In Payments

Mijail Popov

Crypto & Blockchain Sr. Analyst


ChatGPT, developed by OpenAI, is a sophisticated natural language processing tool. It belongs to the family of generative AI models, and it engages in human-like conversations, answers questions, provides explanations and offers assistance on a wide range of topics. Since its release in late 2022, it quickly gained immense popularity, attracting one million users within its first week alone. Within just three months of its launch, its user base skyrocketed to 100 million.

ChatGPT has become the top trending topic in innovation and technology in 2023, and the payments and e-commerce industries are no exception to the potential impact that generative AI could have. The utilization of AI in both sectors has witnessed exponential growth in recent years, and its implementation has already enhanced security, optimized transaction processes, improved fraud detection, personalized customer experience and streamlined supply chain operations. With the release of ChatGPT, new AI use cases in these industries have arisen, and this process is accelerating.

Through the implementation of ChatGPT plugins, companies are incorporating solutions that enhance the interaction of their users with their diverse range of products or services on ChatGPT´s website. A ChatGPT plugin is a special extension integrated into the ChatGPT platform that has the ability to assist ChatGPT in accessing up-to-date information and using third-party services from specific websites or applications.

On April 25th, Solana Labs, the development firm behind the Solana blockchain, one of the largest in cryptocurrency ecosystem, announced the implementation of an open-source plugin enabled on ChatGPT which will allow users to check wallet balances, transfer Solana-native tokens, and purchase nonfungible tokens directly from the ChatGPT website. The ChatGPT plugin works by retrieving information from Solana network and interacting with third-party websites to respond to commands requested by the user. The feature has not yet been launched to users but will be available “soon.”[1]

This announcement highlights the potential impact of ChatGPT in wallet and asset management services by improving, among others, these features:

Convenience and Accessibility: ChatGPT’s integration as a wallet could provide a comprehensive, user-friendly and accessible platform for managing digital assets. Users can seamlessly interact with their wallet, conduct transactions, and explore investment opportunities through a conversational interface. This convenience promotes wider adoption of digital payments and encourages a more intuitive user experience. Of course, such a model could be adopted for any type of wallet or digital accounts (not just crypto), positioning ChatGPT to become an aggregator of financial and payment services.

Security and Trust: The utilization of blockchain technology, coupled with ChatGPT’s secure infrastructure, may ensure the safety and privacy of users’ financial information. ChatGPT’s security measures, such as end-to-end encryption and data anonymization, further enhance the protection of users’ financial information. These features are added to the security that is achieved through the decentralized and distributed nature of blockchain, which prevents single points of failure and unauthorized access to sensitive data.

Klarna, a Buy Now Pay Later giant, provides another example of a ChatGPT plugin. Users can enhance their shopping experience by installing the Klarna plugin, known as “Klarna Shopping,” from ChatGPT’s plugin store on their ChatGPT account interface. With this plugin installed, users can seek shopping ideas by requesting assistance directly through the ChatGPT website. In return, they receive a tailored selection of items that align with their specific preferences. Shoppers can also request further product recommendations and shopping advice, as well. By simply tapping on the provided product link, users are redirected to the product page on Klarna’s search and compare tool on Klarna´s website. This feature enables users to compare prices across different brands that offer the product.[2]

This implementation could provide various benefits, including:

  1. Enhanced Customer Experience: This feature enhances the overall customer experience by providing personalized and tailored suggestions based on individual preferences and needs. It empowers users to make informed purchasing decisions and discover new products, fostering a more engaging and satisfying shopping journey.
  1. Intelligent Shopping Assistance: As an advisor, ChatGPT can assist users with a wide range of shopping-related inquiries, such as product availability, pricing, and comparisons. By leveraging natural language processing and machine learning, ChatGPT can adapt and improve its recommendations over time, becoming a trusted shopping companion.

How Else Does ChatGPT Deliver Value to Companies?

The integration of ChatGPT plugins opens up a series of opportunities and implications for companies looking to incorporate AI into their businesses. On one hand, integrating ChatGPT plugins allows companies to gather valuable data on customer interactions, preferences, and behavior. This data can be utilized to better understand customer needs, optimize marketing strategies, and improve product offerings.

Furthermore, adopting ChatGPT plugins enables companies to stay ahead in technological advancements and differentiate themselves from competitors. By offering advanced conversational capabilities, companies can attract and retain customers who value interactive and personalized experiences.

In B2B industries, companies can even view the integration of ChatGPT plugins as an opportunity to offer easy-to-use integrations to their clients, (think AI-as-a-service) eliminating the need to develop and maintain their own AI models. This would help to address the growing demand for AI-powered solutions across industries.

At the same time, companies must carefully consider the potential impact on their brand and customer relationships when integrating ChatGPT plugins. When users access company information through ChatGPT plugins or other third-party platforms, the direct interaction between the company and the consumer and the brand could become reduced. The branding power of companies could be overshadowed by the ChatGPT platform, as users primarily interact with the AI model rather than directly engaging with the company’s interface. This has the potential of greatly disrupting the competitive landscape, positioning Big Tech to own and control the relationship with the consumer.

Ultimately, companies should assess the potential benefits and drawbacks of integrating ChatGPT plugins and determine the best approach to balance customer engagement, brand presence, and competitive positioning within the evolving landscape of AI-powered services.

Logo of Payments and Commerce Market Intelligence (PCMI)

For a deeper understanding of AI services for the payments and commerce industry, please get in touch with us. Payments and Commerce Market Intelligence (PCMI) is a subsidiary of Americas Market Intelligence and is the leading consulting firm for payments in both the Americas and for markets around the world, including APAC, EMEA and more.

PCMI has conducted over 400 studies covering the payments market, including specific verticals such as e-commerce, P2P payments and digital wallets, fintech, cards, B2B and government, POS, money movement and much more.

Our customized studies can help your company with strategic decision making and help you identify new opportunities in the market.

For more information, visit


[1] Cointelegraph

[2] Klarna

Keep up to date with our Payments and Crypto insights

Recent Posts