Testing ChatGPT shows how quickly AI payments tools can hold a conversation and recall context, but also how easily confident answers can hide gaps in real-world payments knowledge. While AI payments can support learning and exploration, the experiment reinforces that depth, accuracy, and forward-looking insight in payments still come from informed human expertise rather than automated conversation alone.
Key Insights
- Testing ChatGPT on AI payments shows it can hold a conversation and retain context, but struggles to go beyond surface-level industry knowledge.
- In areas like AI in payment processing, confident answers don’t always translate to a correct or complete understanding.
- The experiment highlights how easily plausible-sounding answers can mask gaps in payments-specific knowledge.
- While AI and machine learning in banking already support fraud, risk, and automation, conversational AI is not yet a substitute for expert understanding.
- The back-and-forth corrections reveal that AI can adapt within a conversation, but still depends heavily on the quality and limits of its training.
- Overall, the test suggests AI is useful for exploration and learning, but it doesn’t replace experience or informed debate within the payments industry.
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Question: Tell me about the history of payments
A bit basic, but a decent start! Let’s up the ante and see how it copes with a bit more detail.
We have hit the first hurdle! As you’ll know if you’ve taken our free History of Payments Course, the first credit card was actually issued by American Express. Let’s see how ChatGPT copes with a correction.
Looks like it handled that well! However, it does make us wonder, how reliable are the outputs? Let’s explore a slightly more complex topic.
What are the benefits of a cloud-based payments platform?
Another basic answer. We’ll let it off this time – payment platforms aren’t exactly the most straightforward to talk about, so let’s home in on one area we know very well at Aevi, and see if we can trick it.
ChatGPT has seen right through us. One of the features of the Aevi cloud-based platform is how open, device agnostic and flexible it is. It looks like this AI isn’t going to be fooled by some simply trickery!
Let’s see how it does with a look into the future.
Will Gen Z make more payments online or in-person in the future?
It didn’t really want to commit there. Interestingly, this is not dissimilar to the conclusions drawn by Sarah when discussing how Gen Z are shaping the future of payments.
We’ll try to catch ChatGPT out again with an innocent question.
We got well and truly shut down there. As we know from this Billtrust survey, 79% of Gen Z individuals are using PSP payment platforms (such as PayPal) at least once a month.
Let’s try one more in-depth payments topic and see how the AI copes.
How do payments work in the metaverse?
Great chat. We were hoping that one would spark some interesting debate, but don’t worry, Adam’s got you covered for all your metaverse payment needs.
So there we have it. ChatGPT is incredibly clever. It can remember what was said in an earlier conversation and allow follow up corrections. However, we still think it has a long way to go before providing the depth of conversation one might have in a room full of payments experts. Part of the excitement of the payments industry is looking to the future, and this AI doesn’t want to delve too deeply into predictions…at least not without a large caveat first.
We’ll be following the ChatGPT journey closely…who knows, it might make it’s way into the payments space sooner than expected.
If you’ve had any interesting payments chat with ChatGPT, let us know on LinkedIn!
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