Visa and Mastercard are developing tools to enable agentic commerce.
Visa and Mastercard have shared new details about initiatives they are working on to support the advancement of AI-powered commerce, also known as “agentic commerce.” A number of technology and payment companies have been developing AI-powered shopping assistants that will be able to browse, select and purchase goods for a consumer based upon parameters set by the consumer. The tools Visa and Mastercard are developing will make it possible for the shopping assistants to make secure, seamless payments on their respective payment networks. Technologies including tokenization, biometrics and authentication APIs will be used to authenticate shopping assistants, prevent fraud and collect data for dispute resolution.
According to Visa’s press release, Visa Intelligence Commerce “brings a suite of integrated APIs and a commercial partner program to AI platforms, enabling developers to deploy Visa’s AI commerce capabilities securely and at scale.” The program includes:
- AI-Ready Cards, using tokenized digital credentials, that enhance security and simplify payment processes
- AI-Powered Personalization which enables consumers to share Visa spend and purchase insights to improve shopping assistant performance and personalize shopping recommendations
- Simple and Secure AI Payments which allows consumers to easily set spending limits and conditions and share information real-time with Visa so it can effect transaction controls and help to manage disputes
In the press release announcing Mastercard Agent Pay, the card brand said its program includes:
- Secure registration and authentication of AI-powered shopping agents
- Facilitation of safe and secure transactions via enhanced tokenization technology that will enable payments to be initiated through conversational interfaces
- Clear rules for consumer control to ensure payments made are securely authorized and identified
- Protection against fraud and consumer dispute support; this will include the use of biometrics, and a process to help clarify transactions by shopping assistants that are not recognized
For more information see Visa’s Intelligent Commerce Press Release and Mastercard’s Agent Pay Press Release
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