Revolutionizing Retail: Visa and Mastercard Launch AI-Powered Shopping Experience
Artificial intelligence is revolutionizing the shopping experience, with major credit card companies like Visa and Mastercard entering the AI landscape. Recently, Visa unveiled its innovative service called “Intelligent Commerce,” designed to enhance online shopping by allowing AI to autonomously find and purchase items based on user preferences.
Visa’s Intelligent Commerce: A New Era in Shopping
Visa’s new initiative, announced on Wednesday, leverages AI technology to provide a more personalized shopping experience. According to Jack Forestell, Visa’s Chief Product and Strategy Officer, consumers will have greater control over their purchases:
“Each consumer sets the limits, and Visa helps manage the rest.”
Collaborations with Tech Giants
To enhance the functionality of Intelligent Commerce, Visa is partnering with a variety of tech companies, including:
- Anthropic
- IBM
- Microsoft
- Mistral AI
- OpenAI
- Perplexity
- Samsung
- Stripe
Mastercard’s Agent Pay: Elevating AI Shopping
In a similar vein, Mastercard launched its own AI shopping feature, “Agent Pay,” on Tuesday. This service is designed to enhance generative AI interactions for both consumers and businesses by incorporating payment solutions into personalized recommendations.
Personalized Shopping Experiences
Mastercard’s statement highlighted the benefits of this new service:
“For a soon-to-be 30-year-old planning her milestone birthday party, she can now chat with an AI agent to proactively curate a selection of outfits and accessories based on her style, venue ambience, and weather forecasts.”
Based on user feedback, the intelligent agent can not only make purchases but also suggest optimal payment methods, such as using Mastercard One Credential.
Future Collaboration and Growth
Mastercard is also teaming up with Microsoft to explore new use cases for “agentic commerce.” Other collaborations include partnerships with:
- IBM
- Braintree
- Checkout.com
The Competitive Landscape of AI Shopping
Visa and Mastercard are not alone in this venture. PayPal recently announced its own agentic commerce offering, further solidifying the trend of AI-powered shopping solutions.
Additionally, Amazon is testing its AI shopping agent, known as “Buy for Me,” with select users. Other tech giants like OpenAI and Google are also developing similar capabilities to assist users in their purchasing journey. OpenAI recently updated its ChatGPT search tool to improve the online shopping experience.
For more insights into how AI is transforming commerce, check out TechCrunch Sessions: AI.
This article has been updated to include information about PayPal’s AI agent and the ongoing advancements in the realm of AI-driven shopping.
