Card Companies Compete for AI Shopping Standards Despite Consumer Hesitation
Mastercard has launched a new payment feature allowing users to grant an AI agent the ability to make purchases online using a virtual card, with customizable spending limits and approval requirements. Visa is also developing its own solution through 'Visa Intelligent Commerce,' while Meta's Muse offers product search but requires user final approval for transactions. Despite these advancements, consumer adoption remains low; only 7% of surveyed U.S. and U.K. shoppers would allow AI to make purchases without oversight under predefined conditions. Most consumers remain uncomfortable with bots handling their money directly, preferring features like price alerts over personalized suggestions or automated buying. Mastercard is preparing for a future where agentic commerce becomes mainstream by introducing 'Verifiable Intent,' a digital record system that tracks user instructions and aims to resolve disputes if AI makes an incorrect purchase. However, the company has not clarified who would be held responsible in cases of fraud or unauthorized transactions beyond this tracking mechanism.
Topics: Artificial Intelligence Consumer Behavior E-commerce Payment Systems