Mastercard's AI agent can shop and pay on your behalf
What's the story
Mastercard has announced a collaboration with Microsoft, IBM, and other artificial intelligence (AI) firms to introduce a groundbreaking program.
The initiative aims to enable AI agents to shop and pay for items on behalf of users.
The program is designed to simplify the process of finding and purchasing products online by utilizing intelligent AI assistants like Microsoft's Copilot.
User convenience
AI to streamline online shopping experience
The new program lets users interact with AI for shopping. For example, they could ask the AI to look for specific items like "a pair of yellow running shoes in size 9."
Once the AI agent finds the right product, it helps the shopper choose a suitable payment method and complete the transaction.
However, users still have control over their purchases by approving transactions before any payments are made.
AI in commerce
Mastercard Agent Pay: A step toward AI-driven commerce
"The launch of Mastercard Agent Pay marks our initial steps in redefining commerce in the AI era," said Jorn Lambert, Mastercard's Chief Product Officer.
He further stressed the program features new merchant interfaces to distinguish trusted agents from potential fraudsters.
The company believes this system will drastically cut down the time and effort to find specific items online, making shopping faster and more user-friendly.
AI integration
AI's role in online advertising and product recommendations
While AI tools are already employed in online ads and product suggestions, Mastercard's latest initiative expands these capabilities to include payment features and improved decision-making capabilities.
Even with these advancements, the AI won't be allowed to make purchases automatically.
It can help users find products and give advice, but the final "buy" button is always clicked by the user themselves.
Business collaboration
Mastercard extends AI shopping technology to B2B transactions
Apart from improving the shopping experience for individual consumers, Mastercard is also working with IBM to leverage this tech for business-to-business (B2B) transactions.
This could revolutionize the way companies buy from each other, using intelligent agents that follow instructions and handle routine purchases.
To keep AI shopping safe, Mastercard is also taking steps to help merchants identify legit agents from fraudulent ones.