovation.
Ongoing ecommerce growth is pushing payment providers to make efficient and inexpensive digital payment solutions their top priority despite the ever-changing post-pandemic landscape.
- POS infrastructure providers are scrambling to align their offerings
- mPOS providers are trying to balance demands from upmarket sellers and micromerchants
- Payment gateways must double down on omnichannel to woo customers
As the landscape of market leaders shifts, we forecast that the US point-of-sale (POS) terminal installed base will grow from 17.3 million this year to 20.2 million in 2026, largely due to providers upgrading technology.