Key Takeaways
- Visa has introduced “Visa Intelligent Commerce,” a new platform allowing AI agents to make online purchases for users.
- The system uses secure digital tokens instead of actual card details, with users setting spending limits and approved merchant types.
- It aims to let AI assistants not just find products, but also complete the buying process smoothly.
- Visa is collaborating with major AI players like OpenAI, Microsoft, and IBM on this initiative.
- Strong emphasis is placed on security and user control to build confidence in AI-assisted shopping.
Visa has unveiled a new system designed to let artificial intelligence agents shop online on your behalf. Announced at its Global Product Drop event, the “Visa Intelligent Commerce” platform means AI assistants could soon move beyond just recommending products to actually buying them for you.
Jack Forestell, Visa’s Chief Product and Strategy Officer, said that soon AI agents will browse, select, purchase, and manage things for people. He highlighted the need for these agents to be trusted with payments by users, banks, and sellers alike.
This initiative involves partnerships with leading AI companies, including Anthropic, IBM, Microsoft, and OpenAI. The goal is to embed payment capabilities directly into the AI tools many are already using to discover products and services.
Visa’s new platform tackles a common hurdle: while AI is good at helping you find what you want, it usually can’t complete the purchase. Rubail Birwadker, a Visa SVP, explained to VentureBeat that current AI agents mostly help with discovery, but with Visa Intelligent Commerce, they’ll start to transact for users.
Here’s how it works: instead of your actual card details, the system uses secure digital tokens. You stay in charge by setting rules, like how much can be spent or where the AI can shop, while the AI handles the buying details.
For instance, you could tell your AI assistant to find a flight to Cancún for under $500, order your weekly groceries, or pick out a gift. The AI would then search options and make the purchase without you needing to type in payment info each time.
“There is tremendous potential for the role AI agents will play,” Birwadker noted, citing everything from daily tasks like grocery orders to more complex decisions like booking holidays.
With concerns about AI security and data privacy being common, Visa says it has made safety a core part of the platform. The company draws on its extensive experience in fighting fraud, noting its AI systems blocked about $40 billion in fraudulent transactions last year alone.
Birwadker told VentureBeat that Visa is committed to identifying and reducing threats related to this new form of AI-driven commerce.
Key security features include “AI-Ready Cards,” which use these secure tokens. The system also verifies that your chosen AI agent is actually authorized to act for you. “Only the consumer can instruct the agent on what to do and when to activate a payment credential,” the company stated.
Transactions also send real-time signals to Visa, helping enforce controls and manage any disputes. Birwadker further explained that data privacy is managed through a framework using data tokens, allowing for user consent and secure data transmission.
User control is a big emphasis. Consumers can set spending caps, choose specific types of merchants, and even ask for real-time approval for some purchases. Mark Nelsen, Visa’s global head of consumer products, mentioned users could set a “$500 ceiling for a hotel or an airline ticket,” guiding the AI’s search.
Visa sees this as the next major shift in how we shop, comparable to moving from physical stores to online, and then from desktop to mobile. “Visa is setting a new standard for a new era of commerce,” Forestell declared.
Industry watchers believe Visa’s global presence gives it a strong advantage in rolling out this technology. The company indicated developers can start using the system’s tools now, with pilot programs expected in the coming months.
Birwadker expressed confidence in adoption, telling VentureBeat, “AI adoption is real and the numbers prove it.” He views Visa Intelligent Commerce as a key building block for widespread use.
To ease concerns, Visa suggests users can start with small, low-риск transactions. Consumers will also have the same fraud protections they currently enjoy with their Visa cards, even when an AI agent makes the purchase.
Visa is not just building a product but an entire ecosystem, working with over 20 payment service providers and AI infrastructure enablers. This broad collaboration aims to integrate payment capabilities directly into AI agents people are already familiar with.
This approach could simplify online shopping, potentially reducing how often people abandon their carts because of complex checkout processes. “Unlike existing e-commerce… Visa Intelligent Commerce will enable seamless and scalable transactions through autonomous agents,” Birwadker added.
As this platform rolls out, it marks a significant step in how we interact with technology for shopping. For decades, we’ve trusted humans for our shopping needs; now, we’re being asked to trust algorithms with our wallets.
The success of this initiative will likely depend on a shift in consumer comfort. It’s a big leap from guarding credit card numbers closely to allowing an AI to use them, even with safeguards. Shoppers will need to decide if the convenience outweighs their ingrained caution.
