Visa & Mastercard Launch AI Shopping Tools
▼ Summary
– Visa and Mastercard are launching AI-powered shopping tools to transform consumer purchasing, allowing AI agents to handle transactions based on user preferences and spending limits.
– – Visa’s “Intelligent Commerce” platform uses AI for automated, secure, and personalized purchasing, with partnerships including Microsoft, OpenAI, IBM, and Samsung.
– Mastercard’s “Agent Pay” integrates payments into AI-driven shopping recommendations, offering personalized product suggestions and seamless transactions through a conversational interface.
– Other companies like PayPal and Amazon are also developing AI shopping assistants, while tech firms like OpenAI and Google enhance AI agents for better online shopping experiences.
– The financial and retail sectors are rapidly evolving with AI, indicating a future where AI-driven shopping becomes standard, enhancing convenience, security, and personalization.
The financial industry is embracing artificial intelligence in a big way, with payment leaders Visa and Mastercard rolling out groundbreaking AI-powered shopping tools designed to transform how consumers make purchases. These new systems allow AI agents to handle transactions on behalf of users while adhering to personalized preferences and spending limits.
Visa recently unveiled its “Intelligent Commerce” platform, which leverages AI to streamline shopping experiences. According to the company, this technology enables automated purchasing while maintaining security and personalization. Jack Forestell, Visa’s Chief Product and Strategy Officer, emphasized that consumers retain full control over their spending parameters, with the AI handling the execution. The initiative involves partnerships with major tech players, including Microsoft, OpenAI, IBM, and Samsung, among others.
Not to be outdone, Mastercard introduced “Agent Pay,” a feature that integrates payments into AI-driven shopping recommendations. The system allows users to interact with AI assistants that can suggest products, compare options, and complete transactions—all within a conversational interface. For example, someone planning a birthday celebration could receive personalized outfit recommendations based on venue details, weather forecasts, and their style preferences, with the AI handling the purchase seamlessly. Mastercard is collaborating with Microsoft, IBM, and payment processors like Braintree to expand these capabilities.
The race to dominate AI-powered commerce isn’t limited to card networks. PayPal recently announced its own AI shopping assistant, while Amazon has begun testing a “Buy for Me” feature with select users. Meanwhile, tech firms like OpenAI and Google are refining AI agents that assist with online purchases, enhancing search tools to deliver more intuitive shopping experiences.
As these developments unfold, the financial and retail sectors are rapidly evolving, with AI poised to redefine convenience, security, and personalization in digital commerce. The competition among industry giants signals a future where AI-driven shopping becomes the norm rather than the exception.
(Source: TechCrunch)
