Mastercard is partnering with Microsoft, IBM, and other AI companies to develop technology that allows AI agents to shop online and make payments on behalf of users, streamlining the online shopping experience.
The program, dubbed Mastercard Agent Pay, aims to simplify product discovery and purchasing through the use of intelligent AI assistants like Microsoft’s Copilot. Instead of manually browsing numerous shopping websites, users will be able to instruct their AI assistant to search for specific items, such as “a pair of yellow running shoes in size 9.”
Once the AI agent locates the desired product, it will assist the user in selecting the optimal payment method and completing the transaction. However, users will retain ultimate control and must approve all purchases before any payment is processed.
“The launch of Mastercard Agent Pay marks our initial steps in redefining commerce in the AI era, including new merchant interfaces to distinguish trusted agents from bad actors,” stated Jorn Lambert, Mastercard’s chief product officer.
Mastercard asserts that the new system will significantly reduce the time and effort required to find specific items online, making the shopping experience faster and more convenient while ensuring user control over purchasing decisions.
While AI tools are already utilized for online advertising and product recommendations, Mastercard’s initiative introduces payment capabilities and enhanced decision-making to these tools. Despite these advancements, the AI will not be authorized to make autonomous purchases; it will primarily assist in product discovery and provide recommendations, with the user retaining the final purchase approval.
In addition to consumer applications, Mastercard is collaborating with IBM to explore the use of this technology in business-to-business transactions. This could revolutionize how companies procure goods and services by leveraging intelligent agents that execute instructions and manage routine purchases.
Mastercard emphasizes its commitment to ensuring the security of AI-powered shopping by implementing measures to help merchants differentiate between legitimate and fraudulent AI agents.
Related posts:
African SMEs: Pact for Economic Growth Ahead
Kigali Ranked as Second city in Africa for Meetings
Transfer talk and Gossip, Manchester United, Arsenal & Chelsea are ready for striker Viktor Gyökeres
Rwanda’s Tourism Revenue Hits $647M in 2024, Targets $700M Boost with New Attractions and Global Events
Spiro Rwanda Marks Two Years of Electrifying Progress in Sustainable Mobility
Pi Network Projected to Surge in 2025: Here’s Why Experts Are Watching