Visa, Mastercard Launch AI Shopping Tech
Artificial intelligence is expanding beyond startups, with major credit card companies like Visa and Mastercard joining the movement. On Wednesday, Visa introduced “Intelligent Commerce,” a system that allows AI to assist with shopping and purchases based on users’ preset preferences.
Consumer-Controlled, Visa-Managed Shopping Experience
According to Visa’s Chief Product and Strategy Officer Jack Forestell, consumers control the boundaries while Visa manages the rest.
Visa is partnering with a range of tech leaders and startups—including Anthropic, IBM, Microsoft, Mistral AI, OpenAI, Perplexity, Samsung, and Stripe—to create AI-powered shopping experiences that are more personalized, secure, and convenient.
Mastercard’s Agent Pay Brings Payments to AI-Powered Conversations
This follows Mastercard’s Tuesday announcement that it will empower AI agents to make online purchases for users. The company’s new “Agent Pay” feature aims to enhance generative AI interactions by seamlessly integrating payments into personalized recommendations and insights delivered via conversational platforms.
In an example, Mastercard illustrated how a soon-to-be 30-year-old planning a birthday party could use an AI agent to curate outfits and accessories tailored to her style, event setting, and the weather. The AI could then complete the purchase and suggest the best payment method, such as Mastercard One Credential.
Mastercard announced it is partnering with Microsoft to develop new applications for scaling “agentic commerce,” and is also collaborating with IBM, Braintree, and Checkout.com on other aspects of AI-driven shopping.
Visa and Mastercard aren’t alone in embracing AI for commerce. Earlier this month, Amazon began testing a new AI shopping assistant called “Buy for Me” with select users. OpenAI, Google, and Perplexity have also introduced similar tools that browse websites and assist users in making purchases. On Monday, OpenAI revealed it was enhancing its ChatGPT search feature to improve the online shopping experience.
Read the original article on: Techcrunch
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