Visa Highlights Generative AI Adoption in Singapore Through Consumer Payment Study

High Awareness of Gen AI: 84% of Gen Z in Singapore recognize the potential of generative AI, compared to 76% of the general population.
Banking Applications: Over 60% of Singaporeans are interested in using generative AI for banking services, with fraud detection being a top priority.
Retail and Money Management: 43% of Gen Z have used AI-powered shopping tools, and 70% of all consumers show interest in using AI for financial planning.

Increased Gen AI Integration: As consumers become more aware, we can expect broader adoption of AI across various sectors, especially in banking and retail.
Enhanced Fraud Detection: With generative AI, financial institutions can better combat fraud, improving security for consumers.
Personalized Financial Services: AI will lead to more customized banking experiences, with faster responses to inquiries and tailored product recommendations.
Retail Transformation: AI-powered tools are reshaping the retail landscape, offering personalized shopping experiences and better deals.
Future of Commerce: Visa’s investment in generative AI ventures will drive innovation, shaping the future of commerce and payments globally.

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